FY2024 EPS Estimates for Essex Property Trust, Inc. (NYSE:ESS) Increased by Analyst

Essex Property Trust, Inc. (NYSE:ESS) – Analysts at Wedbush upped their FY2024 earnings estimates for shares of Essex Property Trust in a report issued on Monday, May 6th. Wedbush analyst R. Anderson now expects that the real estate investment trust will post earnings per share of $15.30 for the year, up from their previous forecast of $14.84. Wedbush has a “Neutral” rating and a $264.00 price objective on the stock. The consensus estimate for Essex Property Trust’s current full-year earnings is $15.21 per share.

Several other analysts have also weighed in on the stock. Piper Sandler lifted their target price on shares of Essex Property Trust from $291.00 to $315.00 and gave the company an “overweight” rating in a research report on Monday. Mizuho upgraded shares of Essex Property Trust from a “neutral” rating to a “buy” rating and decreased their target price for the company from $255.00 to $250.00 in a research report on Wednesday, February 28th. Truist Financial decreased their target price on shares of Essex Property Trust from $259.00 to $255.00 and set a “hold” rating on the stock in a research report on Tuesday, April 9th. Royal Bank of Canada boosted their price target on shares of Essex Property Trust from $237.00 to $239.00 and gave the company an “outperform” rating in a research report on Thursday, February 8th. Finally, Barclays boosted their price target on shares of Essex Property Trust from $224.00 to $225.00 and gave the company an “underweight” rating in a research report on Tuesday, February 20th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $249.76.

Essex Property Trust Stock Performance

NYSE ESS opened at $254.50 on Wednesday. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.19 and a quick ratio of 3.19. The company’s fifty day moving average is $241.53 and its two-hundred day moving average is $233.61. Essex Property Trust has a 52-week low of $203.85 and a 52-week high of $258.06. The firm has a market capitalization of $16.34 billion, a price-to-earnings ratio of 31.11, a P/E/G ratio of 3.67 and a beta of 0.79.

Institutional Investors Weigh In On Essex Property Trust

Institutional investors and hedge funds have recently modified their holdings of the business. Lindbrook Capital LLC increased its stake in Essex Property Trust by 111.5% in the fourth quarter. Lindbrook Capital LLC now owns 110 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 58 shares in the last quarter. Venturi Wealth Management LLC increased its stake in Essex Property Trust by 112.3% in the first quarter. Venturi Wealth Management LLC now owns 138 shares of the real estate investment trust’s stock valued at $34,000 after purchasing an additional 73 shares in the last quarter. Vima LLC bought a new stake in Essex Property Trust in the fourth quarter valued at approximately $40,000. Bruce G. Allen Investments LLC bought a new stake in Essex Property Trust in the fourth quarter valued at approximately $41,000. Finally, Bear Mountain Capital Inc. bought a new stake in Essex Property Trust in the fourth quarter valued at approximately $55,000. 96.51% of the stock is owned by institutional investors.

Essex Property Trust Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 29th were paid a dividend of $2.45 per share. This represents a $9.80 dividend on an annualized basis and a dividend yield of 3.85%. This is an increase from Essex Property Trust’s previous quarterly dividend of $2.31. The ex-dividend date was Wednesday, March 27th. Essex Property Trust’s payout ratio is 119.80%.

About Essex Property Trust

Essex Property Trust, Inc, an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.