Essex Property Trust (NYSE:ESS) Lowered to Sell Rating by Wall Street Zen

Wall Street Zen lowered shares of Essex Property Trust (NYSE:ESS - Free Report) from a hold rating to a sell rating in a research report sent to investors on Friday.

A number of other equities analysts have also commented on the stock. Scotiabank reaffirmed an "outperform" rating on shares of Essex Property Trust in a research note on Friday, June 13th. Truist Financial raised their price objective on shares of Essex Property Trust from $292.00 to $304.00 and gave the stock a "hold" rating in a research note on Monday, March 10th. Royal Bank Of Canada decreased their price objective on shares of Essex Property Trust from $311.00 to $309.00 and set an "outperform" rating for the company in a research note on Thursday, May 1st. Raymond James Financial raised shares of Essex Property Trust from a "market perform" rating to an "outperform" rating and set a $315.00 price objective for the company in a research note on Tuesday, June 24th. Finally, Mizuho decreased their price objective on shares of Essex Property Trust from $314.00 to $293.00 and set an "outperform" rating for the company in a research note on Friday, May 23rd. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $310.28.

Essex Property Trust Price Performance

NYSE:ESS traded down $2.00 during trading hours on Friday, reaching $283.41. 559,515 shares of the company's stock were exchanged, compared to its average volume of 420,731. The company has a market capitalization of $18.25 billion, a P/E ratio of 27.12, a price-to-earnings-growth ratio of 5.95 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 company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.18. The business's 50-day simple moving average is $281.98 and its two-hundred day simple moving average is $285.95.

Essex Property Trust (NYSE:ESS - Get Free Report) last issued its earnings results on Tuesday, April 29th. The real estate investment trust reported $3.97 earnings per share for the quarter, topping analysts' consensus estimates of $3.92 by $0.05. The firm had revenue of $464.58 million during the quarter, compared to analysts' expectations of $458.03 million. Essex Property Trust had a net margin of 37.08% and a return on equity of 11.81%. During the same period last year, the firm posted $3.83 earnings per share. Sell-side analysts expect that Essex Property Trust will post 15.96 EPS for the current fiscal year.

Essex Property Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be paid a $2.57 dividend. This represents a $10.28 annualized dividend and a dividend yield of 3.63%. The ex-dividend date is Monday, June 30th. Essex Property Trust's payout ratio is presently 98.37%.

Institutional Investors Weigh In On Essex Property Trust

Several institutional investors and hedge funds have recently modified their holdings of ESS. WPG Advisers LLC acquired a new position in Essex Property Trust in the 1st quarter valued at $31,000. Ransom Advisory Ltd bought a new position in Essex Property Trust in the 1st quarter worth $31,000. Zions Bancorporation National Association UT bought a new position in Essex Property Trust in the 1st quarter worth $34,000. GKV Capital Management Co. Inc. bought a new position in Essex Property Trust in the 1st quarter worth $35,000. Finally, Capital Analysts LLC raised its holdings in Essex Property Trust by 56.3% in the 1st quarter. Capital Analysts LLC now owns 136 shares of the real estate investment trust's stock worth $42,000 after acquiring an additional 49 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, 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.