Bank of America upgraded shares of Essex Property Trust (NYSE:ESS – Free Report) from a neutral rating to a buy rating in a report published on Monday morning, MarketBeat Ratings reports. They currently have $275.00 target price on the real estate investment trust’s stock, up from their prior target price of $250.00.
A number of other research analysts have also recently issued reports on the stock. Raymond James upgraded 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 report on Monday, March 18th. Barclays increased their price objective on Essex Property Trust from $224.00 to $225.00 and gave the stock an underweight rating in a research note on Tuesday, February 20th. Royal Bank of Canada lifted their target price on Essex Property Trust from $237.00 to $239.00 and gave the company an outperform rating in a research report on Thursday, February 8th. Morgan Stanley raised their price objective on Essex Property Trust from $227.00 to $230.00 and gave the company an equal weight rating in a research note on Monday, February 26th. Finally, Jefferies Financial Group upgraded shares of Essex Property Trust from a hold rating to a buy rating and upped their target price for the stock from $215.00 to $281.00 in a research note on Tuesday, January 2nd. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Hold and a consensus target price of $245.30.
Check Out Our Latest Stock Report on Essex Property Trust
Essex Property Trust Stock Performance
Shares of ESS opened at $239.50 on Monday. The stock has a 50-day moving average of $236.17 and a 200-day moving average of $228.66. Essex Property Trust has a one year low of $203.85 and a one year high of $252.85. The company has a debt-to-equity ratio of 1.11, a current ratio of 3.26 and a quick ratio of 3.26. The company has a market cap of $15.38 billion, a PE ratio of 37.96, a P/E/G ratio of 3.19 and a beta of 0.80.
Essex Property Trust Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Friday, March 29th will be given a $2.45 dividend. This is an increase from Essex Property Trust’s previous quarterly dividend of $2.31. This represents a $9.80 dividend on an annualized basis and a yield of 4.09%. The ex-dividend date is Wednesday, March 27th. Essex Property Trust’s dividend payout ratio (DPR) is currently 155.31%.
Institutional Investors Weigh In On Essex Property Trust
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Clear Street Markets LLC purchased a new position in shares of Essex Property Trust in the fourth quarter worth about $25,000. Lindbrook Capital LLC grew its stake in Essex Property Trust by 111.5% in 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 in the last quarter. Steward Partners Investment Advisory LLC raised its holdings in Essex Property Trust by 100.0% during 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 acquiring an additional 60 shares during the period. Pacific Center for Financial Services purchased a new stake in shares of Essex Property Trust during the first quarter worth $30,000. Finally, Advisory Services Network LLC bought a new position in shares of Essex Property Trust in the first quarter worth $32,000. 96.51% of the stock is currently owned by institutional investors.
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.
Further Reading
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