Mitsubishi UFJ Financial Group upgraded shares of Essex Property Trust (NYSE:ESS) from a neutral rating to an overweight rating in a research note released on Wednesday, January 3rd.
A number of other research analysts have also weighed in on the company. Robert W. Baird reaffirmed a buy rating and set a $273.00 price objective on shares of Essex Property Trust in a report on Tuesday, October 17th. Mizuho lowered Essex Property Trust from a neutral rating to an underperform rating and set a $250.00 price objective on the stock. in a report on Monday, November 6th. SunTrust Banks reaffirmed a hold rating and set a $270.00 price objective on shares of Essex Property Trust in a report on Friday, November 3rd. Citigroup raised Essex Property Trust to an overweight rating and upped their target price for the company from $253.00 to $278.00 in a report on Wednesday, January 3rd. They noted that the move was a valuation call. Finally, Barclays reissued a buy rating and issued a $283.00 target price on shares of Essex Property Trust in a report on Thursday, October 19th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $270.63.
Shares of Essex Property Trust (NYSE ESS) opened at $232.44 on Wednesday. Essex Property Trust has a 52 week low of $218.41 and a 52 week high of $270.04. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.88. The company has a market capitalization of $15,340.00, a P/E ratio of 29.13, a PEG ratio of 3.09 and a beta of 0.50.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be issued a $1.75 dividend. The ex-dividend date is Thursday, December 28th. This represents a $7.00 dividend on an annualized basis and a dividend yield of 3.01%. Essex Property Trust’s dividend payout ratio (DPR) is 87.72%.
In other news, insider Craig K. Zimmerman sold 167 shares of the stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $255.50, for a total value of $42,668.50. Following the completion of the sale, the insider now owns 10,450 shares in the company, valued at $2,669,975. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Angela L. Kleiman sold 600 shares of the stock in a transaction dated Monday, December 11th. The shares were sold at an average price of $247.16, for a total value of $148,296.00. Following the completion of the sale, the chief financial officer now owns 7,777 shares of the company’s stock, valued at approximately $1,922,163.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,687 shares of company stock worth $2,408,772. Company insiders own 3.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Parametric Portfolio Associates LLC grew its stake in Essex Property Trust by 8.2% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 138,279 shares of the real estate investment trust’s stock valued at $35,127,000 after purchasing an additional 10,465 shares in the last quarter. Public Employees Retirement System of Ohio grew its stake in Essex Property Trust by 2.1% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 102,825 shares of the real estate investment trust’s stock valued at $26,121,000 after purchasing an additional 2,072 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in Essex Property Trust during the 3rd quarter valued at approximately $1,696,000. IFM Investors Pty Ltd acquired a new stake in Essex Property Trust during the 3rd quarter valued at approximately $474,000. Finally, Neuberger Berman Group LLC grew its stake in Essex Property Trust by 11.1% during the 3rd quarter. Neuberger Berman Group LLC now owns 120,213 shares of the real estate investment trust’s stock valued at $30,538,000 after purchasing an additional 12,056 shares in the last quarter. Hedge funds and other institutional investors own 97.14% of the company’s stock.
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Essex Property Trust Company Profile
Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust. The Company is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of predominantly apartment communities, located along the West Coast. Its segments include Southern California, Northern California, Seattle Metro and Other real estate assets.
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