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

Essex Property Trust, Inc. (NYSE:ESS) has been given a consensus rating of “Hold” by the nineteen brokerages that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, eleven have assigned a hold recommendation and seven have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $310.83.

A number of equities analysts have weighed in on the stock. Piper Sandler reiterated an “overweight” rating and issued a $355.00 price target (down from $370.00) on shares of Essex Property Trust in a research report on Friday, May 23rd. Mizuho dropped their price target on shares of Essex Property Trust from $314.00 to $293.00 and set an “outperform” rating for the company in a research report on Friday, May 23rd. Royal Bank Of Canada dropped their price target on shares of Essex Property Trust from $311.00 to $309.00 and set an “outperform” rating for the company in a research report on Thursday, May 1st. Scotiabank reiterated an “outperform” rating on shares of Essex Property Trust in a research report on Friday. Finally, BMO Capital Markets upped their price target on shares of Essex Property Trust from $315.00 to $317.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 28th.

Essex Property Trust Trading Down 0.7%

Shares of NYSE ESS opened at $283.24 on Wednesday. The firm’s 50 day moving average price is $279.76 and its 200-day moving average price is $286.91. The company has a market cap of $18.24 billion, a PE ratio of 27.10, a P/E/G ratio of 5.95 and a beta of 0.78. Essex Property Trust has a 52-week low of $243.85 and a 52-week high of $317.73. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.04 and a current ratio of 1.04.

Essex Property Trust (NYSE:ESS) last issued its earnings results on Tuesday, April 29th. The real estate investment trust reported $3.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.92 by $0.05. The firm had revenue of $464.58 million for the quarter, compared to the consensus estimate of $458.03 million. Essex Property Trust had a net margin of 37.08% and a return on equity of 11.81%. During the same quarter in the prior year, the firm posted $3.83 earnings per share. On average, equities research analysts expect that Essex Property Trust will post 15.96 EPS for the current fiscal year.

Essex Property Trust Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a $2.57 dividend. This represents a $10.28 annualized dividend and a dividend yield of 3.63%. The ex-dividend date is Monday, June 30th. Essex Property Trust’s dividend payout ratio is currently 98.37%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ESS. Kestra Investment Management LLC purchased a new position in Essex Property Trust in the 4th quarter worth about $25,000. WPG Advisers LLC purchased a new position in Essex Property Trust in the 1st quarter worth about $31,000. Ransom Advisory Ltd purchased a new position in Essex Property Trust in the 1st quarter worth about $31,000. Zions Bancorporation National Association UT purchased a new position in Essex Property Trust in the 1st quarter worth about $34,000. Finally, GKV Capital Management Co. Inc. purchased a new position in Essex Property Trust in the 1st quarter worth about $35,000. 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.