Essex Property Trust (NYSE:ESS) Upgraded to Hold by StockNews.com

StockNews.com upgraded shares of Essex Property Trust (NYSE:ESS) from a sell rating to a hold rating in a research note issued to investors on Wednesday morning.

Several other brokerages have also recently commented on ESS. Barclays boosted their price target on Essex Property Trust from $224.00 to $225.00 and gave the stock an underweight rating in a research report on Tuesday, February 20th. Raymond James upgraded Essex Property Trust from a market perform rating to an outperform rating and set a $265.00 price target for the company in a research report on Monday, March 18th. The Goldman Sachs Group reiterated a sell rating and set a $227.00 price target on shares of Essex Property Trust in a research report on Thursday, February 22nd. Mizuho upgraded 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, Morgan Stanley boosted their price target on Essex Property Trust from $227.00 to $230.00 and gave the stock an equal weight rating in a research report on Monday, February 26th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Hold and a consensus price target of $247.24.

Essex Property Trust Trading Down 0.4 %

Shares of ESS stock opened at $245.25 on Wednesday. The company has a debt-to-equity ratio of 1.11, a current ratio of 3.26 and a quick ratio of 3.26. The company has a market cap of $15.75 billion, a price-to-earnings ratio of 38.87, a PEG ratio of 3.66 and a beta of 0.80. The stock has a 50 day simple moving average of $239.53 and a 200-day simple moving average of $232.44. Essex Property Trust has a 1-year low of $203.85 and a 1-year high of $252.85.

Essex Property Trust Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 29th were issued a dividend of $2.45 per share. The ex-dividend date was Wednesday, March 27th. This is a boost from Essex Property Trust’s previous quarterly dividend of $2.31. This represents a $9.80 dividend on an annualized basis and a dividend yield of 4.00%. Essex Property Trust’s dividend payout ratio is currently 155.31%.

Hedge Funds Weigh In On Essex Property Trust

A number of hedge funds have recently modified their holdings of ESS. Lindbrook Capital LLC grew its holdings in shares of 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 worth $27,000 after purchasing an additional 58 shares during the period. Venturi Wealth Management LLC lifted its stake in Essex Property Trust by 112.3% during the 1st quarter. Venturi Wealth Management LLC now owns 138 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 73 shares in the last quarter. Vima LLC acquired a new position in Essex Property Trust during the 4th quarter worth about $40,000. Bruce G. Allen Investments LLC acquired a new position in Essex Property Trust during the 4th quarter worth about $41,000. Finally, Bear Mountain Capital Inc. acquired a new position in Essex Property Trust during the 4th quarter worth about $55,000. 96.51% of the stock is currently owned by hedge funds and other institutional investors.

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.