Essex Property Trust, Inc. (NYSE:ESS) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Essex Property Trust, Inc. (NYSE:ESS) have received a consensus rating of “Buy” from the nineteen brokerages that are presently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $334.53.

A number of research firms have recently weighed in on ESS. Mizuho raised shares of Essex Property Trust from a “neutral” rating to a “buy” rating and upped their price target for the stock from $333.00 to $360.00 in a research note on Wednesday, September 29th. They noted that the move was a valuation call. Truist Securities increased their price objective on shares of Essex Property Trust from $327.00 to $337.00 and gave the stock a “buy” rating in a report on Wednesday, August 25th. Evercore ISI upgraded shares of Essex Property Trust from an “in-line” rating to an “outperform” rating and set a $381.00 price objective on the stock in a report on Monday, October 25th. BTIG Research reissued a “hold” rating on shares of Essex Property Trust in a research report on Wednesday, October 27th. Finally, The Goldman Sachs Group initiated coverage on shares of Essex Property Trust in a research report on Thursday, September 23rd. They issued a “sell” rating and a $325.00 price objective for the company.

Shares of Essex Property Trust stock opened at $357.25 on Friday. The firm’s fifty day simple moving average is $335.41 and its 200-day simple moving average is $321.41. The stock has a market capitalization of $23.25 billion, a price-to-earnings ratio of 51.93, a PEG ratio of 6.72 and a beta of 0.72. Essex Property Trust has a 12 month low of $226.79 and a 12 month high of $357.90. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.25 and a quick ratio of 1.25.

Essex Property Trust (NYSE:ESS) last announced its quarterly earnings data on Tuesday, October 26th. The real estate investment trust reported $1.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.10 by ($1.28). The firm had revenue of $360.62 million during the quarter, compared to analyst estimates of $357.54 million. Essex Property Trust had a net margin of 31.27% and a return on equity of 7.08%. The business’s quarterly revenue was down 2.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.15 earnings per share. Analysts anticipate that Essex Property Trust will post 12.46 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, October 15th. Investors of record on Thursday, September 30th were issued a dividend of $2.09 per share. This represents a $8.36 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date of this dividend was Wednesday, September 29th. Essex Property Trust’s payout ratio is currently 121.51%.

In other news, EVP Adam W. Berry sold 11,985 shares of Essex Property Trust stock in a transaction dated Wednesday, October 27th. The stock was sold at an average price of $342.39, for a total transaction of $4,103,544.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael J. Schall sold 31,362 shares of Essex Property Trust stock in a transaction dated Thursday, October 28th. The shares were sold at an average price of $343.72, for a total value of $10,779,746.64. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 75,465 shares of company stock worth $25,743,063. 3.80% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Cullen Frost Bankers Inc. bought a new position in Essex Property Trust in the 2nd quarter worth approximately $28,000. D Orazio & Associates Inc. bought a new stake in shares of Essex Property Trust during the third quarter valued at approximately $35,000. Eagle Bay Advisors LLC increased its position in shares of Essex Property Trust by 1,471.4% during the third quarter. Eagle Bay Advisors LLC now owns 110 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 103 shares during the period. Berman Capital Advisors LLC increased its position in shares of Essex Property Trust by 94.5% during the third quarter. Berman Capital Advisors LLC now owns 142 shares of the real estate investment trust’s stock valued at $45,000 after purchasing an additional 69 shares during the period. Finally, CX Institutional increased its position in shares of Essex Property Trust by 17.9% during the second quarter. CX Institutional now owns 204 shares of the real estate investment trust’s stock valued at $61,000 after purchasing an additional 31 shares during the period. 92.35% of the stock is currently owned by institutional investors.

Essex Property Trust Company Profile

Essex Property Trust, Inc operates as a real estate investment trust. It engages in the ownership, operation, management, acquisition, development, and redevelopment of predominantly apartment communities. The company was founded by George M. Marcus in 1971 and is headquartered in San Mateo, CA.

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Analyst Recommendations for Essex Property Trust (NYSE:ESS)

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