Essex Property Trust, Inc. (NYSE:ESS) Receives Average Recommendation of "Hold" from Analysts

Shares of Essex Property Trust, Inc. (NYSE:ESS - Get Free Report) have earned an average recommendation of "Hold" from the nineteen brokerages that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating on the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $312.17.

Several equities research analysts have recently issued reports on the stock. Mizuho lowered their target price on shares of Essex Property Trust from $314.00 to $293.00 and set an "outperform" rating on the stock in a research note on Friday, May 23rd. Barclays lifted their price objective on shares of Essex Property Trust from $303.00 to $328.00 and gave the stock an "equal weight" rating in a research report on Friday, May 9th. Truist Financial lifted their price objective on shares of Essex Property Trust from $292.00 to $304.00 and gave the company a "hold" rating in a research note on Monday, March 10th. JMP Securities restated a "market perform" rating on shares of Essex Property Trust in a research report on Thursday, February 6th. Finally, BMO Capital Markets upped their price objective on shares of Essex Property Trust from $315.00 to $317.00 and gave the company an "outperform" rating in a research note on Wednesday.

Essex Property Trust Stock Performance

ESS traded up $3.73 during mid-day trading on Friday, reaching $281.90. 416,011 shares of the company traded hands, compared to its average volume of 408,285. The stock has a market capitalization of $18.15 billion, a P/E ratio of 24.43, a P/E/G ratio of 6.84 and a beta of 0.78. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.15. The company's fifty day moving average price is $280.96 and its 200-day moving average price is $289.02. Essex Property Trust has a 52-week low of $243.85 and a 52-week high of $317.73.

Essex Property Trust (NYSE:ESS - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $3.97 EPS for the quarter, beating analysts' consensus estimates of $3.92 by $0.05. The firm had revenue of $464.58 million during the quarter, compared to the consensus estimate of $458.03 million. Essex Property Trust had a net margin of 41.79% and a return on equity of 13.05%. During the same quarter last year, the firm earned $3.83 EPS. On average, sell-side analysts expect that Essex Property Trust will post 15.96 EPS for the current year.

Essex Property Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a dividend of $2.57 per share. This represents a $10.28 annualized dividend and a yield of 3.65%. The ex-dividend date is Monday, June 30th. Essex Property Trust's payout ratio is 98.37%.

Insider Buying and Selling at Essex Property Trust

In other Essex Property Trust news, Director Keith R. Guericke sold 7,298 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $315.00, for a total value of $2,298,870.00. Following the transaction, the director now directly owns 16,118 shares of the company's stock, valued at $5,077,170. This trade represents a 31.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mary Kasaris sold 2,800 shares of Essex Property Trust stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $300.80, for a total transaction of $842,240.00. Following the sale, the director now directly owns 1,755 shares in the company, valued at $527,904. This trade represents a 61.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 21,345 shares of company stock valued at $6,682,539 in the last ninety days. 3.46% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Essex Property Trust

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Kestra Investment Management LLC bought a new stake in Essex Property Trust during the 4th quarter worth approximately $25,000. WPG Advisers LLC acquired a new position in shares of Essex Property Trust during the 1st quarter valued at $31,000. Ransom Advisory Ltd acquired a new position in Essex Property Trust during the first quarter worth $31,000. Zions Bancorporation National Association UT acquired a new position in Essex Property Trust during the first quarter worth $34,000. Finally, GKV Capital Management Co. Inc. acquired a new position in Essex Property Trust during the first quarter worth $35,000. 96.51% of the stock is owned by institutional investors.

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.