Essex Property Trust, Inc. (NYSE:ESS) Receives $243.58 Average PT from Analysts

Essex Property Trust, Inc. (NYSE:ESS) has received a consensus rating of “Hold” from the eighteen analysts that are currently covering the stock, Marketbeat reports. Three analysts have rated the stock with a sell recommendation, nine have issued a hold recommendation and six have issued a buy recommendation on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $244.63.

ESS has been the subject of a number of research analyst reports. StockNews.com cut Essex Property Trust from a “hold” rating to a “sell” rating in a research note on Tuesday, February 27th. Piper Sandler reiterated an “overweight” rating and issued a $291.00 price objective on shares of Essex Property Trust in a research report on Tuesday. Morgan Stanley raised their target price on shares of Essex Property Trust from $227.00 to $230.00 and gave the stock an “equal weight” rating in a report on Monday, February 26th. Truist Financial upped their price target on shares of Essex Property Trust from $260.00 to $276.00 and gave the company a “hold” rating in a report on Tuesday, January 16th. Finally, Barclays raised their price objective on shares of Essex Property Trust from $224.00 to $225.00 and gave the stock an “underweight” rating in a report on Tuesday, February 20th.

Essex Property Trust Stock Up 2.6 %

Shares of NYSE ESS opened at $241.41 on Monday. The company has a debt-to-equity ratio of 1.11, a quick ratio of 3.26 and a current ratio of 3.26. Essex Property Trust has a 52-week low of $198.29 and a 52-week high of $252.85. The firm has a 50 day moving average price of $235.98 and a 200 day moving average price of $228.25. The stock has a market cap of $15.50 billion, a P/E ratio of 38.26, a P/E/G ratio of 3.13 and a beta of 0.79.

Essex Property Trust Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Friday, March 29th will be issued a $2.45 dividend. This represents a $9.80 annualized dividend and a dividend yield of 4.06%. The ex-dividend date of this dividend is Wednesday, March 27th. This is an increase from Essex Property Trust’s previous quarterly dividend of $2.31. Essex Property Trust’s dividend payout ratio is presently 155.31%.

Institutional Trading of Essex Property Trust

Several institutional investors and hedge funds have recently added to or reduced their stakes in ESS. Clear Street Markets LLC acquired a new stake in shares of Essex Property Trust in the fourth quarter valued at approximately $25,000. Lindbrook Capital LLC lifted its holdings in Essex Property Trust by 111.5% during 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 during the last quarter. Steward Partners Investment Advisory LLC boosted its position in Essex Property Trust by 100.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 120 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 60 shares during the period. Pacific Center for Financial Services acquired a new position in shares of Essex Property Trust in the first quarter valued at $30,000. Finally, Advisory Services Network LLC bought a new position in shares of Essex Property Trust in the first quarter valued at about $32,000. 96.51% of the stock is owned by institutional investors.

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.