Essex Property Trust (NYSE:ESS) Given New $285.00 Price Target at Scotiabank

Essex Property Trust (NYSE:ESS) had its target price raised by Scotiabank from $283.00 to $285.00 in a report published on Friday, Benzinga reports. Scotiabank currently has a sector outperform rating on the real estate investment trust’s stock.

Other equities analysts also recently issued reports about the stock. Wells Fargo & Company increased their price objective on shares of Essex Property Trust from $232.00 to $269.00 and gave the company an equal weight rating in a research note on Friday, May 31st. Raymond James upgraded shares of Essex Property Trust from a market perform rating to an outperform rating and set a $265.00 price objective on the stock in a research note on Monday, March 18th. UBS Group raised their target price on shares of Essex Property Trust from $250.00 to $261.00 and gave the company a neutral rating in a research note on Tuesday, May 14th. The Goldman Sachs Group restated a sell rating and issued a $227.00 target price on shares of Essex Property Trust in a research note on Thursday, February 22nd. Finally, Barclays raised their target price on shares of Essex Property Trust from $224.00 to $225.00 and gave the company an underweight rating in a research note on Tuesday, February 20th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of Hold and a consensus price target of $257.28.

Essex Property Trust Stock Performance

Essex Property Trust stock opened at $281.29 on Friday. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.19 and a quick ratio of 3.19. Essex Property Trust has a 1-year low of $203.85 and a 1-year high of $282.29. The firm has a market capitalization of $18.06 billion, a P/E ratio of 34.39, a price-to-earnings-growth ratio of 3.91 and a beta of 0.84. The company’s 50-day moving average is $255.66 and its 200 day moving average is $244.34.

Essex Property Trust Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 24th. Stockholders of record on Friday, June 28th will be paid a dividend of $2.45 per share. The ex-dividend date is Friday, June 28th. This represents a $9.80 dividend on an annualized basis and a dividend yield of 3.48%. Essex Property Trust’s dividend payout ratio is currently 119.80%.

Hedge Funds Weigh In On Essex Property Trust

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Lindbrook Capital LLC boosted its holdings in Essex Property Trust by 111.5% in the 4th quarter. Lindbrook Capital LLC now owns 110 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 58 shares during the last quarter. Venturi Wealth Management LLC boosted its holdings in Essex Property Trust by 112.3% in the 1st quarter. Venturi Wealth Management LLC now owns 138 shares of the real estate investment trust’s stock valued at $34,000 after purchasing an additional 73 shares during the last quarter. Vima LLC acquired a new position in Essex Property Trust in the 4th quarter valued at about $40,000. Bruce G. Allen Investments LLC acquired a new position in Essex Property Trust in the 4th quarter valued at about $41,000. Finally, Bear Mountain Capital Inc. acquired a new position in Essex Property Trust in the 4th quarter valued at about $55,000. 96.51% of the stock is currently owned by institutional investors and hedge funds.

Essex Property Trust Company Profile

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 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.