Barclays Reiterates “$350.00” Price Target for Essex Property Trust (NYSE:ESS)

Barclays set a $350.00 target price on Essex Property Trust (NYSE:ESS) in a report published on Friday morning, TipRanks reports. The brokerage currently has a buy rating on the real estate investment trust’s stock.

ESS has been the topic of a number of other reports. BMO Capital Markets set a $310.00 price objective on Essex Property Trust and gave the stock a hold rating in a research note on Wednesday, July 24th. Robert W. Baird lowered Essex Property Trust from an outperform rating to a neutral rating and lifted their price objective for the stock from $297.00 to $302.00 in a research note on Tuesday, June 18th. BTIG Research raised Essex Property Trust from a neutral rating to a buy rating and set a $335.00 price objective on the stock in a research note on Thursday, August 15th. Capital One Financial reaffirmed an equal weight rating on shares of Essex Property Trust in a research note on Monday, September 16th. Finally, KeyCorp lifted their price objective on Essex Property Trust from $320.00 to $342.00 and gave the stock an overweight rating in a research note on Tuesday, October 8th. Nine equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $303.77.

Shares of ESS stock opened at $327.52 on Friday. The business’s 50-day moving average price is $325.01 and its 200-day moving average price is $302.18. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.92. The firm has a market capitalization of $21.75 billion, a price-to-earnings ratio of 26.06, a PEG ratio of 3.90 and a beta of 0.33. Essex Property Trust has a 12 month low of $235.51 and a 12 month high of $333.32.

Essex Property Trust (NYSE:ESS) last posted its quarterly earnings data on Wednesday, July 24th. The real estate investment trust reported $1.40 EPS for the quarter, missing the Zacks’ 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 return on equity of 6.43% and a net margin of 28.83%. During the same period in the prior year, the firm earned $3.14 earnings per share. On average, sell-side analysts predict that Essex Property Trust will post 13.33 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a $1.95 dividend. The ex-dividend date is Friday, September 27th. This represents a $7.80 dividend on an annualized basis and a yield of 2.38%. Essex Property Trust’s payout ratio is currently 62.05%.

In other Essex Property Trust news, insider John F. Burkart sold 13,807 shares of Essex Property Trust 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 completion of the sale, the insider now directly owns 17,726 shares in the company, valued at $5,541,502.12. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Angela L. Kleiman sold 12,327 shares of Essex Property Trust stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $318.00, for a total value of $3,919,986.00. Following the completion of the sale, the insider now owns 18,066 shares of the company’s stock, valued at $5,744,988. The disclosure for this sale can be found here. Over the last quarter, insiders sold 81,551 shares of company stock valued at $25,904,657. 3.60% of the stock is currently owned by corporate insiders.

Hedge funds have recently modified their holdings of the business. Krane Funds Advisors LLC bought a new stake in shares of Essex Property Trust during the second quarter valued at approximately $25,000. CX Institutional increased its holdings in shares of Essex Property Trust by 100.0% during the third quarter. CX Institutional now owns 84 shares of the real estate investment trust’s stock valued at $27,000 after acquiring an additional 42 shares in the last quarter. Front Row Advisors LLC increased its holdings in shares of Essex Property Trust by 1,055.6% during the first quarter. Front Row Advisors LLC now owns 104 shares of the real estate investment trust’s stock valued at $30,000 after acquiring an additional 95 shares in the last quarter. CSat Investment Advisory L.P. increased its holdings in shares of Essex Property Trust by 144.6% during the second quarter. CSat Investment Advisory L.P. now owns 137 shares of the real estate investment trust’s stock valued at $40,000 after acquiring an additional 81 shares in the last quarter. Finally, Flagship Harbor Advisors LLC increased its holdings in shares of Essex Property Trust by 243.9% during the second quarter. Flagship Harbor Advisors LLC now owns 141 shares of the real estate investment trust’s stock valued at $41,000 after acquiring an additional 100 shares in the last quarter. Institutional investors and hedge funds own 96.88% 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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Analyst Recommendations for Essex Property Trust (NYSE:ESS)

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