Essex Property Trust (NYSE:ESS) Price Target Cut to $255.00

Essex Property Trust (NYSE:ESS) had its price target cut by Truist Financial from $259.00 to $255.00 in a research report released on Tuesday morning, Benzinga reports. They currently have a hold rating on the real estate investment trust’s stock.

ESS has been the subject of several other reports. Raymond James raised shares of Essex Property Trust from a market perform rating to an outperform rating and set a $265.00 price objective for the company in a research note on Monday, March 18th. Barclays lifted their target price on shares of Essex Property Trust from $224.00 to $225.00 and gave the company an underweight rating in a report on Tuesday, February 20th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Essex Property Trust in a report on Tuesday, January 30th. They set a hold rating and a $240.00 target price on the stock. The Goldman Sachs Group restated a sell rating and set a $227.00 target price on shares of Essex Property Trust in a report on Thursday, February 22nd. Finally, Royal Bank of Canada lifted their target price on shares of Essex Property Trust from $237.00 to $239.00 and gave the company an outperform rating in a report on Thursday, February 8th. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Essex Property Trust has a consensus rating of Hold and an average price target of $245.37.

Essex Property Trust Stock Down 2.0 %

Shares of NYSE ESS opened at $239.29 on Tuesday. Essex Property Trust has a 52-week low of $203.85 and a 52-week high of $252.85. The firm has a fifty day moving average of $237.02 and a 200-day moving average of $229.90. The stock has a market capitalization of $15.36 billion, a PE ratio of 37.92, a P/E/G ratio of 3.60 and a beta of 0.80. The company has a quick ratio of 3.26, a current ratio of 3.26 and a debt-to-equity ratio of 1.11.

Essex Property Trust Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 29th were paid a $2.45 dividend. This represents a $9.80 dividend on an annualized basis and a dividend yield of 4.10%. The ex-dividend date was Wednesday, March 27th. This is a positive change from Essex Property Trust’s previous quarterly dividend of $2.31. Essex Property Trust’s dividend payout ratio is 155.31%.

Institutional Investors Weigh In On Essex Property Trust

Institutional investors have recently modified their holdings of the stock. Steward Partners Investment Advisory LLC raised its stake in shares of Essex Property Trust by 100.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 120 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 60 shares in the last quarter. Clear Street Markets LLC bought a new stake in shares of Essex Property Trust during the 4th quarter valued at about $25,000. Lindbrook Capital LLC grew its position 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 valued at $27,000 after buying an additional 58 shares during the last quarter. Pacific Center for Financial Services bought a new stake in shares of Essex Property Trust during the 1st quarter valued at about $30,000. Finally, Advisory Services Network LLC bought a new stake in shares of Essex Property Trust during the 1st quarter valued at about $32,000. 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.