Essex Property Trust, Inc. (NYSE:ESS) Receives Consensus Rating of "Moderate Buy" from Brokerages

Key Points

• Essex Property Trust has a consensus analyst rating of “Moderate Buy” from 21 brokerages, with an average 12-month price target of about $299.08.
• The stock recently traded around $293.05, near its 52-week high of $303.35, and the company reported Q1 earnings of $1.65 EPS, well below analyst expectations of $3.96.
• Essex paid a quarterly dividend of $2.59 per share, equal to an annualized yield of about 3.5%, though the payout ratio is elevated at 116.4%.

Shares of Essex Property Trust, Inc. (NYSE:ESS - Get Free Report) have been given an average recommendation of "Moderate Buy" by the twenty-one brokerages that are presently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, ten have given a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $299.0789.

Several brokerages have commented on ESS. Evercore restated an "outperform" rating and set a $296.00 price objective on shares of Essex Property Trust in a research note on Monday, June 8th. Jefferies Financial Group upgraded shares of Essex Property Trust from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 14th. JPMorgan Chase & Co. raised their target price on shares of Essex Property Trust from $272.00 to $275.00 and gave the stock an "underweight" rating in a report on Monday, May 18th. Wells Fargo & Company boosted their target price on shares of Essex Property Trust from $280.00 to $297.00 and gave the company an "equal weight" rating in a research report on Wednesday. Finally, Scotiabank upped their price target on shares of Essex Property Trust from $290.00 to $307.00 and gave the company an "outperform" rating in a report on Thursday, July 9th.

Essex Property Trust Trading Down 0.3%

Shares of NYSE:ESS opened at $293.05 on Thursday. Essex Property Trust has a 52-week low of $238.46 and a 52-week high of $303.35. The stock has a market cap of $18.83 billion, a price-to-earnings ratio of 32.93, a PEG ratio of 12.68 and a beta of 0.70. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.22. The business has a 50-day moving average price of $284.37 and a 200-day moving average price of $264.49.

Essex Property Trust (NYSE:ESS - Get Free Report) last issued its earnings results on Tuesday, April 28th. The real estate investment trust reported $1.65 EPS for the quarter, missing analysts' consensus estimates of $3.96 by ($2.31). Essex Property Trust had a net margin of 30.03% and a return on equity of 10.00%. The firm had revenue of $484.76 million during the quarter, compared to analysts' expectations of $479.89 million. During the same quarter in the prior year, the company earned $3.97 EPS. Essex Property Trust has set its Q2 2026 guidance at 3.920-4.040 EPS. Equities analysts predict that Essex Property Trust will post 16.11 EPS for the current year.

Essex Property Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a $2.59 dividend. This represents a $10.36 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Tuesday, June 30th. Essex Property Trust's payout ratio is 116.40%.

Insider Buying and Selling

In related news, Director Mary Kasaris sold 600 shares of the firm's stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $279.45, for a total transaction of $167,670.00. Following the sale, the director directly owned 2,394 shares of the company's stock, valued at $669,003.30. This trade represents a 20.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.47% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Essex Property Trust

A number of hedge funds and other institutional investors have recently made changes to their positions in ESS. Norges Bank purchased a new position in shares of Essex Property Trust during the 4th quarter valued at approximately $230,690,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Essex Property Trust by 973.0% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 743,954 shares of the real estate investment trust's stock worth $199,127,000 after buying an additional 674,617 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Essex Property Trust by 21.9% during the fourth quarter. Principal Financial Group Inc. now owns 1,679,607 shares of the real estate investment trust's stock worth $439,520,000 after buying an additional 301,349 shares in the last quarter. Morgan Stanley grew its position in Essex Property Trust by 31.3% during the fourth quarter. Morgan Stanley now owns 958,090 shares of the real estate investment trust's stock valued at $250,714,000 after buying an additional 228,165 shares during the period. Finally, Rush Island Management LP grew its position in Essex Property Trust by 26.8% during the first quarter. Rush Island Management LP now owns 807,893 shares of the real estate investment trust's stock valued at $195,510,000 after buying an additional 170,682 shares during the period. Institutional investors and hedge funds own 96.51% of the company's stock.

Essex Property Trust Company Profile

Essex Property Trust, Inc NYSE: ESS is a publicly traded real estate investment trust that acquires, develops, owns and operates multifamily residential properties. The company focuses on market-rate apartment communities and delivers a full suite of property services including leasing, resident services, asset management, and capital improvement programs designed to preserve and enhance long‑term property values.

Essex concentrates its portfolio in West Coast markets, with a significant presence in California and the Pacific Northwest.

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