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Essex Property Trust, Inc. (NYSE:ESS) is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex has ownership interests in 255 apartment communities comprising over 62,000 apartment homes.

The company is set to report its Q3 2024 earnings on October 24. Wall Street analysts expect the company to post an EPS of $3.85, up from $3.78 in the year-ago period. According to data from Benzinga Pro, quarterly revenue is expected to be $440.49 million, up from $419.18 million in the year-ago period.

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If You Bought Essex Property Trust Stock 20 Years Ago

The company's stock traded around $69.51 per share 20 years ago. If you had invested $1,000, you could have bought approximately 14 shares of Essex Property Trust stock. Currently, shares are trading at $298.05, which means your investment's value could have soared to around $4,288 because of stock price appreciation. But wait, the company also paid dividends during these 20 years.

Essex Property Trust’s dividend yield is currently 3.29%. Over the last twenty years, it paid around $111.58 in dividends per share, which means you could have made $1,605 from dividends alone.

Summing up $4,288 and $1,605, we end up with the final value of your investment, which is $5,893. This is how much you could have made if you had invested $1,000 in Essex Property Trust stock 20 years ago. This means a total return of 489.3%. However, this figure is lower than the S&P 500 total return for the same period, which stands at 568.96%.

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What Could The Next 20 Years Bring?

Essex Property Trust has a consensus rating of Neutral and a price target of $270.84 based on the ratings of 28 analysts. The price target implies a potential downside of around 9% from the current stock price.

Earlier this month, at least nine Wall Street analysts, including Raymond James, Wells Fargo, and Wedbush, raised their price targets on the stock following the company's reported better-than-expected earnings.

Check out this article by Benzinga for 16 analysts' insights on Essex Property Trust.

On July 30, Essex Property Trust announced its Q2 2024 earnings results. The company posted a core FFO of $3.94, beating the consensus estimate of $3.85. Quarterly revenues came in at $442.355 million, compared to the consensus of $431.822 million, as reported by Benzinga.

The company raised its full-year 2024 Core FFO per diluted share guidance range to $15.38 – $15.62. The new guidance’s $15.50 midpoint is $0.27 higher than the previous range's midpoint.

In summary, growth-focused investors may not find Essex Property Trust stock attractive, given just modest historical stock price appreciation and expected downside potential by Wall Street analysts. Conversely, investors looking for passive income may find Essex Property Trust a perfect option as they can benefit from the company's high dividend yield of 3.29%, as well as consistent dividend hikes. Essex Property Trust has raised its dividend consecutively for the last 30 years.

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This article If You Invested $1000 In Essex Property Trust Stock 20 Years Ago, How Much Would You Have Now originally appeared on Benzinga.com