Analysts Set Essex Property Trust, Inc. (NYSE:ESS) Price Target at $279.40

Shares of Essex Property Trust, Inc. (NYSE:ESS) have been given a consensus rating of “Hold” by the seventeen brokerages that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $284.13.

A number of analysts recently commented on ESS shares. Royal Bank of Canada started coverage on Essex Property Trust in a research note on Tuesday, March 30th. They set an “outperform” rating and a $303.00 price objective on the stock. Mizuho increased their price objective on Essex Property Trust from $280.00 to $305.00 and gave the company a “buy” rating in a research note on Monday, March 15th. Evercore ISI reaffirmed an “in-line” rating on shares of Essex Property Trust in a research note on Monday, May 10th. Zacks Investment Research raised Essex Property Trust from a “sell” rating to a “hold” rating and set a $302.00 price objective on the stock in a research note on Tuesday, April 13th. Finally, BMO Capital Markets raised Essex Property Trust from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $275.00 to $310.00 in a research note on Monday, April 5th.

Shares of ESS stock traded down $0.24 during mid-day trading on Monday, reaching $288.13. The stock had a trading volume of 310,011 shares, compared to its average volume of 431,940. Essex Property Trust has a 12-month low of $186.30 and a 12-month high of $300.73. The company has a market cap of $18.73 billion, a P/E ratio of 31.56, a price-to-earnings-growth ratio of 7.69 and a beta of 0.79. The business has a 50-day simple moving average of $286.42 and a 200 day simple moving average of $259.84. The company has a current ratio of 3.14, a quick ratio of 3.14 and a debt-to-equity ratio of 1.05.

Essex Property Trust (NYSE:ESS) last announced its quarterly earnings results on Tuesday, April 27th. The real estate investment trust reported $2.59 earnings per share for the quarter, missing analysts’ consensus estimates of $3.04 by ($0.45). Essex Property Trust had a net margin of 39.89% and a return on equity of 9.46%. During the same period in the previous year, the firm posted $3.48 earnings per share. Research analysts anticipate that Essex Property Trust will post 12.91 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 15th. Stockholders of record on Wednesday, June 30th will be issued a $2.09 dividend. The ex-dividend date of this dividend is Tuesday, June 29th. This represents a $8.36 dividend on an annualized basis and a dividend yield of 2.90%. Essex Property Trust’s dividend payout ratio (DPR) is 62.48%.

Institutional investors have recently added to or reduced their stakes in the company. Truist Financial Corp raised its holdings in shares of Essex Property Trust by 221.3% in the 4th quarter. Truist Financial Corp now owns 48,266 shares of the real estate investment trust’s stock worth $11,459,000 after purchasing an additional 33,242 shares during the period. Pensionfund DSM Netherlands raised its holdings in shares of Essex Property Trust by 3.9% in the 1st quarter. Pensionfund DSM Netherlands now owns 17,145 shares of the real estate investment trust’s stock worth $4,661,000 after purchasing an additional 645 shares during the period. KBC Group NV raised its holdings in shares of Essex Property Trust by 4.1% in the 4th quarter. KBC Group NV now owns 16,013 shares of the real estate investment trust’s stock worth $3,802,000 after purchasing an additional 626 shares during the period. LPL Financial LLC raised its holdings in shares of Essex Property Trust by 478.1% in the 4th quarter. LPL Financial LLC now owns 14,991 shares of the real estate investment trust’s stock worth $3,559,000 after purchasing an additional 12,398 shares during the period. Finally, American Assets Investment Management LLC raised its holdings in shares of Essex Property Trust by 35.9% in the 1st quarter. American Assets Investment Management LLC now owns 40,092 shares of the real estate investment trust’s stock worth $10,899,000 after purchasing an additional 10,592 shares during the period. Institutional investors own 95.40% 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 246 apartment communities comprising approximately 60,000 apartment homes with an additional 6 properties in various stages of active development.

Featured Article: Trading Stocks – What are percentage gainers?

Analyst Recommendations for Essex Property Trust (NYSE:ESS)

Receive News & Ratings for Essex Property Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Essex Property Trust and related companies with MarketBeat.com's FREE daily email newsletter.