Essex Property Trust (NYSE:ESS) PT Set at $320.00 by Scotiabank

Scotiabank set a $320.00 target price on Essex Property Trust (NYSE:ESS - Free Report) in a report released on Friday, Marketbeat reports. The brokerage currently has a sector outperform rating on the real estate investment trust's stock.

Several other equities analysts also recently issued reports on ESS. Piper Sandler reiterated an "overweight" rating and set a $355.00 price objective (down from $370.00) on shares of Essex Property Trust in a research report on Friday, May 23rd. Truist Financial boosted their price objective on Essex Property Trust from $292.00 to $304.00 and gave the stock a "hold" rating in a research report on Monday, March 10th. BMO Capital Markets boosted their price objective on Essex Property Trust from $315.00 to $317.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 28th. Royal Bank of Canada reduced their price objective on Essex Property Trust from $311.00 to $309.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. Finally, Barclays boosted their price objective on 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. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $310.83.

Essex Property Trust Stock Up 0.1%

Essex Property Trust stock traded up $0.42 during midday trading on Friday, hitting $284.88. The stock had a trading volume of 267,721 shares, compared to its average volume of 419,098. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.15. The stock has a market cap of $18.34 billion, a P/E ratio of 24.69, a P/E/G ratio of 6.84 and a beta of 0.78. Essex Property Trust has a 12 month low of $243.85 and a 12 month high of $317.73. The business has a fifty day moving average price of $278.93 and a 200 day moving average price of $287.12.

Essex Property Trust (NYSE:ESS - Get Free Report) last posted its earnings results on Tuesday, April 29th. The real estate investment trust reported $3.97 EPS for the quarter, beating the consensus estimate of $3.92 by $0.05. The company had revenue of $464.58 million during the quarter, compared to analyst estimates of $458.03 million. Essex Property Trust had a return on equity of 13.05% and a net margin of 41.79%. During the same period in the prior year, the company earned $3.83 earnings per share. Research analysts predict that Essex Property Trust will post 15.96 EPS for the current year.

Essex Property Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a dividend of $2.57 per share. The ex-dividend date is Monday, June 30th. This represents a $10.28 dividend on an annualized basis and a dividend yield of 3.61%. Essex Property Trust's dividend payout ratio (DPR) is presently 98.37%.

Institutional Investors Weigh In On Essex Property Trust

Institutional investors and hedge funds have recently modified their holdings of the stock. Assetmark Inc. lifted its position in shares of Essex Property Trust by 124.0% during the 4th quarter. Assetmark Inc. now owns 224 shares of the real estate investment trust's stock valued at $64,000 after acquiring an additional 124 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Essex Property Trust during the 4th quarter worth about $7,027,000. Yoffe Investment Management LLC purchased a new position in Essex Property Trust during the 4th quarter valued at about $358,000. Venturi Wealth Management LLC increased its holdings in shares of Essex Property Trust by 315.3% in the 4th quarter. Venturi Wealth Management LLC now owns 1,304 shares of the real estate investment trust's stock valued at $372,000 after purchasing an additional 990 shares during the period. Finally, Sigma Planning Corp lifted its position in shares of Essex Property Trust by 40.3% in the fourth quarter. Sigma Planning Corp now owns 3,988 shares of the real estate investment trust's stock worth $1,138,000 after purchasing an additional 1,145 shares in the last quarter. Institutional investors and hedge funds 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.