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

Essex Property Trust, Inc. (NYSE:ESS) has earned an average rating of “Hold” from the eighteen analysts that are covering the firm, MarketBeat reports. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $245.37.

ESS has been the topic of a number of recent research reports. Bank of America upgraded Essex Property Trust from a “neutral” rating to a “buy” rating and upped their price objective for the company from $250.00 to $275.00 in a research report on Monday, April 1st. Royal Bank of Canada upped their price objective on Essex Property Trust from $237.00 to $239.00 and gave the company an “outperform” rating in a research report on Thursday, February 8th. Piper Sandler restated an “overweight” rating and set a $291.00 price objective on shares of Essex Property Trust in a research report on Tuesday, March 26th. Jefferies Financial Group upgraded Essex Property Trust from a “hold” rating to a “buy” rating and upped their price objective for the company from $215.00 to $281.00 in a research report on Tuesday, January 2nd. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Essex Property Trust in a research report on Tuesday, January 30th. They set a “hold” rating and a $240.00 price objective on the stock.

Hedge Funds Weigh In On Essex Property Trust

A number of large investors have recently bought and sold shares of the business. Steward Partners Investment Advisory LLC lifted its holdings in Essex Property Trust by 100.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 120 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 60 shares during the last quarter. Clear Street Markets LLC purchased a new position in shares of Essex Property Trust during the fourth quarter worth about $25,000. Lindbrook Capital LLC grew its holdings in shares of Essex Property Trust by 111.5% during the fourth quarter. Lindbrook Capital LLC now owns 110 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 58 shares during the last quarter. Pacific Center for Financial Services purchased a new position in shares of Essex Property Trust during the first quarter worth about $30,000. Finally, Advisory Services Network LLC purchased a new position in shares of Essex Property Trust during the first quarter worth about $32,000. Institutional investors and hedge funds own 96.51% of the company’s stock.

Essex Property Trust Price Performance

Shares of Essex Property Trust stock opened at $233.97 on Friday. Essex Property Trust has a 12 month low of $203.85 and a 12 month high of $252.85. The company has a current ratio of 3.26, a quick ratio of 3.26 and a debt-to-equity ratio of 1.11. The stock has a 50 day moving average of $237.29 and a 200 day moving average of $230.51. The firm has a market cap of $15.02 billion, a PE ratio of 37.08, a PEG ratio of 3.44 and a beta of 0.80.

Essex Property Trust Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 29th were issued a $2.45 dividend. This represents a $9.80 annualized dividend and a dividend yield of 4.19%. The ex-dividend date was Wednesday, March 27th. This is a boost from Essex Property Trust’s previous quarterly dividend of $2.31. Essex Property Trust’s payout ratio is 155.31%.

About Essex Property Trust

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.