Essex Property Trust (NYSE:ESS – Get Rating) had its target price trimmed by Truist Financial from $370.00 to $323.00 in a research report released on Wednesday, The Fly reports. The firm currently has a buy rating on the real estate investment trust’s stock.
A number of other equities analysts have also issued reports on ESS. Mizuho decreased their price objective on Essex Property Trust from $382.00 to $342.00 and set a buy rating for the company in a report on Wednesday, February 16th. Scotiabank decreased their target price on shares of Essex Property Trust from $340.00 to $333.00 in a research report on Thursday, May 19th. Barclays downgraded shares of Essex Property Trust from an equal weight rating to an underweight rating and dropped their price target for the stock from $367.00 to $310.00 in a research report on Tuesday, May 10th. StockNews.com began coverage on shares of Essex Property Trust in a report on Thursday, March 31st. They issued a hold rating for the company. Finally, Morgan Stanley upped their target price on Essex Property Trust from $335.00 to $365.00 and gave the stock an equal weight rating in a research report on Friday, April 8th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $352.07.
Shares of ESS opened at $288.69 on Wednesday. The firm has a fifty day moving average of $326.17 and a 200-day moving average of $333.80. The company has a market cap of $18.86 billion, a price-to-earnings ratio of 47.80, a price-to-earnings-growth ratio of 4.13 and a beta of 0.74. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.41 and a current ratio of 1.41. Essex Property Trust has a 1 year low of $275.33 and a 1 year high of $363.36.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Thursday, June 30th will be paid a $2.20 dividend. The ex-dividend date of this dividend is Wednesday, June 29th. This represents a $8.80 annualized dividend and a yield of 3.05%. Essex Property Trust’s dividend payout ratio is presently 145.70%.
In related news, CEO Michael J. Schall sold 12,132 shares of the business’s stock in a transaction that occurred on Tuesday, March 29th. The stock was sold at an average price of $349.19, for a total value of $4,236,373.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Angela L. Kleiman sold 6,309 shares of the stock in a transaction that occurred on Tuesday, March 29th. The shares were sold at an average price of $354.21, for a total value of $2,234,710.89. The disclosure for this sale can be found here. Company insiders own 3.70% of the company’s stock.
A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Essex Property Trust by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 10,614,782 shares of the real estate investment trust’s stock worth $3,667,195,000 after acquiring an additional 184,047 shares during the period. BlackRock Inc. boosted its stake in Essex Property Trust by 3.8% during the 4th quarter. BlackRock Inc. now owns 6,686,520 shares of the real estate investment trust’s stock valued at $2,355,194,000 after purchasing an additional 242,033 shares during the period. Cohen & Steers Inc. grew its holdings in Essex Property Trust by 8.9% in the 3rd quarter. Cohen & Steers Inc. now owns 5,535,111 shares of the real estate investment trust’s stock valued at $1,769,943,000 after buying an additional 450,710 shares during the last quarter. State Street Corp lifted its stake in shares of Essex Property Trust by 6.5% in the first quarter. State Street Corp now owns 5,219,447 shares of the real estate investment trust’s stock valued at $1,814,408,000 after buying an additional 316,868 shares during the period. Finally, Principal Financial Group Inc. grew its position in Essex Property Trust by 3.1% during the first quarter. Principal Financial Group Inc. now owns 2,911,691 shares of the real estate investment trust’s stock worth $1,005,930,000 after buying an additional 86,179 shares in the last quarter. Institutional investors and hedge funds own 96.09% of the company’s stock.
About Essex Property Trust (Get Rating)
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 246 apartment communities comprising approximately 60,000 apartment homes with an additional 6 properties in various stages of active development.
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