Essex Property Trust, Inc. (NYSE:ESS) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Essex Property Trust, Inc. (NYSE:ESS) have been given an average rating of “Hold” by the eighteen brokerages that are currently covering the stock, Marketbeat reports. Three analysts have rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company. The average 1 year price target among brokers that have covered the stock in the last year is $245.37.

ESS has been the subject of a number of research reports. Piper Sandler restated an “overweight” rating and set a $291.00 price objective on shares of Essex Property Trust in a research report on Tuesday, March 26th. 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 research note on Tuesday, February 20th. Mizuho raised shares of 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 note on Wednesday, February 28th. Bank of America upgraded Essex Property Trust from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $250.00 to $275.00 in a report on Monday, April 1st. Finally, The Goldman Sachs Group restated a “sell” rating and issued a $227.00 target price on shares of Essex Property Trust in a research note on Thursday, February 22nd.

Essex Property Trust Trading Up 0.9 %

Shares of ESS stock opened at $242.15 on Friday. The stock has a 50-day simple moving average of $237.91 and a 200 day simple moving average of $231.38. The stock has a market capitalization of $15.55 billion, a P/E ratio of 38.38, a P/E/G ratio of 3.47 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 has a fifty-two week low of $203.85 and a fifty-two week high of $252.85.

Essex Property Trust Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 29th were issued a $2.45 dividend. This represents a $9.80 annualized dividend and a yield of 4.05%. The ex-dividend date was 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 (DPR) is 155.31%.

Institutional Investors Weigh In On Essex Property Trust

Hedge funds have recently bought and sold shares of the company. Lindbrook Capital LLC increased its stake in shares of Essex Property Trust by 111.5% in the fourth 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 holdings in shares of Essex Property Trust by 112.3% during the first quarter. Venturi Wealth Management LLC now owns 138 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 73 shares during the last quarter. Vima LLC bought a new stake in shares of Essex Property Trust in the fourth quarter valued at approximately $40,000. Bruce G. Allen Investments LLC acquired a new stake in shares of Essex Property Trust in the fourth quarter worth $41,000. Finally, Bear Mountain Capital Inc. bought a new position in Essex Property Trust during the fourth quarter worth $55,000. 96.51% of the stock is currently owned by 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.