Essex Property Trust Inc (NYSE:ESS) saw a large growth in short interest in the month of September. As of September 30th, there was short interest totalling 1,130,000 shares, a growth of 34.9% from the August 30th total of 837,700 shares. Currently, 1.7% of the shares of the stock are sold short. Based on an average trading volume of 309,800 shares, the short-interest ratio is presently 3.6 days.
Several equities analysts recently issued reports on ESS shares. BTIG Research raised shares of Essex Property Trust from a “neutral” rating to a “buy” rating and set a $335.00 price target for the company in a report on Thursday, August 15th. BMO Capital Markets set a $310.00 price target on shares of Essex Property Trust and gave the company a “hold” rating in a report on Wednesday, July 24th. Stifel Nicolaus lifted their price target on shares of Essex Property Trust from $300.00 to $325.00 and gave the company a “buy” rating in a report on Friday, July 26th. Capital One Financial reissued an “equal weight” rating on shares of Essex Property Trust in a report on Monday, September 16th. Finally, Citigroup lifted their price target on shares of Essex Property Trust from $280.00 to $300.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Nine research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $302.31.
ESS traded down $4.02 during midday trading on Friday, hitting $326.96. The company had a trading volume of 229,237 shares, compared to its average volume of 311,120. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.92 and a current ratio of 0.92. The company has a market capitalization of $21.64 billion, a PE ratio of 26.01, a P/E/G ratio of 3.88 and a beta of 0.33. Essex Property Trust has a twelve month low of $235.51 and a twelve month high of $333.32. The firm’s 50-day simple moving average is $324.51 and its 200-day simple moving average is $301.64.
Essex Property Trust (NYSE:ESS) last posted its quarterly earnings data on Wednesday, July 24th. The real estate investment trust reported $1.40 earnings per share for the quarter, missing the consensus estimate of $3.26 by ($1.86). The company had revenue of $361.64 million during the quarter, compared to analyst estimates of $358.15 million. Essex Property Trust had a net margin of 28.83% and a return on equity of 6.43%. During the same quarter in the previous year, the business posted $3.14 EPS. As a group, sell-side analysts anticipate that Essex Property Trust will post 13.33 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a $1.95 dividend. This represents a $7.80 annualized dividend and a yield of 2.39%. The ex-dividend date is Friday, September 27th. Essex Property Trust’s payout ratio is presently 62.05%.
In other news, insider John F. Burkart sold 13,807 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $312.62, for a total transaction of $4,316,344.34. Following the completion of the transaction, the insider now directly owns 17,726 shares of the company’s stock, valued at approximately $5,541,502.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Janice L. Sears sold 2,500 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $324.26, for a total transaction of $810,650.00. Following the transaction, the director now directly owns 3,583 shares of the company’s stock, valued at $1,161,823.58. The disclosure for this sale can be found here. Insiders have sold a total of 81,551 shares of company stock valued at $25,904,657 over the last ninety days. 3.60% of the stock is owned by insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. Krane Funds Advisors LLC acquired a new stake in Essex Property Trust in the 2nd quarter valued at about $25,000. CX Institutional grew its position in shares of Essex Property Trust by 100.0% during the 3rd quarter. CX Institutional now owns 84 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 42 shares during the period. Front Row Advisors LLC grew its position in shares of Essex Property Trust by 1,055.6% during the 1st quarter. Front Row Advisors LLC now owns 104 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 95 shares during the period. CSat Investment Advisory L.P. grew its position in shares of Essex Property Trust by 144.6% during the 2nd quarter. CSat Investment Advisory L.P. now owns 137 shares of the real estate investment trust’s stock worth $40,000 after buying an additional 81 shares during the period. Finally, Flagship Harbor Advisors LLC grew its position in shares of Essex Property Trust by 243.9% during the 2nd quarter. Flagship Harbor Advisors LLC now owns 141 shares of the real estate investment trust’s stock worth $41,000 after buying an additional 100 shares during the period. Hedge funds and other institutional investors own 96.85% of the company’s stock.
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 245 apartment communities with an additional 6 properties in various stages of active development.
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