Essex Property Trust (NYSE:ESS) Reaches New 52-Week Low on Analyst Downgrade

Essex Property Trust, Inc. (NYSE:ESSGet Rating) shares reached a new 52-week low during trading on Tuesday after Evercore ISI lowered their price target on the stock from $322.00 to $306.00. Evercore ISI currently has an outperform rating on the stock. Essex Property Trust traded as low as $249.61 and last traded at $252.24, with a volume of 2380 shares trading hands. The stock had previously closed at $257.52.

Several other brokerages also recently issued reports on ESS. Barclays cut their target price on shares of Essex Property Trust from $310.00 to $300.00 and set an “underweight” rating for the company in a research note on Thursday, September 15th. Piper Sandler dropped their price target on shares of Essex Property Trust from $340.00 to $320.00 and set an “overweight” rating for the company in a research report on Wednesday, July 20th. KeyCorp dropped their price target on shares of Essex Property Trust from $371.00 to $314.00 and set an “overweight” rating for the company in a research report on Tuesday, June 28th. BMO Capital Markets cut shares of Essex Property Trust from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $378.00 to $320.00 in a research note on Tuesday, May 31st. Finally, Morgan Stanley decreased their target price on shares of Essex Property Trust from $313.00 to $270.00 and set an “equal weight” rating on the stock in a research note on Friday, July 15th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $307.18.

Institutional Investors Weigh In On Essex Property Trust

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its position 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 valued at $3,667,195,000 after acquiring an additional 184,047 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Essex Property Trust by 3.8% during the fourth quarter. BlackRock Inc. now owns 6,686,520 shares of the real estate investment trust’s stock valued at $2,355,194,000 after acquiring an additional 242,033 shares during the last quarter. State Street Corp lifted its position in Essex Property Trust by 6.5% during the first quarter. State Street Corp now owns 5,219,447 shares of the real estate investment trust’s stock worth $1,814,408,000 after buying an additional 316,868 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Essex Property Trust by 3.3% in the 2nd quarter. Principal Financial Group Inc. now owns 3,008,123 shares of the real estate investment trust’s stock worth $786,657,000 after purchasing an additional 96,432 shares during the period. Finally, Norges Bank purchased a new stake in shares of Essex Property Trust during the 4th quarter valued at about $721,012,000. Institutional investors and hedge funds own 91.57% of the company’s stock.

Essex Property Trust Trading Down 2.5 %

The stock has a market cap of $16.35 billion, a price-to-earnings ratio of 42.39, a price-to-earnings-growth ratio of 2.81 and a beta of 0.79. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 1.00. The business has a 50 day simple moving average of $275.87 and a two-hundred day simple moving average of $296.67.

Essex Property Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be given a dividend of $2.20 per share. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $8.80 dividend on an annualized basis and a yield of 3.50%. Essex Property Trust’s payout ratio is 148.90%.

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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