Is Essex Property Trust Underperforming the Dow?

Valued at a market cap of $18.3 billion, Essex Property Trust, Inc. (ESS) is a self-administered and self-managed real estate investment trust (REIT). Headquartered in San Mateo, California, the company acquires, develops, redevelops, and manages apartment communities in selected residential areas located on the West Coast of the United States.
Companies valued at $10 billion or more are generally classified as 'large-cap' stocks, and Essex Property Trust Energy fits this description perfectly. The company has ownership interests in 257 apartment communities comprising over 62,000 apartment homes, with an additional property in active development.
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Essex Property Trust's stock dropped 10.6% from its 52-week high of $317.73. Shares of ESS have declined 5% over the past three months, lagging behind the broader Dow Jones Industrials Average's ($DOWI) 1.4% increase.
In the longer term, shares of Essex Property have decreased marginally over the past 52 weeks, underperforming the Dow Jones' 8.6% return over the same time frame. Additionally, ESS stock has dropped marginally on a YTD basis, aligning with the DOWI's performance over the same time period.
The stock has been trading below its 200-day moving average since early April. Yet, it has risen above its 50-day moving average since mid-June.
ESS stock rose 1.5% following its solid Q1 2025 results on Apr. 29. The company's same-property revenues increased 3.4% year-over-year, while net operating income rose 3.3% from the prior year quarter to $284.9 million. Its core FFO came in at $3.97 per share, reflecting a 3.7% increase from the year-ago quarter and surpassing the consensus estimate of $3.92. The growth in core FFO was primarily driven by strong same-property revenue performance, increased co-investment income, and reduced interest expense.
In contrast, rival Invitation Homes Inc. (INVH) has underperformed ESS stock over the past 52 weeks, declining 5.5%. Although INVH stock has returned 5.6% on a YTD basis, surpassing ESS stock.
While the stock has underperformed relative to the Dow over the past year, analysts have a moderately optimistic outlook. With 27 analysts covering the stock, the consensus rating is 'Moderate Buy,' and it is currently trading below the mean price target of $309.12.
On the date of publication, Sohini Mondal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com

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