Essex Property Trust (NYSE:ESS) Updates Q3 2022 Earnings Guidance

Essex Property Trust (NYSE:ESSGet Rating) issued an update on its third quarter 2022 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $3.60-$3.70 for the period. The company issued revenue guidance of -. Essex Property Trust also updated its FY 2022 guidance to $14.35-$14.55 EPS.

Essex Property Trust Stock Up 0.3 %

Shares of Essex Property Trust stock opened at $278.75 on Friday. The stock has a market capitalization of $18.15 billion, a P/E ratio of 47.17, a PEG ratio of 3.19 and a beta of 0.77. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 1.00. The stock has a 50 day moving average price of $269.28 and a two-hundred day moving average price of $307.14. Essex Property Trust has a 12-month low of $250.62 and a 12-month high of $363.36.

Essex Property Trust Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 15th. Shareholders of record on Thursday, June 30th were given a dividend of $2.20 per share. The ex-dividend date was Wednesday, June 29th. This represents a $8.80 dividend on an annualized basis and a yield of 3.16%. Essex Property Trust’s payout ratio is currently 148.90%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on ESS shares. Barclays cut Essex Property Trust from an equal weight rating to an underweight rating and decreased their target price for the stock from $367.00 to $310.00 in a research report on Tuesday, May 10th. Truist Financial reduced their price objective on Essex Property Trust from $323.00 to $299.00 and set a buy rating for the company in a research report on Friday, June 24th. Evercore ISI set a $333.00 price objective on Essex Property Trust in a research report on Monday, June 20th. Credit Suisse Group assumed coverage on Essex Property Trust in a research report on Wednesday, June 22nd. They issued an underperform rating and a $247.00 price objective for the company. Finally, TheStreet cut Essex Property Trust from a b- rating to a c+ rating in a research report on Friday, May 13th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Hold and an average price target of $312.82.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ESS. Cambridge Investment Research Advisors Inc. raised its stake in Essex Property Trust by 24.8% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 2,261 shares of the real estate investment trust’s stock worth $781,000 after acquiring an additional 450 shares in the last quarter. Allianz Asset Management GmbH raised its stake in Essex Property Trust by 1.2% during the first quarter. Allianz Asset Management GmbH now owns 88,915 shares of the real estate investment trust’s stock worth $30,718,000 after acquiring an additional 1,050 shares in the last quarter. Prudential PLC acquired a new position in Essex Property Trust during the first quarter worth $475,000. Vanguard Group Inc. raised its stake in Essex Property Trust by 1.8% during the first quarter. Vanguard Group Inc. now owns 10,614,782 shares of the real estate investment trust’s stock worth $3,667,195,000 after acquiring an additional 184,047 shares in the last quarter. Finally, Baird Financial Group Inc. raised its stake in Essex Property Trust by 3.6% during the first quarter. Baird Financial Group Inc. now owns 53,635 shares of the real estate investment trust’s stock worth $18,530,000 after acquiring an additional 1,847 shares in the last quarter. 96.09% of the stock is currently owned by institutional investors and hedge funds.

About Essex Property Trust

(Get Rating)

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 246 apartment communities comprising approximately 60,000 apartment homes with an additional 6 properties in various stages of active development.

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Earnings History and Estimates for Essex Property Trust (NYSE:ESS)

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