Essex Property Trust (NYSE:ESS) Now Covered by Analysts at Barclays

Barclays began coverage on shares of Essex Property Trust (NYSE:ESS) in a report issued on Tuesday, Marketbeat.com reports. The brokerage issued an equal weight rating and a $316.00 price objective on the real estate investment trust’s stock.

Several other brokerages also recently weighed in on ESS. BNP Paribas started coverage on Essex Property Trust in a research report on Wednesday, September 11th. They set an “outperform” rating and a $333.00 price objective for the company. Scotiabank increased their target price on shares of Essex Property Trust from $309.00 to $329.00 and gave the stock a “sector outperform” rating in a report on Monday, September 16th. Piper Sandler lifted their price target on shares of Essex Property Trust from $315.00 to $355.00 and gave the company an “overweight” rating in a report on Monday, August 26th. Bank of America downgraded shares of Essex Property Trust from a “buy” rating to a “neutral” rating and increased their price objective for the company from $307.00 to $321.00 in a research note on Tuesday, September 24th. Finally, Wells Fargo & Company boosted their target price on shares of Essex Property Trust from $269.00 to $314.00 and gave the stock an “equal weight” rating in a research note on Monday, August 26th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $302.11.

Essex Property Trust Price Performance

ESS stock opened at $294.11 on Tuesday. The company’s 50-day moving average price is $298.42 and its two-hundred day moving average price is $290.64. The firm has a market cap of $18.90 billion, a P/E ratio of 34.36, a P/E/G ratio of 5.86 and a beta of 0.90. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.13. Essex Property Trust has a 12 month low of $223.06 and a 12 month high of $317.73.

Essex Property Trust (NYSE:ESS) last announced its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $1.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.88 by ($2.04). Essex Property Trust had a net margin of 31.55% and a return on equity of 9.72%. The firm had revenue of $450.70 million during the quarter, compared to the consensus estimate of $445.88 million. During the same period last year, the business earned $3.78 earnings per share. On average, analysts anticipate that Essex Property Trust will post 15.56 earnings per share for the current fiscal year.

Essex Property Trust Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Thursday, January 2nd will be issued a $2.45 dividend. This represents a $9.80 annualized dividend and a yield of 3.33%. The ex-dividend date is Thursday, January 2nd. Essex Property Trust’s payout ratio is presently 114.49%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. UMB Bank n.a. boosted its stake in shares of Essex Property Trust by 600.0% in the 2nd quarter. UMB Bank n.a. now owns 112 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 96 shares during the last quarter. Assetmark Inc. boosted its position in Essex Property Trust by 2,400.0% during the third quarter. Assetmark Inc. now owns 100 shares of the real estate investment trust’s stock valued at $30,000 after acquiring an additional 96 shares during the last quarter. Family Firm Inc. acquired a new stake in Essex Property Trust during the 2nd quarter worth about $31,000. Brooklyn Investment Group bought a new position in shares of Essex Property Trust in the 3rd quarter worth about $39,000. Finally, Whittier Trust Co. of Nevada Inc. raised its position in shares of Essex Property Trust by 121.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 193 shares of the real estate investment trust’s stock worth $53,000 after acquiring an additional 106 shares in the last quarter. Institutional investors own 96.51% 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 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.