Essex Property Trust (NYSE:ESS) Price Target Raised to $264.00

Essex Property Trust (NYSE:ESS) had its target price lifted by Wedbush from $240.00 to $264.00 in a research note released on Monday, Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock. Wedbush also issued estimates for Essex Property Trust’s Q2 2024 earnings at $3.82 EPS, Q3 2024 earnings at $3.85 EPS, Q4 2024 earnings at $3.79 EPS, FY2024 earnings at $15.30 EPS and FY2025 earnings at $15.57 EPS.

A number of other analysts have also issued reports on ESS. Morgan Stanley lifted their price objective on shares of Essex Property Trust from $227.00 to $230.00 and gave the company an equal weight rating in a research note on Monday, February 26th. Royal Bank of Canada lifted their price target on shares of Essex Property Trust from $237.00 to $239.00 and gave the stock an outperform rating in a research note on Thursday, February 8th. The Goldman Sachs Group restated a sell rating and issued a $227.00 price target on shares of Essex Property Trust in a research note on Thursday, February 22nd. Piper Sandler lifted their price target on shares of Essex Property Trust from $291.00 to $315.00 and gave the stock an overweight rating in a research note on Monday. Finally, Barclays lifted their price target on shares of Essex Property Trust from $224.00 to $225.00 and gave the stock an underweight rating in a research note on Tuesday, February 20th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $249.76.

Essex Property Trust Trading Down 1.2 %

ESS opened at $254.50 on Monday. The firm has a market capitalization of $16.34 billion, a P/E ratio of 31.11, a P/E/G ratio of 3.67 and a beta of 0.79. The firm’s 50 day moving average is $241.53 and its 200-day moving average is $233.61. Essex Property Trust has a 52-week low of $203.85 and a 52-week high of $258.06. The company has a quick ratio of 3.19, a current ratio of 3.19 and a debt-to-equity ratio of 1.14.

Essex Property Trust Increases Dividend

The company 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. This is an increase from Essex Property Trust’s previous quarterly dividend of $2.31. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $9.80 annualized dividend and a dividend yield of 3.85%. Essex Property Trust’s payout ratio is 119.80%.

Hedge Funds Weigh In On Essex Property Trust

Hedge funds and other institutional investors have recently modified their holdings of the company. Lindbrook Capital LLC boosted its holdings in shares of Essex Property Trust by 111.5% during the fourth quarter. Lindbrook Capital LLC now owns 110 shares of the real estate investment trust’s stock valued at $27,000 after acquiring an additional 58 shares during the period. Venturi Wealth Management LLC lifted 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 worth $34,000 after purchasing an additional 73 shares during the period. Vima LLC acquired a new stake in Essex Property Trust in the fourth quarter worth about $40,000. Bruce G. Allen Investments LLC acquired a new stake in Essex Property Trust in the fourth quarter worth about $41,000. Finally, Bear Mountain Capital Inc. acquired a new stake in Essex Property Trust in the fourth quarter worth about $55,000. Institutional investors and hedge funds own 96.51% of the company’s stock.

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.