Essex Property Trust (NYSE:ESS) Issues FY24 Earnings Guidance

Essex Property Trust (NYSE:ESS) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $15.03-$15.43 for the period, compared to the consensus estimate of $15.17.

Analyst Ratings Changes

A number of research analysts have commented on ESS shares. Royal Bank of Canada increased their price objective on Essex Property Trust from $237.00 to $239.00 and gave the company an outperform rating in a research report on Thursday, February 8th. StockNews.com lowered Essex Property Trust from a hold rating to a sell rating in a research report on Saturday, April 13th. Barclays upped their target price 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. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Essex Property Trust in a research report on Tuesday, January 30th. They set a hold rating and a $240.00 price target for the company. Finally, Morgan Stanley increased their price objective on shares of Essex Property Trust from $227.00 to $230.00 and gave the company an equal weight rating in a report on Monday, February 26th. Four analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $246.16.

Essex Property Trust Stock Down 0.7 %

Shares of NYSE:ESS traded down $1.77 during midday trading on Tuesday, reaching $246.25. 595,045 shares of the company were exchanged, compared to its average volume of 400,147. The firm has a market cap of $15.81 billion, a PE ratio of 39.31, a P/E/G ratio of 3.65 and a beta of 0.80. Essex Property Trust has a fifty-two week low of $203.85 and a fifty-two week high of $252.85. The stock has a fifty day simple moving average of $239.06 and a two-hundred day simple moving average of $232.16. The company has a quick ratio of 3.26, a current ratio of 3.26 and a debt-to-equity ratio of 1.11.

Essex Property Trust Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were paid a $2.45 dividend. This is an increase from Essex Property Trust’s previous quarterly dividend of $2.31. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $9.80 annualized dividend and a dividend yield of 3.98%. Essex Property Trust’s dividend payout ratio (DPR) is currently 155.31%.

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.