Wedbush Research Analysts Raise Earnings Estimates for Essex Property Trust, Inc. (NYSE:ESS)

Essex Property Trust, Inc. (NYSE:ESS - Free Report) - Stock analysts at Wedbush raised their FY2024 earnings per share (EPS) estimates for Essex Property Trust in a report issued 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 prior forecast of $14.84. Wedbush currently 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 equities analysts have also recently weighed in on the company. Barclays boosted their price objective on Essex Property Trust from $224.00 to $225.00 and gave the stock an "underweight" rating in a research report on Tuesday, February 20th. Royal Bank of Canada boosted their price target on Essex Property Trust from $237.00 to $239.00 and gave the company an "outperform" rating in a research note on Thursday, February 8th. Deutsche Bank Aktiengesellschaft initiated coverage on 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 Essex Property Trust from a "neutral" rating to a "buy" rating and boosted their price target for the company from $250.00 to $275.00 in a research note on Monday, April 1st. 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. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $249.76.

Essex Property Trust Stock Performance

Shares of NYSE ESS traded down $3.17 during trading hours on Wednesday, hitting $254.50. 163,396 shares of the company's stock were exchanged, compared to its average volume of 401,441. Essex Property Trust has a 1-year low of $203.85 and a 1-year high of $258.06. 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 stock has a market capitalization of $16.34 billion, a price-to-earnings ratio of 31.11, a PEG ratio of 3.67 and a beta of 0.79. The company's 50-day moving average price is $241.53 and its 200-day moving average price is $233.61.

Essex Property Trust Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were issued a dividend of $2.45 per share. 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 yield of 3.85%. Essex Property Trust's dividend payout ratio is currently 119.80%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ESS. Lindbrook Capital LLC lifted its holdings in Essex Property Trust by 111.5% during the 4th quarter. Lindbrook Capital LLC now owns 110 shares of the real estate investment trust's stock worth $27,000 after buying an additional 58 shares in the last quarter. Venturi Wealth Management LLC lifted its stake in shares of Essex Property Trust by 112.3% in the 1st 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 during the period. Vima LLC acquired a new position in shares of Essex Property Trust in the 4th quarter valued at $40,000. Bruce G. Allen Investments LLC acquired a new position in shares of Essex Property Trust in the 4th quarter valued at $41,000. Finally, Bear Mountain Capital Inc. acquired a new position in shares of Essex Property Trust in the 4th quarter valued at $55,000. Institutional investors and hedge funds own 96.51% of the company's stock.

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.