Essex Property Trust Inc (NYSE:ESS) has been given an average rating of “Buy” by the twenty-three analysts that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $261.38.
A number of research analysts have recently commented on ESS shares. Raymond James Financial reiterated an “underperform” rating on shares of Essex Property Trust in a report on Monday, January 8th. Barclays dropped their price objective on Essex Property Trust from $277.00 to $271.00 and set an “overweight” rating on the stock in a report on Tuesday, January 30th. BMO Capital Markets reiterated a “hold” rating and issued a $257.00 price objective on shares of Essex Property Trust in a report on Monday, November 27th. JPMorgan Chase & Co. dropped their price objective on Essex Property Trust from $281.00 to $277.00 and set an “overweight” rating on the stock in a report on Tuesday, March 6th. Finally, Stifel Nicolaus downgraded Essex Property Trust from a “buy” rating to a “hold” rating and dropped their price objective for the company from $280.00 to $235.00 in a report on Friday, January 19th.
In other Essex Property Trust news, insider Glenn Olnick sold 1,600,000 shares of the stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $0.10, for a total transaction of $160,000.00. Also, Director Gary P. Martin sold 500 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $223.43, for a total value of $111,715.00. Following the sale, the director now directly owns 5,736 shares of the company’s stock, valued at $1,281,594.48. The disclosure for this sale can be found here. Company insiders own 3.30% of the company’s stock.
A number of institutional investors have recently bought and sold shares of ESS. Janus Henderson Group PLC lifted its position in Essex Property Trust by 292.6% during the 3rd quarter. Janus Henderson Group PLC now owns 469,858 shares of the real estate investment trust’s stock worth $119,358,000 after acquiring an additional 350,192 shares during the period. Barings LLC acquired a new stake in Essex Property Trust during the 3rd quarter worth approximately $63,549,000. Deutsche Bank AG lifted its position in Essex Property Trust by 17.5% during the 4th quarter. Deutsche Bank AG now owns 847,173 shares of the real estate investment trust’s stock worth $204,477,000 after acquiring an additional 125,907 shares during the period. Renaissance Technologies LLC lifted its position in Essex Property Trust by 28.7% during the 4th quarter. Renaissance Technologies LLC now owns 464,126 shares of the real estate investment trust’s stock worth $112,026,000 after acquiring an additional 103,369 shares during the period. Finally, BlackRock Inc. lifted its position in Essex Property Trust by 1.4% during the 4th quarter. BlackRock Inc. now owns 6,812,160 shares of the real estate investment trust’s stock worth $1,644,253,000 after acquiring an additional 94,542 shares during the period. 97.24% of the stock is owned by institutional investors.
Shares of Essex Property Trust (ESS) opened at $243.67 on Friday. Essex Property Trust has a 12-month low of $214.03 and a 12-month high of $270.04. The stock has a market capitalization of $15,962.60, a PE ratio of 20.31, a price-to-earnings-growth ratio of 3.29 and a beta of 0.45. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.27 and a quick ratio of 1.27.
Essex Property Trust (NYSE:ESS) last released its quarterly earnings data on Wednesday, February 7th. The real estate investment trust reported $3.01 EPS for the quarter, beating analysts’ consensus estimates of $3.00 by $0.01. Essex Property Trust had a return on equity of 6.76% and a net margin of 31.75%. The business had revenue of $345.06 million for the quarter, compared to the consensus estimate of $346.50 million. During the same quarter in the prior year, the business posted $2.85 EPS. equities research analysts expect that Essex Property Trust will post 12.44 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Thursday, March 29th will be paid a dividend of $1.86 per share. This represents a $7.44 dividend on an annualized basis and a yield of 3.05%. The ex-dividend date is Wednesday, March 28th. This is an increase from Essex Property Trust’s previous quarterly dividend of $1.75. Essex Property Trust’s dividend payout ratio (DPR) is currently 106.38%.
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About Essex Property Trust
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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