Mizuho reissued their hold rating on shares of Essex Property Trust (NYSE:ESS) in a research note released on Monday. Mizuho currently has a $265.00 price target on the real estate investment trust’s stock.
A number of other research analysts also recently commented on the company. Citigroup downgraded Essex Property Trust from a buy rating to a neutral rating and dropped their price objective for the company from $280.00 to $260.00 in a report on Friday, September 14th. Zacks Investment Research downgraded Essex Property Trust from a buy rating to a hold rating in a report on Thursday, October 4th. Barclays dropped their price objective on Essex Property Trust from $272.00 to $269.00 and set an overweight rating on the stock in a report on Tuesday, July 17th. Stifel Nicolaus upgraded Essex Property Trust from a hold rating to a buy rating and increased their price objective for the company from $235.00 to $260.00 in a report on Thursday, August 2nd. Finally, Capital One Financial reiterated an equal weight rating on shares of Essex Property Trust in a report on Sunday, October 21st. Thirteen analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Essex Property Trust presently has an average rating of Hold and a consensus target price of $264.42.
ESS opened at $249.58 on Monday. Essex Property Trust has a one year low of $214.03 and a one year high of $259.83. The stock has a market capitalization of $16.38 billion, a PE ratio of 20.96, a price-to-earnings-growth ratio of 3.23 and a beta of 0.20. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.88.
Essex Property Trust (NYSE:ESS) last released its quarterly earnings data on Monday, October 29th. The real estate investment trust reported $1.22 EPS for the quarter, missing analysts’ consensus estimates of $3.14 by ($1.92). Essex Property Trust had a net margin of 27.01% and a return on equity of 5.52%. The business had revenue of $350.92 million during the quarter, compared to analysts’ expectations of $351.58 million. During the same quarter in the previous year, the company posted $2.98 EPS. On average, research analysts expect that Essex Property Trust will post 12.56 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, October 12th. Investors of record on Friday, September 28th were paid a dividend of $1.86 per share. The ex-dividend date of this dividend was Thursday, September 27th. This represents a $7.44 dividend on an annualized basis and a yield of 2.98%. Essex Property Trust’s dividend payout ratio is presently 62.47%.
In related news, insider John D. Eudy sold 1,834 shares of the firm’s stock in a transaction that occurred on Wednesday, October 24th. The stock was sold at an average price of $252.13, for a total transaction of $462,406.42. Following the transaction, the insider now owns 11,486 shares in the company, valued at approximately $2,895,965.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider John F. Burkart sold 834 shares of the firm’s stock in a transaction that occurred on Tuesday, October 30th. The stock was sold at an average price of $256.11, for a total value of $213,595.74. The disclosure for this sale can be found here. Insiders have sold a total of 6,597 shares of company stock worth $1,659,153 in the last 90 days. 3.40% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the stock. First Hawaiian Bank acquired a new stake in Essex Property Trust during the 3rd quarter worth approximately $101,000. Piedmont Investment Advisors LLC acquired a new stake in Essex Property Trust during the 2nd quarter worth approximately $185,000. First Midwest Bank Trust Division acquired a new stake in Essex Property Trust during the 2nd quarter worth approximately $218,000. First Allied Advisory Services Inc. acquired a new stake in Essex Property Trust during the 2nd quarter worth approximately $230,000. Finally, ING Groep NV acquired a new stake in Essex Property Trust during the 2nd quarter worth approximately $256,000. Hedge funds and other institutional investors own 95.81% 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. The Company currently has ownership interests in 247 apartment communities comprising approximately 60,000 apartment homes, excluding six properties in various stages of active development, one commercial building, preferred equity co-investments, and loan investments.
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