Essex Property Trust (NYSE:ESS) Hits New 1-Year High - Still a Buy?

Key Points

• Essex Property Trust hit a new 52-week high, trading as high as $299.29, and was last up about 1.3% on the day. The move came with strong volume and leaves the stock near its recent highs.
• Analyst sentiment is mixed: several firms recently raised price targets or reiterated bullish ratings, but Wall Street Zen downgraded the stock to sell. Overall, the consensus rating remains Hold with an average target price of $292.08.
• The company reported quarterly EPS of $1.65, well below estimates, even though revenue slightly beat expectations. Essex also announced a $2.59 quarterly dividend, implying a 3.5% yield, though its payout ratio is high at 116.4%.

Essex Property Trust, Inc. (NYSE:ESS - Get Free Report) reached a new 52-week high on Thursday . The stock traded as high as $299.29 and last traded at $295.3190, with a volume of 360021 shares changing hands. The stock had previously closed at $291.59.

Wall Street Analyst Weigh In

A number of analysts have issued reports on ESS shares. Cantor Fitzgerald boosted their price target on shares of Essex Property Trust from $290.00 to $291.00 and gave the stock an "overweight" rating in a research note on Monday, May 4th. Scotiabank reissued an "outperform" rating on shares of Essex Property Trust in a research note on Thursday, June 18th. Barclays lifted their price objective on shares of Essex Property Trust from $272.00 to $277.00 and gave the company an "equal weight" rating in a report on Monday, May 11th. Wall Street Zen downgraded shares of Essex Property Trust from a "hold" rating to a "sell" rating in a research note on Sunday, June 21st. Finally, Royal Bank Of Canada increased their target price on shares of Essex Property Trust from $282.00 to $288.00 and gave the stock an "outperform" rating in a report on Thursday, April 30th. Nine research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $292.08.

Essex Property Trust Trading Up 1.3%

The company's fifty day moving average is $274.69 and its two-hundred day moving average is $260.84. 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 stock has a market cap of $18.98 billion, a price-to-earnings ratio of 33.18, a PEG ratio of 12.56 and a beta of 0.70.

Essex Property Trust (NYSE:ESS - Get Free Report) last posted its quarterly earnings results on Tuesday, April 28th. The real estate investment trust reported $1.65 EPS for the quarter, missing the consensus estimate of $3.96 by ($2.31). Essex Property Trust had a return on equity of 10.00% and a net margin of 30.03%.The firm had revenue of $484.76 million for the quarter, compared to analyst estimates of $479.89 million. During the same quarter last year, the firm earned $3.97 EPS. Essex Property Trust has set its Q2 2026 guidance at 3.920-4.040 EPS. On average, research analysts predict that Essex Property Trust, Inc. will post 16.12 EPS for the current fiscal year.

Essex Property Trust Announces Dividend

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

Insiders Place Their Bets

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

Institutional Trading of Essex Property Trust

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dorsey & Whitney Trust CO LLC lifted its position in Essex Property Trust by 5.2% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 814 shares of the real estate investment trust's stock valued at $213,000 after acquiring an additional 40 shares during the last quarter. Segment Wealth Management LLC raised its position in Essex Property Trust by 5.1% during the 4th quarter. Segment Wealth Management LLC now owns 913 shares of the real estate investment trust's stock worth $239,000 after buying an additional 44 shares during the last quarter. Norinchukin Bank The raised its holdings in Essex Property Trust by 0.6% during the third quarter. Norinchukin Bank The now owns 6,957 shares of the real estate investment trust's stock worth $1,862,000 after purchasing an additional 44 shares in the last quarter. Signaturefd LLC raised its stake in shares of Essex Property Trust by 11.3% during the 4th quarter. Signaturefd LLC now owns 445 shares of the real estate investment trust's stock worth $116,000 after buying an additional 45 shares in the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. lifted its holdings in Essex Property Trust by 2.0% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 2,537 shares of the real estate investment trust's stock valued at $664,000 after acquiring an additional 50 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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