Essex Property Trust Inc (NYSE:ESS) declared a quarterly dividend on Friday, September 6th, Zacks reports. Investors of record on Monday, September 30th will be paid a dividend of 1.95 per share by the real estate investment trust on Tuesday, October 15th. This represents a $7.80 annualized dividend and a yield of 2.38%. The ex-dividend date of this dividend is Friday, September 27th.
Essex Property Trust has increased its dividend by an average of 9.3% annually over the last three years and has increased its dividend every year for the last 25 years. Essex Property Trust has a payout ratio of 62.0% meaning its dividend is sufficiently covered by earnings. Analysts expect Essex Property Trust to earn $14.15 per share next year, which means the company should continue to be able to cover its $7.80 annual dividend with an expected future payout ratio of 55.1%.
NYSE ESS traded up $2.16 during trading hours on Wednesday, hitting $327.32. 212,791 shares of the company traded hands, compared to its average volume of 294,993. The business’s 50-day moving average is $318.54 and its 200-day moving average is $298.36. Essex Property Trust has a twelve month low of $235.51 and a twelve month high of $330.80. 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 stock has a market capitalization of $21.22 billion, a price-to-earnings ratio of 26.04, a P/E/G ratio of 3.90 and a beta of 0.35.
In other news, insider Michael J. Schall sold 35,250 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $319.22, for a total transaction of $11,252,505.00. Following the transaction, the insider now owns 75,101 shares in the company, valued at $23,973,741.22. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider John F. Burkart sold 13,807 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $312.62, for a total value of $4,316,344.34. Following the transaction, the insider now owns 17,726 shares in the company, valued at approximately $5,541,502.12. The disclosure for this sale can be found here. In the last quarter, insiders have sold 81,551 shares of company stock worth $25,904,657. 3.60% of the stock is owned by corporate insiders.
A number of analysts have recently issued reports on the company. Stifel Nicolaus raised their price objective on Essex Property Trust from $300.00 to $325.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Capital One Financial reaffirmed an “equal weight” rating on shares of Essex Property Trust in a research report on Monday, September 16th. BMO Capital Markets set a $310.00 price objective on Essex Property Trust and gave the company a “hold” rating in a research report on Wednesday, July 24th. Robert W. Baird cut Essex Property Trust from an “outperform” rating to a “neutral” rating and raised their price objective for the company from $297.00 to $302.00 in a research report on Tuesday, June 18th. Finally, KeyCorp raised their price objective on Essex Property Trust from $311.00 to $320.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Eight investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $300.84.
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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