Streetbeat News

ESS

Essex Property Trust, Inc.

https://www.essexapartmenthomes.com

Industry

REIT - Residential

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.

Open

302.67

Mkt cap

19B

Volume

329K

High

303.56

P/E Ratio

35.21

52-wk high

317.73

Low

299.67

Div yield

0.03

52-wk low

209.17

Essex Property Trust, Inc. (NYSE:ESS) has announced a 6.1% increase in its annual cash dividend, marking the 30th consecutive year of dividend growth. The new quarterly dividend is set at $2.45 per share, with payments starting April 12, 2024, for shareholders on record as of March 29, 2024. Additionally, the company's Annual Shareholders' Meeting is scheduled virtually for May 14, 2024.

Portfolio Pulse from Happy Mohamed

February 22, 2024 | 10:00 pm

Goldman Sachs analyst Chandni Luthra has reinstated Essex Property Trust (NYSE:ESS) with a Sell rating and set a price target of $227.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 11:32 am

Barclays has maintained its Underweight rating for Essex Property Trust (NYSE:ESS) but raised its price target from $224.00 to $225.00. Despite this, ESS shares are trading at $235.37, indicating a potential 4.41% decrease if it moves to the target price. Essex Property Trust owns and is developing a significant portfolio of apartment communities on the West Coast.

Portfolio Pulse from Benzinga Insights

February 20, 2024 | 5:00 pm

The U.S. Supreme Court has decided not to hear a challenge by landlords against rent stabilization laws, leaving the current regulations in place. This decision affects various real estate investment trusts (REITs) and the broader market, as indicated by the mention of SPY, which tracks the S&P 500.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 2:34 pm

Essex Property Trust (NYSE:ESS) received mixed analyst ratings over the last three months, with a shift towards a more bullish outlook in the last 30 days. The average 12-month price target for ESS is now $251.43, up from $237.29, indicating a positive sentiment shift. The company, owning over 62,000 apartment units, showed a revenue growth of 0.61% as of December 31, 2023, but faces challenges in net margin and ROA compared to industry averages. Its strong ROE and low debt-to-equity ratio highlight effective equity use and financial health.

Portfolio Pulse from Benzinga Insights

February 08, 2024 | 4:01 pm

RBC Capital analyst Brad Heffern maintains an Outperform rating on Essex Property Trust (NYSE:ESS) and raises the price target from $237 to $239.

Portfolio Pulse from Benzinga Newsdesk

February 08, 2024 | 3:10 pm

Essex Property Trust projects its 2024 Core FFO per share to range between $14.76 and $15.30, closely aligning with the estimated $15.27. For Q1, the expected Core FFO per share is between $3.68 and $3.80, which is in line with the estimated $3.75.

Portfolio Pulse from Benzinga Newsdesk

February 06, 2024 | 9:21 pm

Essex Property Trust (NYSE:ESS) reported a Q4 Core FFO of $3.83 per share, surpassing the analyst consensus estimate of $3.81 by 0.52%. This represents a 1.59% increase from the same period last year's Core FFO of $3.77 per share.

Portfolio Pulse from Benzinga Newsdesk

February 06, 2024 | 9:16 pm

Earnings reports for various companies are scheduled for February 6, 2024, with projections ranging from significant profits to losses across diverse sectors. Notable mentions include BP, UBS, Frontier Group Holdings, and Spotify Technology, among others, indicating a broad spectrum of financial health and market expectations.

Portfolio Pulse from Benzinga Insights

February 06, 2024 | 10:42 am

Shares of Real Estate Investment Trusts (REITs) are trading lower due to an increase in Treasury yields. Higher yields can make dividend-paying assets like REITs less attractive to investors seeking income.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 7:41 pm

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