Essex Property Trust, Inc. (NYSE:ESS – Get Rating) – Equities researchers at Jefferies Financial Group raised their FY2022 EPS estimates for shares of Essex Property Trust in a note issued to investors on Tuesday, January 3rd. Jefferies Financial Group analyst J. Petersen now forecasts that the real estate investment trust will earn $14.47 per share for the year, up from their prior forecast of $14.44. Jefferies Financial Group currently has a “Hold” rating and a $237.00 target price on the stock. The consensus estimate for Essex Property Trust’s current full-year earnings is $14.49 per share.
Several other equities research analysts have also issued reports on the stock. Raymond James lowered shares of Essex Property Trust from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 23rd. Evercore ISI decreased their target price on Essex Property Trust to $290.00 in a research report on Thursday, October 13th. Morgan Stanley decreased their price objective on Essex Property Trust from $288.00 to $242.00 and set an “equal weight” rating for the company in a report on Friday, December 2nd. Scotiabank cut their target price on Essex Property Trust from $235.00 to $211.00 and set an “underperform” rating on the stock in a research note on Tuesday, November 29th. Finally, Royal Bank of Canada dropped their price target on Essex Property Trust from $288.00 to $265.00 and set an “outperform” rating on the stock in a research note on Friday, October 28th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $254.70.
Essex Property Trust Price Performance
ESS opened at $215.25 on Thursday. The company’s 50-day simple moving average is $213.82 and its two-hundred day simple moving average is $244.92. Essex Property Trust has a 52-week low of $205.24 and a 52-week high of $363.36. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.13 and a current ratio of 1.13. The stock has a market capitalization of $13.94 billion, a P/E ratio of 38.99, a P/E/G ratio of 1.88 and a beta of 0.72.
Institutional Investors Weigh In On Essex Property Trust
Several hedge funds have recently modified their holdings of the stock. Redpoint Investment Management Pty Ltd lifted its stake in Essex Property Trust by 0.6% in the 2nd quarter. Redpoint Investment Management Pty Ltd now owns 6,672 shares of the real estate investment trust’s stock worth $1,745,000 after acquiring an additional 39 shares in the last quarter. Park Avenue Securities LLC lifted its position in shares of Essex Property Trust by 5.2% in the 2nd quarter. Park Avenue Securities LLC now owns 868 shares of the real estate investment trust’s stock worth $227,000 after acquiring an additional 43 shares during the period. Gateway Investment Advisers LLC lifted its position in shares of Essex Property Trust by 2.9% during the 2nd quarter. Gateway Investment Advisers LLC now owns 1,622 shares of the real estate investment trust’s stock worth $424,000 after buying an additional 45 shares during the period. Wetherby Asset Management Inc. lifted its position in shares of Essex Property Trust by 7.6% during the 1st quarter. Wetherby Asset Management Inc. now owns 635 shares of the real estate investment trust’s stock worth $219,000 after buying an additional 45 shares during the period. Finally, Ieq Capital LLC lifted its position in shares of Essex Property Trust by 2.1% during the 2nd quarter. Ieq Capital LLC now owns 2,283 shares of the real estate investment trust’s stock worth $597,000 after buying an additional 47 shares during the period. 91.76% of the stock is owned by hedge funds and other institutional investors.
Insider Activity
In other Essex Property Trust news, Director Amal M. Johnson acquired 500 shares of the firm’s stock in a transaction that occurred on Friday, December 2nd. The stock was acquired at an average cost of $218.44 per share, with a total value of $109,220.00. Following the acquisition, the director now directly owns 2,000 shares of the company’s stock, valued at approximately $436,880. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 3.70% of the company’s stock.
Essex Property Trust Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 13th. Shareholders of record on Tuesday, January 3rd will be paid a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a yield of 4.09%. The ex-dividend date of this dividend is Friday, December 30th. Essex Property Trust’s payout ratio is currently 159.42%.
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 246 apartment communities comprising approximately 60,000 apartment homes with an additional 6 properties in various stages of active development.
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