Essex Property Trust, Inc. (NYSE:ESS) Given Consensus Recommendation of “Hold” by Brokerages

Essex Property Trust, Inc. (NYSE:ESSGet Rating) has been assigned an average rating of “Hold” from the twenty-two research firms that are currently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, nine have issued a hold recommendation and seven have given a buy recommendation to the company. The average 12 month price target among analysts that have covered the stock in the last year is $307.18.

ESS has been the topic of a number of analyst reports. Barclays dropped their price objective on shares of Essex Property Trust from $310.00 to $300.00 and set an “underweight” rating on the stock in a research note on Thursday, September 15th. Stifel Nicolaus decreased their target price on Essex Property Trust from $390.00 to $352.00 in a research report on Thursday, June 9th. Citigroup upgraded Essex Property Trust from a “neutral” rating to a “buy” rating and set a $295.00 target price on the stock in a research report on Monday. Capital One Financial reiterated an “equal weight” rating on shares of Essex Property Trust in a research report on Thursday, August 18th. Finally, Evercore ISI decreased their target price on Essex Property Trust from $322.00 to $306.00 and set an “outperform” rating on the stock in a research report on Monday.

Essex Property Trust Price Performance

Shares of NYSE ESS opened at $247.63 on Thursday. The stock has a market capitalization of $16.13 billion, a price-to-earnings ratio of 41.90, a PEG ratio of 2.77 and a beta of 0.79. Essex Property Trust has a 12 month low of $247.61 and a 12 month high of $363.36. The firm’s 50 day simple moving average is $275.61 and its 200-day simple moving average is $296.35. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.30 and a quick ratio of 1.30.

Essex Property Trust Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be paid a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a dividend yield of 3.55%. The ex-dividend date is Thursday, September 29th. Essex Property Trust’s dividend payout ratio (DPR) is presently 148.90%.

Institutional Trading of Essex Property Trust

A number of hedge funds and other institutional investors have recently modified their holdings of ESS. American International Group Inc. increased its stake in shares of Essex Property Trust by 0.5% in the 4th quarter. American International Group Inc. now owns 19,512 shares of the real estate investment trust’s stock worth $6,873,000 after acquiring an additional 93 shares during the last quarter. Invesco Ltd. increased its position in shares of Essex Property Trust by 6.2% during the 4th quarter. Invesco Ltd. now owns 411,792 shares of the real estate investment trust’s stock worth $145,047,000 after purchasing an additional 23,900 shares during the last quarter. Schroder Investment Management Group increased its position in shares of Essex Property Trust by 3.8% during the 4th quarter. Schroder Investment Management Group now owns 24,305 shares of the real estate investment trust’s stock worth $8,561,000 after purchasing an additional 898 shares during the last quarter. Gotham Asset Management LLC increased its position in shares of Essex Property Trust by 149.5% during the 4th quarter. Gotham Asset Management LLC now owns 1,859 shares of the real estate investment trust’s stock worth $655,000 after purchasing an additional 1,114 shares during the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC increased its position in shares of Essex Property Trust by 24.1% during the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 5,243 shares of the real estate investment trust’s stock worth $1,847,000 after purchasing an additional 1,018 shares during the last quarter. 91.57% of the stock is owned by institutional investors and hedge funds.

Essex Property Trust Company Profile

(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.

Further Reading

Analyst Recommendations for Essex Property Trust (NYSE:ESS)

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