What is Zacks Research’s Estimate for ESS FY2024 Earnings?

Essex Property Trust, Inc. (NYSE:ESS) – Equities researchers at Zacks Research boosted their FY2024 EPS estimates for shares of Essex Property Trust in a note issued to investors on Tuesday, November 19th. Zacks Research analyst R. Department now expects that the real estate investment trust will post earnings of $15.55 per share for the year, up from their previous forecast of $15.46. The consensus estimate for Essex Property Trust’s current full-year earnings is $15.56 per share. Zacks Research also issued estimates for Essex Property Trust’s Q4 2024 earnings at $3.87 EPS, Q1 2025 earnings at $3.89 EPS and Q2 2025 earnings at $3.98 EPS.

Essex Property Trust (NYSE:ESS) last announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $1.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.88 by ($2.04). The business had revenue of $450.70 million for the quarter, compared to analysts’ expectations of $445.88 million. Essex Property Trust had a return on equity of 9.72% and a net margin of 31.55%. During the same period in the previous year, the firm posted $3.78 earnings per share.

A number of other research analysts also recently commented on ESS. Piper Sandler increased their price objective on shares of Essex Property Trust from $315.00 to $355.00 and gave the company an “overweight” rating in a research note on Monday, August 26th. Royal Bank of Canada boosted their price objective on Essex Property Trust from $284.00 to $288.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. Scotiabank increased their target price on Essex Property Trust from $309.00 to $329.00 and gave the stock a “sector outperform” rating in a report on Monday, September 16th. JPMorgan Chase & Co. boosted their price target on Essex Property Trust from $265.00 to $297.00 and gave the company a “neutral” rating in a report on Monday, September 16th. Finally, Bank of America cut Essex Property Trust from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $307.00 to $321.00 in a research note on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $297.00.

Essex Property Trust Stock Performance

Shares of ESS opened at $305.46 on Thursday. Essex Property Trust has a 52-week low of $210.36 and a 52-week high of $317.73. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.13. The firm has a market cap of $19.63 billion, a price-to-earnings ratio of 35.68, a PEG ratio of 5.94 and a beta of 0.88. The business’s 50 day moving average is $297.17 and its two-hundred day moving average is $285.16.

Essex Property Trust Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were issued a dividend of $2.45 per share. This represents a $9.80 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date was Monday, September 30th. Essex Property Trust’s payout ratio is currently 114.49%.

Insider Buying and Selling

In other Essex Property Trust news, Director Amal M. Johnson sold 7,298 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $316.31, for a total transaction of $2,308,430.38. Following the sale, the director now owns 2,585 shares in the company, valued at approximately $817,661.35. The trade was a 73.84 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Anne Morrison sold 2,571 shares of Essex Property Trust stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $314.79, for a total transaction of $809,325.09. Following the completion of the transaction, the chief accounting officer now directly owns 2,321 shares in the company, valued at approximately $730,627.59. This trade represents a 52.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,402 shares of company stock worth $6,399,663 in the last ninety days. 3.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Virtu Financial LLC increased its stake in Essex Property Trust by 25.2% in the 3rd quarter. Virtu Financial LLC now owns 3,662 shares of the real estate investment trust’s stock valued at $1,082,000 after buying an additional 737 shares during the period. Unigestion Holding SA acquired a new position in shares of Essex Property Trust in the third quarter worth $627,000. Toronto Dominion Bank raised its holdings in shares of Essex Property Trust by 1.3% during the third quarter. Toronto Dominion Bank now owns 31,780 shares of the real estate investment trust’s stock worth $9,388,000 after acquiring an additional 421 shares in the last quarter. Coldstream Capital Management Inc. boosted its position in Essex Property Trust by 15.6% during the third quarter. Coldstream Capital Management Inc. now owns 1,074 shares of the real estate investment trust’s stock valued at $319,000 after purchasing an additional 145 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in Essex Property Trust by 1.5% in the third quarter. Geode Capital Management LLC now owns 1,726,072 shares of the real estate investment trust’s stock valued at $508,381,000 after purchasing an additional 25,591 shares in the last quarter. Hedge funds and other institutional investors 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.