Essex Property Trust, Inc. (NYSE:ESS) Receives Average Rating of “Hold” from Analysts

Essex Property Trust, Inc. (NYSE:ESS) has been given an average rating of “Hold” by the twenty analysts that are currently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, eleven have assigned a hold recommendation and seven have given a buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $264.65.

ESS has been the topic of a number of research analyst reports. Piper Sandler reiterated an “overweight” rating and set a $315.00 target price on shares of Essex Property Trust in a research report on Friday, June 28th. UBS Group increased their price target on shares of Essex Property Trust from $261.00 to $283.00 and gave the stock a “neutral” rating in a research note on Thursday, July 18th. Scotiabank increased their target price on shares of Essex Property Trust from $283.00 to $285.00 and gave the stock a “sector outperform” rating in a research note on Friday, June 14th. Wells Fargo & Company upped their price objective on 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. Finally, Stifel Nicolaus upped their price target on Essex Property Trust from $267.00 to $268.00 and gave the stock a “hold” rating in a research note on Wednesday.

Essex Property Trust Trading Down 1.4 %

Shares of NYSE:ESS opened at $281.66 on Friday. The company has a market cap of $18.09 billion, a PE ratio of 34.43, a P/E/G ratio of 3.96 and a beta of 0.86. The company’s 50 day moving average is $274.94 and its two-hundred day moving average is $253.40. Essex Property Trust has a 52 week low of $203.85 and a 52 week high of $292.37. The company has a current ratio of 1.62, a quick ratio of 3.19 and a debt-to-equity ratio of 1.11.

Essex Property Trust (NYSE:ESS) last issued its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.45 earnings per share for the quarter, missing the consensus estimate of $3.85 by ($2.40). Essex Property Trust had a return on equity of 9.14% and a net margin of 30.31%. The business had revenue of $442.36 million for the quarter, compared to analyst estimates of $433.26 million. During the same period last year, the business posted $3.77 EPS. Equities analysts predict that Essex Property Trust will post 15.53 earnings per share for the current fiscal year.

Essex Property Trust Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 24th. Shareholders of record on Friday, June 28th were issued a dividend of $2.45 per share. This represents a $9.80 dividend on an annualized basis and a yield of 3.48%. The ex-dividend date of this dividend was Friday, June 28th. Essex Property Trust’s dividend payout ratio (DPR) is presently 119.80%.

Insider Transactions at Essex Property Trust

In related news, CEO Angela L. Kleiman sold 3,780 shares of the business’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $278.27, for a total value of $1,051,860.60. Following the completion of the transaction, the chief executive officer now owns 9,494 shares of the company’s stock, valued at approximately $2,641,895.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Angela L. Kleiman sold 3,780 shares of the stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $278.27, for a total transaction of $1,051,860.60. Following the transaction, the chief executive officer now directly owns 9,494 shares in the company, valued at $2,641,895.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Keith R. Guericke sold 10,000 shares of Essex Property Trust stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $274.57, for a total value of $2,745,700.00. Following the completion of the sale, the director now owns 16,118 shares of the company’s stock, valued at approximately $4,425,519.26. The disclosure for this sale can be found here. Insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Essex Property Trust

Several institutional investors and hedge funds have recently added to or reduced their stakes in ESS. Daiwa Securities Group Inc. raised its holdings in Essex Property Trust by 201.1% in the fourth quarter. Daiwa Securities Group Inc. now owns 534,964 shares of the real estate investment trust’s stock valued at $132,639,000 after buying an additional 357,268 shares during the period. State Board of Administration of Florida Retirement System lifted its holdings in shares of Essex Property Trust by 2.6% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 81,456 shares of the real estate investment trust’s stock valued at $19,941,000 after acquiring an additional 2,083 shares in the last quarter. Victory Capital Management Inc. boosted its position in Essex Property Trust by 11.1% during the 4th quarter. Victory Capital Management Inc. now owns 49,277 shares of the real estate investment trust’s stock worth $12,218,000 after purchasing an additional 4,943 shares during the period. JLP Asset Management LLC acquired a new stake in Essex Property Trust in the 4th quarter valued at $2,802,000. Finally, Canada Pension Plan Investment Board raised its position in Essex Property Trust by 8.7% in the first quarter. Canada Pension Plan Investment Board now owns 225,045 shares of the real estate investment trust’s stock valued at $55,093,000 after purchasing an additional 18,000 shares during the period. 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.