Essex Property Trust
About: Essex Property Trust owns a portfolio of 254 apartment communities with over 62,000 units. The company focuses on owning large, high-quality properties on the West Coast in the urban and suburban submarkets of Southern California, Northern California, and Seattle.
Employees: 1,750
0
Funds holding %
of 6,823 funds
0
Analysts bullish %
of 4 analysts
Fund manager confidence
Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)
239% more call options, than puts
Call options by funds: $32.1M | Put options by funds: $9.45M
63% more first-time investments, than exits
New positions opened: 80 | Existing positions closed: 49
4% more funds holding
Funds holding: 571 [Q2] → 595 (+24) [Q3]
5% more repeat investments, than reductions
Existing positions increased: 216 | Existing positions reduced: 205
2% more capital invested
Capital invested by funds: $17.2B [Q2] → $17.5B (+$282M) [Q3]
5.79% less ownership
Funds ownership: 98.55% [Q2] → 92.76% (-5.79%) [Q3]
57% less funds holding in top 10
Funds holding in top 10: 7 [Q2] → 3 (-4) [Q3]
Research analyst outlook
4 Wall Street Analysts provided 1 year price targets over the past 3 months
Low target
$300
6%
upside
Avg. target
$307
8%
upside
High target
$316
11%
upside
4 analyst ratings
2 positive
50%
1 neutral
25%
1 negative
25%
BMO Capital John Kim 59% 1-year accuracy 10 / 17 met price target | 9%upside $310 | Outperform Upgraded | 13 Jan 2025 |
Mizuho Vikram Malhorta 67% 1-year accuracy 12 / 18 met price target | 6%upside $300 | Outperform Maintained | 6 Jan 2025 |
JP Morgan Anthony Paolone 33% 1-year accuracy 6 / 18 met price target | 7%upside $303 | Underweight Downgraded | 17 Dec 2024 |
Barclays Anthony Powell 40% 1-year accuracy 12 / 30 met price target | 12%upside $316 | Equal-Weight Initiated | 17 Dec 2024 |
Financial journalist opinion
Based on 8 articles about ESS published over the past 30 days
Neutral
Seeking Alpha
1 day ago
The End Of An Era
U.S. equity and bond markets posted their best week since the November election, as benchmark interest rates tumbled after inflation data showed surprisingly muted pressures in December. Closing the books on the Biden era, the Trump Administration assumes the reins next week of a U.S. economy that has seemingly "held it together" through a myriad of headwinds. The worst four years of inflation and the first decline in "real" consumer incomes since the late 1970s paradoxically coincided with a robust period of job growth and historically low unemployment.
Neutral
Business Wire
5 days ago
Essex Reports Characteristics of 2024 Dividends
SAN MATEO, Calif.--(BUSINESS WIRE)--Essex Property Trust, Inc. (NYSE:ESS) announced today the income tax treatment for its 2024 distributions to shareholders. The 2024 distribution characteristics are as follows: Common Stock – CUSIP Number 297178105: Record Payment Cash Distribution Ordinary Taxable Qualified Return of Capital Gain Unrecaptured Section 1250 Capital Gain Section 199A Section 897 Date Date Per Share Dividend Dividend Capital (20% rate) (25% rate) Dividend Gain 1/2/2024 1/12/20.
Positive
CNBC Television
5 days ago
California REITs see rating upgrades in the wake of fires
CNBC's Diana Olick reports on REIT performance post-California wildfires.
Positive
Zacks Investment Research
6 days ago
Essex Property Trust (ESS) Surges 4.1%: Is This an Indication of Further Gains?
Essex Property Trust (ESS) witnessed a jump in share price last session on above-average trading volume. The latest trend in FFO estimate revisions for the stock suggests that there could be more strength down the road.
Positive
Seeking Alpha
1 week ago
Apartment Rents Are Too Low
Apartment rental rates are significantly below equilibrium due to oversupply from zero interest rate policies, with rents expected to rise 10%-20% by 2027. Investment opportunities in apartment REITs are promising; current low valuations present a buying opportunity as equilibrium is restored and rents increase. Coastal, Midwestern, and Sunbelt apartment REITs, as well as Canadian REIT BSR, offer varied prospects based on regional supply/demand dynamics and management capabilities.
Neutral
Business Wire
1 week ago
Essex Announces Release and Conference Call Dates for Its Fourth Quarter 2024 Earnings
SAN MATEO, Calif.--(BUSINESS WIRE)--Essex Property Trust, Inc. (NYSE:ESS) announced today that it plans to release its fourth quarter 2024 earnings after the market closes on Tuesday, February 4, 2025. A conference call with senior management is scheduled for Wednesday, February 5, 2025 at 9:00 a.m. Pacific Time or 12:00 p.m. Eastern Time. The fourth quarter conference call is open to everyone and can be accessed by: Internet: Go to www.essex.com; click on Investors and the fourth quarter earni.
Positive
Zacks Investment Research
1 week ago
Should Essex Property Stock Be Retained in Your Portfolio Now?
A sturdy property base in the West Coast market, technological initiatives and a healthy balance sheet are likely to aid ESS despite the rising supply of units.
Neutral
Seeking Alpha
2 weeks ago
Sector Spotlight: Multifamily REITs - They Survived Until 2025!
COVID-19 led to a migration to Sunbelt cities, causing a surge in apartment rents and subsequent overbuilding, which is now stabilizing. Multifamily REITs saw a decline in valuations but are now modestly valued with a P/AFFO multiple averaging 18.3x, higher than the broader REIT market. Despite suppressed rent growth and occupancy, strong job markets and reduced new supply suggest the potential for landlords to regain pricing power.
Neutral
Business Wire
1 month ago
Essex Property Trust Declares Quarterly Distributions
SAN MATEO, Calif.--(BUSINESS WIRE)--Essex Property Trust, Inc. (NYSE:ESS) announced today that its Board of Directors has declared a regular quarterly cash dividend of $2.45 per common share, payable January 15, 2025 to shareholders of record as of January 2, 2025. About Essex Property Trust, Inc. 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 sel.
Positive
Seeking Alpha
1 month ago
Essex Property Trust: Limited Supply Enables Further Growth
Essex Property Trust has gained 35% over the past year, benefiting from limited new apartment supply in California and a defensive geographic positioning. Essex's markets face significantly less new supply than the Sun Belt, with just 0.5% annual supply growth expected from 2023-2025. Despite rising costs, Essex maintains a solid balance sheet and expects 4-5% growth in FFO, with a fair value target of $320-325.
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