Essex Property Trust (NYSE:ESS) Upgraded to Buy by Citigroup

Citigroup upgraded shares of Essex Property Trust (NYSE:ESSGet Rating) from a neutral rating to a buy rating in a research report sent to investors on Monday, MarketBeat reports. The brokerage currently has $295.00 price target on the real estate investment trust’s stock.

Several other brokerages have also recently issued reports on ESS. BMO Capital Markets cut Essex Property Trust from an outperform rating to a market perform rating and cut their price target for the company from $378.00 to $320.00 in a research note on Tuesday, May 31st. Mizuho cut Essex Property Trust from a buy rating to a neutral rating and cut their price target for the company from $273.00 to $264.00 in a research note on Monday. Jefferies Financial Group cut their price target on Essex Property Trust from $316.00 to $235.00 and set a hold rating for the company in a research note on Thursday, June 30th. Morgan Stanley cut their price target on Essex Property Trust from $313.00 to $270.00 and set an equal weight rating for the company in a research note on Friday, July 15th. Finally, Evercore ISI set a $333.00 target price on Essex Property Trust in a research note on Monday, June 20th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Hold and an average price target of $307.18.

Essex Property Trust Price Performance

Essex Property Trust stock opened at $248.06 on Monday. Essex Property Trust has a 12 month low of $244.36 and a 12 month high of $363.36. The stock’s 50 day moving average is $275.07 and its 200-day moving average is $295.35. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 1.00. The company has a market capitalization of $16.15 billion, a price-to-earnings ratio of 41.97, a PEG ratio of 2.71 and a beta of 0.79.

Essex Property Trust Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be issued a dividend of $2.20 per share. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $8.80 annualized dividend and a dividend yield of 3.55%. Essex Property Trust’s dividend payout ratio (DPR) is presently 148.90%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ESS. First Affirmative Financial Network increased its holdings in Essex Property Trust by 4.3% in the fourth quarter. First Affirmative Financial Network now owns 858 shares of the real estate investment trust’s stock valued at $302,000 after purchasing an additional 35 shares during the period. Legacy Wealth Asset Management LLC increased its holdings in Essex Property Trust by 6.0% in the first quarter. Legacy Wealth Asset Management LLC now owns 675 shares of the real estate investment trust’s stock valued at $233,000 after purchasing an additional 38 shares during the period. Redpoint Investment Management Pty Ltd increased its holdings in Essex Property Trust by 0.6% in the second quarter. Redpoint Investment Management Pty Ltd now owns 6,672 shares of the real estate investment trust’s stock valued at $1,745,000 after purchasing an additional 39 shares during the period. Silvercrest Asset Management Group LLC increased its holdings in Essex Property Trust by 0.8% in the fourth quarter. Silvercrest Asset Management Group LLC now owns 5,037 shares of the real estate investment trust’s stock valued at $1,774,000 after purchasing an additional 40 shares during the period. Finally, HighTower Trust Services LTA increased its holdings in Essex Property Trust by 5.7% in the first quarter. HighTower Trust Services LTA now owns 741 shares of the real estate investment trust’s stock valued at $256,000 after purchasing an additional 40 shares during the period. 91.57% of the stock is currently owned by institutional investors and hedge funds.

Essex Property Trust Company Profile

(Get Rating)

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 246 apartment communities comprising approximately 60,000 apartment homes with an additional 6 properties in various stages of active development.

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