Essex Property Trust Inc (NYSE:ESS) has been assigned a consensus rating of “Buy” from the twenty-two brokerages that are currently covering the company, Marketbeat reports. Ten investment analysts have rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $268.91.
ESS has been the subject of several research reports. Janney Montgomery Scott raised shares of Essex Property Trust from a “neutral” rating to a “buy” rating and set a $255.60 price objective for the company in a research report on Wednesday, December 19th. JPMorgan Chase & Co. downgraded shares of Essex Property Trust from an “overweight” rating to a “neutral” rating in a research report on Wednesday, December 19th. Morgan Stanley increased their price objective on shares of Essex Property Trust from $260.00 to $292.00 and gave the stock an “overweight” rating in a research report on Monday, December 17th. Wells Fargo & Co raised shares of Essex Property Trust from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $262.00 to $284.00 in a research report on Tuesday, December 11th. Finally, Jefferies Financial Group increased their price objective on shares of Essex Property Trust from $262.00 to $297.00 in a research report on Sunday, December 9th.
ESS opened at $249.43 on Friday. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.88. The firm has a market capitalization of $16.19 billion, a price-to-earnings ratio of 20.94, a PEG ratio of 3.09 and a beta of 0.33. Essex Property Trust has a twelve month low of $214.03 and a twelve month high of $267.41.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Wednesday, January 2nd will be given a $1.86 dividend. This represents a $7.44 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date of this dividend is Monday, December 31st. Essex Property Trust’s dividend payout ratio (DPR) is currently 62.47%.
In related news, insider John D. Eudy sold 1,834 shares of the firm’s stock in a transaction on Wednesday, October 24th. The shares were sold at an average price of $252.13, for a total value of $462,406.42. Following the completion of the transaction, the insider now owns 11,486 shares of the company’s stock, valued at $2,895,965.18. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider John D. Eudy sold 166 shares of the firm’s stock in a transaction on Monday, December 10th. The shares were sold at an average price of $263.91, for a total transaction of $43,809.06. Following the completion of the transaction, the insider now directly owns 10,621 shares of the company’s stock, valued at approximately $2,802,988.11. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,174 shares of company stock valued at $3,107,566. 3.40% of the stock is owned by insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Prudential Financial Inc. lifted its stake in Essex Property Trust by 33.3% in the third quarter. Prudential Financial Inc. now owns 109,483 shares of the real estate investment trust’s stock valued at $27,011,000 after acquiring an additional 27,366 shares during the last quarter. Tower Research Capital LLC TRC acquired a new stake in Essex Property Trust in the second quarter valued at $1,082,000. Marshall Wace LLP acquired a new stake in Essex Property Trust in the second quarter valued at $12,862,000. Oakbrook Investments LLC lifted its stake in Essex Property Trust by 41.2% in the third quarter. Oakbrook Investments LLC now owns 3,601 shares of the real estate investment trust’s stock valued at $888,000 after acquiring an additional 1,050 shares during the last quarter. Finally, Commonwealth Bank of Australia lifted its stake in Essex Property Trust by 52.0% in the second quarter. Commonwealth Bank of Australia now owns 1,117 shares of the real estate investment trust’s stock valued at $266,000 after acquiring an additional 382 shares during the last quarter. 96.91% of the stock is owned by institutional investors and hedge funds.
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. The Company currently has ownership interests in 248 apartment communities comprising approximately 60,000 apartment homes, excluding six properties in various stages of active development, one commercial building, preferred equity co-investments, and loan investments.
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