Essex Property Trust (NYSE:ESS) Sets New 1-Year High at $253.53

Shares of Essex Property Trust, Inc. (NYSE:ESS) reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $253.53 and last traded at $250.58, with a volume of 22280 shares. The stock had previously closed at $249.80.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ESS. Truist Financial reduced their target price on Essex Property Trust from $259.00 to $255.00 and set a “hold” rating on the stock in a research report on Tuesday, April 9th. Wedbush reiterated a “neutral” rating and set a $240.00 price objective on shares of Essex Property Trust in a report on Monday, April 29th. Piper Sandler restated an “overweight” rating and issued a $291.00 target price on shares of Essex Property Trust in a report on Tuesday, March 26th. Mizuho raised shares of Essex Property Trust from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $255.00 to $250.00 in a research report on Wednesday, February 28th. Finally, Bank of America upgraded shares of Essex Property Trust from a “neutral” rating to a “buy” rating and lifted their price target for the company from $250.00 to $275.00 in a report on Monday, April 1st. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $247.24.

Essex Property Trust Price Performance

The company has a current ratio of 3.19, a quick ratio of 3.26 and a debt-to-equity ratio of 1.14. The stock has a market cap of $16.07 billion, a PE ratio of 30.60, a P/E/G ratio of 3.67 and a beta of 0.79. The company’s 50 day moving average is $240.34 and its 200-day moving average is $232.77.

Essex Property Trust Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 29th were given a dividend of $2.45 per share. This represents a $9.80 dividend on an annualized basis and a dividend yield of 3.92%. This is a positive change from Essex Property Trust’s previous quarterly dividend of $2.31. The ex-dividend date of this dividend was Wednesday, March 27th. Essex Property Trust’s payout ratio is presently 119.80%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ESS. Lindbrook Capital LLC raised its position in shares of Essex Property Trust by 111.5% in the 4th quarter. Lindbrook Capital LLC now owns 110 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 58 shares in the last quarter. Venturi Wealth Management LLC raised its holdings in Essex Property Trust by 112.3% in the first quarter. Venturi Wealth Management LLC now owns 138 shares of the real estate investment trust’s stock valued at $34,000 after acquiring an additional 73 shares in the last quarter. Vima LLC bought a new position in Essex Property Trust during the 4th quarter valued at $40,000. Bruce G. Allen Investments LLC bought a new position in Essex Property Trust during the 4th quarter valued at $41,000. Finally, Bear Mountain Capital Inc. acquired a new position in Essex Property Trust during the 4th quarter worth $55,000. Hedge funds and other institutional investors own 96.51% of the company’s stock.

Essex Property Trust Company Profile

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.