Essex Property Trust Inc (NYSE:ESS) Receives $305.05 Average PT from Analysts

Essex Property Trust Inc (NYSE:ESS) has received an average rating of “Buy” from the eighteen analysts that are covering the company, Marketbeat reports. Nine equities research analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $306.74.

Several brokerages have weighed in on ESS. Capital One Financial reaffirmed an “equal weight” rating on shares of Essex Property Trust in a research note on Monday, September 16th. ValuEngine cut shares of Essex Property Trust from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. KeyCorp upped their price objective on shares of Essex Property Trust from $320.00 to $342.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. Stifel Nicolaus upped their price objective on shares of Essex Property Trust from $300.00 to $325.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Finally, Barclays set a $350.00 price objective on shares of Essex Property Trust and gave the stock a “buy” rating in a research note on Friday, October 11th.

In other news, insider John F. Burkart sold 13,807 shares of the stock in a transaction that occurred on 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 sale, the insider now directly owns 17,726 shares of the company’s stock, valued at $5,541,502.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael J. Schall sold 35,250 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $319.22, for a total transaction of $11,252,505.00. Following the sale, the insider now directly owns 75,101 shares in the company, valued at $23,973,741.22. The disclosure for this sale can be found here. Insiders have sold 81,551 shares of company stock worth $25,904,657 over the last three months. 3.60% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in ESS. Private Capital Group LLC boosted its stake in Essex Property Trust by 22.2% in the second quarter. Private Capital Group LLC now owns 176 shares of the real estate investment trust’s stock valued at $42,000 after acquiring an additional 32 shares during the last quarter. Commonwealth Bank of Australia boosted its stake in Essex Property Trust by 3.0% in the second quarter. Commonwealth Bank of Australia now owns 1,159 shares of the real estate investment trust’s stock valued at $336,000 after acquiring an additional 34 shares during the last quarter. 6 Meridian boosted its stake in Essex Property Trust by 2.1% in the second quarter. 6 Meridian now owns 1,876 shares of the real estate investment trust’s stock valued at $548,000 after acquiring an additional 38 shares during the last quarter. World Asset Management Inc boosted its stake in Essex Property Trust by 0.9% in the second quarter. World Asset Management Inc now owns 4,802 shares of the real estate investment trust’s stock valued at $1,402,000 after acquiring an additional 41 shares during the last quarter. Finally, CX Institutional boosted its stake in Essex Property Trust by 100.0% in 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 during the last quarter. 96.88% of the stock is currently owned by institutional investors and hedge funds.

Essex Property Trust stock traded down $2.39 during trading hours on Friday, hitting $325.95. 1,898 shares of the stock were exchanged, compared to its average volume of 309,127. 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 $21.49 billion, a P/E ratio of 25.82, a P/E/G ratio of 3.85 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. The business’s 50-day moving average is $325.25 and its two-hundred day moving average is $302.36.

Essex Property Trust (NYSE:ESS) last issued its quarterly earnings data on Wednesday, July 24th. The real estate investment trust reported $1.40 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.26 by ($1.86). The firm had revenue of $361.64 million for the quarter, compared to the consensus estimate 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 company posted $3.14 earnings per share. On average, equities analysts predict that Essex Property Trust will post 13.33 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a dividend of $1.95 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $7.80 annualized dividend and a dividend yield of 2.39%. Essex Property Trust’s dividend payout ratio (DPR) is currently 62.05%.

About Essex Property Trust

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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