Essex Property Trust (NYSE:ESS) Hits New 12-Month High Following Analyst Upgrade

Shares of Essex Property Trust, Inc. (NYSE:ESS - Get Free Report) hit a new 52-week high on Wednesday after Morgan Stanley raised their price target on the stock from $230.00 to $250.00. Morgan Stanley currently has an equal weight rating on the stock. Essex Property Trust traded as high as $269.23 and last traded at $268.00, with a volume of 10536 shares trading hands. The stock had previously closed at $264.97.

ESS has been the topic of a number of other reports. Wedbush increased their price objective on Essex Property Trust from $240.00 to $264.00 and gave the company a "neutral" rating in a report on Monday, May 6th. Mizuho raised Essex Property Trust from a "neutral" rating to a "buy" rating and dropped their target price for the stock from $255.00 to $250.00 in a report on Wednesday, February 28th. Truist Financial dropped their target price on Essex Property Trust from $259.00 to $255.00 and set a "hold" rating on the stock in a report on Tuesday, April 9th. Barclays raised their target price on Essex Property Trust from $224.00 to $225.00 and gave the stock an "underweight" rating in a report on Tuesday, February 20th. Finally, StockNews.com raised Essex Property Trust from a "sell" rating to a "hold" rating in a report on Wednesday, May 1st. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $252.83.

Institutional Investors Weigh In On Essex Property Trust

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Lindbrook Capital LLC grew its stake in shares of Essex Property Trust by 111.5% in the fourth quarter. Lindbrook Capital LLC now owns 110 shares of the real estate investment trust's stock valued at $27,000 after buying an additional 58 shares in the last quarter. Venturi Wealth Management LLC grew its stake in shares of Essex Property Trust by 112.3% in the first quarter. Venturi Wealth Management LLC now owns 138 shares of the real estate investment trust's stock valued at $34,000 after buying an additional 73 shares in the last quarter. Vima LLC acquired a new stake in shares of Essex Property Trust in the fourth quarter valued at $40,000. Bruce G. Allen Investments LLC acquired a new stake in shares of Essex Property Trust in the fourth quarter valued at $41,000. Finally, Bear Mountain Capital Inc. acquired a new stake in shares of Essex Property Trust in the fourth quarter valued at $55,000. Hedge funds and other institutional investors own 96.51% of the company's stock.

Essex Property Trust Price Performance

The company has a debt-to-equity ratio of 1.14, a current ratio of 3.19 and a quick ratio of 3.19. The stock has a 50 day moving average price of $243.87 and a two-hundred day moving average price of $235.36. The firm has a market capitalization of $17.20 billion, a price-to-earnings ratio of 32.77, a PEG ratio of 3.79 and a beta of 0.79.

Essex Property Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 24th. Stockholders of record on Friday, June 28th will be paid a $2.45 dividend. This represents a $9.80 dividend on an annualized basis and a dividend yield of 3.66%. Essex Property Trust's payout ratio is presently 119.80%.

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.