Other research analysts also recently issued reports about the company. Mizuho downgraded Essex Property Trust from a neutral rating to an underperform rating and set a $250.00 price objective for the company. in a research note on Monday, November 6th. Stifel Nicolaus began coverage on Essex Property Trust in a research note on Friday, September 1st. They set a buy rating and a $294.00 price objective for the company. Canaccord Genuity set a $270.00 price objective on Essex Property Trust and gave the company a hold rating in a research note on Monday, July 31st. Barclays PLC reiterated a buy rating and set a $283.00 price objective on shares of Essex Property Trust in a research note on Thursday, October 19th. Finally, Zacks Investment Research downgraded Essex Property Trust from a buy rating to a hold rating in a research note on Monday, July 17th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating, seven 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 a consensus target price of $266.87.
Essex Property Trust (NYSE ESS) opened at $256.82 on Friday. The stock has a market capitalization of $17,079.16, a P/E ratio of 22.10, a P/E/G ratio of 3.66 and a beta of 0.54. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.83 and a current ratio of 0.83. Essex Property Trust has a 52 week low of $208.92 and a 52 week high of $270.04.
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The company also recently disclosed a quarterly dividend, which was paid on Monday, October 16th. Stockholders of record on Friday, September 29th were issued a dividend of $1.75 per share. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $7.00 annualized dividend and a dividend yield of 2.73%. Essex Property Trust’s dividend payout ratio (DPR) is 87.61%.
In other news, insider Angela L. Kleiman sold 2,466 shares of the company’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $263.37, for a total transaction of $649,470.42. Following the sale, the insider now directly owns 9,643 shares of the company’s stock, valued at approximately $2,539,676.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John D. Eudy sold 166 shares of the company’s stock in a transaction that occurred on Tuesday, October 10th. The stock was sold at an average price of $257.92, for a total value of $42,814.72. The disclosure for this sale can be found here. Insiders have sold a total of 11,065 shares of company stock worth $2,924,428 over the last ninety days. Insiders own 3.30% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of ESS. Tower Research Capital LLC TRC raised its holdings in shares of Essex Property Trust by 145.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 471 shares of the real estate investment trust’s stock worth $121,000 after acquiring an additional 279 shares in the last quarter. Sun Life Financial INC raised its holdings in Essex Property Trust by 5,900.0% during the 2nd quarter. Sun Life Financial INC now owns 480 shares of the real estate investment trust’s stock valued at $123,000 after buying an additional 472 shares during the period. Breton Hill Capital Ltd. purchased a new stake in Essex Property Trust during the 3rd quarter valued at $200,000. Beacon Investment Advisory Services Inc. purchased a new stake in Essex Property Trust during the 3rd quarter valued at $200,000. Finally, Wetherby Asset Management Inc. purchased a new stake in Essex Property Trust during the 2nd quarter valued at $203,000. 98.45% of the stock is currently owned by institutional investors and hedge funds.
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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