Brokers Issue Forecasts for Essex Property Trust, Inc.’s FY2023 Earnings (NYSE:ESS)
Essex Property Trust, Inc. (NYSE:ESS – Get Rating) – Analysts at KeyCorp lifted their FY2023 earnings per share (EPS) estimates for Essex Property Trust in a note issued to investors on Monday, June 27th. KeyCorp analyst A. Wurschmidt now expects that the real estate investment trust will earn $15.42 per share for the year, up from their previous estimate of $15.09. KeyCorp currently has a “Overweight” rating and a $314.00 target price on the stock. The consensus estimate for Essex Property Trust’s current full-year earnings is $14.09 per share.
A number of other brokerages have also commented on ESS. The Goldman Sachs Group upgraded Essex Property Trust from a “sell” rating to a “buy” rating and cut their target price for the company from $352.00 to $338.00 in a research note on Tuesday, May 17th. Truist Financial cut their target price on Essex Property Trust from $323.00 to $299.00 and set a “buy” rating for the company in a research note on Friday, June 24th. Stifel Nicolaus cut their target price on Essex Property Trust from $390.00 to $352.00 in a research note on Thursday, June 9th. Scotiabank dropped their price objective on Essex Property Trust from $340.00 to $333.00 in a research note on Thursday, May 19th. Finally, Piper Sandler dropped their price objective on Essex Property Trust from $400.00 to $340.00 and set an “overweight” rating for the company in a research note on Monday. Three 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’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $323.07.
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Shares of NYSE ESS opened at $264.02 on Wednesday. The business has a fifty day simple moving average of $292.01 and a 200 day simple moving average of $321.94. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $17.25 billion, a price-to-earnings ratio of 43.71, a PEG ratio of 2.93 and a beta of 0.75. Essex Property Trust has a one year low of $250.62 and a one year high of $363.36. Essex Property Trust (NYSE:ESS – Get Rating) last issued its earnings results on Tuesday, April 26th. The real estate investment trust reported $1.12 EPS for the quarter, missing analysts’ consensus estimates of $3.35 by ($2.23). Essex Property Trust had a net margin of 26.81% and a return on equity of 5.25%. During the same period last year, the business earned $3.07 earnings per share.
Institutional investors have recently bought and sold shares of the stock. Cassady Schiller Wealth Management LLC bought a new position in Essex Property Trust in the fourth quarter valued at about $28,000. Riverview Trust Co bought a new position in Essex Property Trust in the first quarter valued at about $31,000. Danda Trouve Investment Management Inc. bought a new position in Essex Property Trust during the fourth quarter worth about $40,000. Total Clarity Wealth Management Inc. bought a new position in Essex Property Trust during the fourth quarter worth about $45,000. Finally, Huntington National Bank boosted its holdings in Essex Property Trust by 53.5% during the fourth quarter. Huntington National Bank now owns 132 shares of the real estate investment trust’s stock worth $46,000 after buying an additional 46 shares during the last quarter. Institutional investors and hedge funds own 96.09% of the company’s stock.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Thursday, June 30th will be paid a $2.20 dividend. The ex-dividend date of this dividend is Wednesday, June 29th. This represents a $8.80 dividend on an annualized basis and a dividend yield of 3.33%. Essex Property Trust’s dividend payout ratio (DPR) is presently 145.70%.
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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