Essex Property Trust, Inc. (NYSE:ESS - Free Report) - Stock analysts at Zacks Research lifted their Q3 2024 earnings estimates for Essex Property Trust in a note issued to investors on Monday, April 15th. Zacks Research analyst R. Department now expects that the real estate investment trust will post earnings of $3.74 per share for the quarter, up from their prior forecast of $3.73. The consensus estimate for Essex Property Trust's current full-year earnings is $15.11 per share. Zacks Research also issued estimates for Essex Property Trust's Q4 2024 earnings at $3.76 EPS, FY2024 earnings at $14.98 EPS, Q1 2025 earnings at $3.76 EPS, Q2 2025 earnings at $3.79 EPS, Q3 2025 earnings at $3.88 EPS, Q4 2025 earnings at $3.95 EPS and FY2025 earnings at $15.38 EPS.
A number of other brokerages have also recently commented on ESS. Mizuho upgraded shares of Essex Property Trust from a "neutral" rating to a "buy" rating and dropped their price target for the company from $255.00 to $250.00 in a research note on Wednesday, February 28th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Essex Property Trust in a research note on Tuesday, January 30th. They set a "hold" rating and a $240.00 price target on the stock. Bank of America upgraded shares of Essex Property Trust from a "neutral" rating to a "buy" rating and upped their price target for the company from $250.00 to $275.00 in a research note on Monday, April 1st. Stifel Nicolaus dropped their price target on shares of Essex Property Trust from $225.00 to $223.00 and set a "hold" rating on the stock in a research note on Wednesday, February 7th. Finally, The Goldman Sachs Group restated a "sell" rating and set a $227.00 price target on shares of Essex Property Trust in a research note on Thursday, February 22nd. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $245.37.
Check Out Our Latest Stock Report on ESS
Essex Property Trust Stock Performance
Shares of ESS stock traded down $0.05 during trading on Wednesday, reaching $232.65. 342,553 shares of the company's stock traded hands, compared to its average volume of 398,653. The company has a market capitalization of $14.94 billion, a P/E ratio of 36.87, a PEG ratio of 3.48 and a beta of 0.80. The company has a current ratio of 3.26, a quick ratio of 3.26 and a debt-to-equity ratio of 1.11. The firm's 50-day moving average is $237.20 and its 200 day moving average is $230.48. Essex Property Trust has a 1 year low of $203.85 and a 1 year high of $252.85.
Hedge Funds Weigh In On Essex Property Trust
A number of institutional investors have recently made changes to their positions in ESS. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Essex Property Trust by 24.8% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 2,261 shares of the real estate investment trust's stock worth $781,000 after buying an additional 450 shares during the last quarter. Allianz Asset Management GmbH grew its holdings in shares of Essex Property Trust by 1.2% during the 1st quarter. Allianz Asset Management GmbH now owns 88,915 shares of the real estate investment trust's stock valued at $30,718,000 after purchasing an additional 1,050 shares during the last quarter. Prudential PLC bought a new position in shares of Essex Property Trust during the 1st quarter valued at $475,000. Vanguard Group Inc. grew its holdings in shares of Essex Property Trust by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 10,614,782 shares of the real estate investment trust's stock valued at $3,667,195,000 after purchasing an additional 184,047 shares during the last quarter. Finally, Baird Financial Group Inc. grew its holdings in shares of Essex Property Trust by 3.6% during the 1st quarter. Baird Financial Group Inc. now owns 53,635 shares of the real estate investment trust's stock valued at $18,530,000 after purchasing an additional 1,847 shares during the last quarter. Institutional investors own 96.51% of the company's stock.
Essex Property Trust Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 29th were issued a $2.45 dividend. This is a positive change 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 dividend on an annualized basis and a dividend yield of 4.21%. Essex Property Trust's dividend payout ratio is presently 155.31%.
About Essex Property Trust
(
Get Free Report)
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.
Read More
Before you consider Essex Property Trust, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Essex Property Trust wasn't on the list.
While Essex Property Trust currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering when you'll finally be able to invest in SpaceX, StarLink, or The Boring Company? Click the link below to learn when Elon Musk will let these companies finally IPO.
Get This Free Report
