Essex Property Trust (NYSE:ESS) Price Target Cut to $293.00 by Analysts at Mizuho

Essex Property Trust (NYSE:ESS - Free Report) had its target price lowered by Mizuho from $314.00 to $293.00 in a report released on Friday,Benzinga reports. The firm currently has an outperform rating on the real estate investment trust's stock.

Several other equities analysts also recently commented on the company. Royal Bank of Canada lowered their price target on Essex Property Trust from $311.00 to $309.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. Truist Financial raised their target price 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. Piper Sandler reiterated an "overweight" rating and issued a $355.00 target price (down previously from $370.00) on shares of Essex Property Trust in a report on Friday, May 23rd. JMP Securities reissued a "market perform" rating on shares of Essex Property Trust in a research report on Thursday, February 6th. Finally, Evercore ISI raised their price target on Essex Property Trust from $297.00 to $302.00 and gave the company an "in-line" rating in a research report on Monday, February 10th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Essex Property Trust presently has an average rating of "Hold" and a consensus target price of $312.17.

Essex Property Trust Stock Up 1.3%

ESS stock traded up $3.47 during trading hours on Friday, hitting $278.07. The company's stock had a trading volume of 479,559 shares, compared to its average volume of 408,104. The stock has a 50 day moving average price of $281.87 and a two-hundred day moving average price of $289.25. Essex Property Trust has a 12 month low of $243.85 and a 12 month high of $317.73. The company has a market capitalization of $17.90 billion, a PE ratio of 24.10, a price-to-earnings-growth 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.

Essex Property Trust (NYSE:ESS - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $3.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.92 by $0.05. Essex Property Trust had a net margin of 41.79% and a return on equity of 13.05%. The firm had revenue of $464.58 million during the quarter, compared to analysts' expectations of $458.03 million. During the same period in the prior year, the company posted $3.83 earnings per share. On average, equities research analysts expect that Essex Property Trust will post 15.96 earnings per share for the current year.

Essex Property Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a $2.57 dividend. This represents a $10.28 dividend on an annualized basis and a dividend yield of 3.70%. The ex-dividend date of this dividend is Monday, June 30th. Essex Property Trust's dividend payout ratio is 98.37%.

Insider Transactions at Essex Property Trust

In related news, Director Keith R. Guericke sold 7,298 shares of the business's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $315.00, for a total value of $2,298,870.00. Following the sale, the director now owns 16,118 shares of the company's stock, valued at $5,077,170. The trade was a 31.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Mary Kasaris sold 2,800 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $300.80, for a total value of $842,240.00. Following the transaction, the director now owns 1,755 shares of the company's stock, valued at $527,904. This represents a 61.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 21,345 shares of company stock valued at $6,682,539. Company insiders own 3.46% of the company's stock.

Hedge Funds Weigh In On Essex Property Trust

Several institutional investors have recently added to or reduced their stakes in the company. Kestra Investment Management LLC acquired a new stake in shares of Essex Property Trust during the fourth quarter worth approximately $25,000. WPG Advisers LLC acquired a new stake in shares of Essex Property Trust in the first quarter valued at $31,000. Ransom Advisory Ltd acquired a new stake in shares of Essex Property Trust in the first quarter valued at $31,000. Zions Bancorporation National Association UT bought a new position in shares of Essex Property Trust in the first quarter valued at about $34,000. Finally, GKV Capital Management Co. Inc. acquired a new position in Essex Property Trust during the 1st quarter worth about $35,000. 96.51% of the stock is owned by institutional investors.

About Essex Property Trust

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.