FY2024 Earnings Forecast for Essex Property Trust, Inc. Issued By Wedbush (NYSE:ESS)

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

Several other brokerages have also commented on ESS. The Goldman Sachs Group reissued a “sell” rating and set a $227.00 price objective on shares of Essex Property Trust in a research report on Thursday, February 22nd. Morgan Stanley boosted their price objective on shares of Essex Property Trust from $227.00 to $230.00 and gave the stock an “equal weight” rating in a research note on Monday, February 26th. Royal Bank of Canada raised their target price on shares of Essex Property Trust from $237.00 to $239.00 and gave the company an “outperform” rating in a research note on Thursday, February 8th. Truist Financial dropped their price target on 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. Finally, Mizuho raised Essex Property Trust from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $255.00 to $250.00 in a research report on Wednesday, February 28th. Three equities research 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 data from MarketBeat, Essex Property Trust presently has a consensus rating of “Hold” and an average target price of $249.76.

Essex Property Trust Stock Up 2.0 %

ESS stock opened at $259.58 on Wednesday. Essex Property Trust has a fifty-two week low of $203.85 and a fifty-two week high of $259.78. The company has a market capitalization of $16.67 billion, a price-to-earnings ratio of 31.73, a price-to-earnings-growth ratio of 3.67 and a beta of 0.79. The business’s 50 day moving average price is $242.03 and its two-hundred day moving average price is $233.75. The company has a debt-to-equity ratio of 1.14, a quick ratio of 3.19 and a current ratio of 3.19.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Lindbrook Capital LLC raised its position in shares of Essex Property Trust by 111.5% in the 4th 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 during the last quarter. Venturi Wealth Management LLC raised its holdings in shares of 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 worth $34,000 after buying an additional 73 shares during the last quarter. Vima LLC acquired a new stake in shares of Essex Property Trust during the fourth quarter worth $40,000. Bruce G. Allen Investments LLC purchased a new stake in shares of Essex Property Trust during the fourth quarter valued at $41,000. Finally, Bear Mountain Capital Inc. purchased a new stake in shares of Essex Property Trust during the fourth quarter valued at $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. Stockholders of record on Friday, March 29th were given a $2.45 dividend. This represents a $9.80 annualized dividend and a dividend yield of 3.78%. The ex-dividend date of this dividend was Wednesday, March 27th. This is a boost from Essex Property Trust’s previous quarterly dividend of $2.31. Essex Property Trust’s dividend payout ratio is presently 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.