Shares of Essex Property Trust, Inc. (NYSE:ESS – Get Free Report) have earned a consensus rating of “Moderate Buy” from the twenty-two analysts that are presently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $298.27.
A number of equities analysts have issued reports on the company. Mizuho cut Essex Property Trust from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $308.00 to $295.00 in a report on Tuesday, September 8th. Citizens Jmp raised Essex Property Trust from a “market perform” rating to an “outperform” rating and set a $330.00 target price for the company in a research note on Friday, July 31st. UBS Group reduced their price objective on Essex Property Trust from $286.00 to $275.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 14th. Barclays cut their target price on Essex Property Trust from $297.00 to $285.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 14th. Finally, Royal Bank Of Canada lowered their target price on Essex Property Trust from $298.00 to $297.00 and set an “outperform” rating for the company in a research note on Thursday, October 29th.
Hedge Funds Weigh In On Essex Property Trust
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in shares of Essex Property Trust in the 2nd quarter worth approximately $2,166,555,000. Legal & General Group Plc bought a new stake in Essex Property Trust during the second quarter worth about $260,252,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Essex Property Trust by 23,177.2% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 757,439 shares of the real estate investment trust’s stock valued at $220,862,000 after acquiring an additional 754,185 shares during the period. Bank of New York Mellon Corp purchased a new stake in Essex Property Trust in the second quarter worth $135,837,000. Finally, Aew Capital Management Inc. acquired a new stake in Essex Property Trust in the third quarter valued at approximately $83,717,000. Institutional investors and hedge funds own 96.51% of the company’s stock.
Essex Property Trust Stock Up 0.4%
Shares of ESS opened at $272.44 on Friday. Essex Property Trust has a one year low of $238.46 and a one year high of $303.35. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.54 and a current ratio of 0.54. The stock has a 50 day moving average price of $272.54 and a 200 day moving average price of $270.05. The stock has a market capitalization of $17.53 billion, a price-to-earnings ratio of 50.55, a PEG ratio of 7.86 and a beta of 0.69.
Essex Property Trust (NYSE:ESS – Get Free Report) last issued its quarterly earnings results on Tuesday, October 27th. The real estate investment trust reported $1.52 EPS for the quarter, missing analysts’ consensus estimates of $4.01 by ($2.49). Essex Property Trust had a return on equity of 6.24% and a net margin of 17.84%. The firm had revenue of $492.69 million for the quarter, compared to analysts’ expectations of $491.01 million. During the same quarter last year, the firm earned $3.97 earnings per share. Equities research analysts forecast that Essex Property Trust will post 16.17 earnings per share for the current fiscal year.
Essex Property Trust Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were given a $2.59 dividend. This represents a $10.36 annualized dividend and a yield of 3.8%. The ex-dividend date was Wednesday, September 30th. Essex Property Trust’s payout ratio is currently 192.21%.
About Essex Property Trust
Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust that owns, develops, redevelops, and manages multifamily apartment communities. The company focuses on providing rental housing in high-demand markets and generates revenue primarily from apartment rents and related resident services.
Founded in 1971 and headquartered in San Mateo, California, Essex operates primarily in Southern California, the San Francisco Bay Area, and the Seattle metropolitan area.
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