Essex Property Trust (ESS) – Research Analysts’ Weekly Ratings Updates

Essex Property Trust (NYSE: ESS) has recently received a number of price target changes and ratings updates:

• 9/24/2024 – Essex Property Trust was downgraded by analysts at Bank of America Co. from a “buy” rating to a “neutral” rating. They now have a $321.00 price target on the stock, up previously from $307.00.
• 9/16/2024 – Essex Property Trust had its price target raised by analysts at Scotiabank from $309.00 to $329.00. They now have a “sector outperform” rating on the stock.
• 9/16/2024 – Essex Property Trust had its price target raised by analysts at JPMorgan Chase & Co. from $265.00 to $297.00. They now have a “neutral” rating on the stock.
• 9/16/2024 – Essex Property Trust had its price target raised by analysts at Evercore ISI from $283.00 to $287.00. They now have an “in-line” rating on the stock.
• 9/11/2024 – Essex Property Trust is now covered by analysts at BNP Paribas. They set an “outperform” rating and a $333.00 price target on the stock.
• 9/10/2024 – Essex Property Trust had its price target raised by analysts at Deutsche Bank Aktiengesellschaft from $240.00 to $308.00. They now have a “hold” rating on the stock.
• 9/4/2024 – Essex Property Trust is now covered by analysts at The Goldman Sachs Group, Inc.. They set a “neutral” rating and a $318.00 price target on the stock.
• 8/29/2024 – Essex Property Trust had its price target raised by analysts at Raymond James from $295.00 to $325.00. They now have an “outperform” rating on the stock.
• 8/28/2024 – Essex Property Trust had its price target raised by analysts at Evercore ISI from $268.00 to $283.00. They now have an “in-line” rating on the stock.
• 8/27/2024 – Essex Property Trust had its price target raised by analysts at Truist Financial Co. from $282.00 to $294.00. They now have a “hold” rating on the stock.
• 8/26/2024 – Essex Property Trust had its price target raised by analysts at Scotiabank from $290.00 to $309.00. They now have a “sector outperform” rating on the stock.
• 8/26/2024 – Essex Property Trust had its price target raised by analysts at Piper Sandler from $315.00 to $355.00. They now have an “overweight” rating on the stock.
• 8/26/2024 – Essex Property Trust had its price target raised by analysts at Wells Fargo & Company from $269.00 to $314.00. They now have an “equal weight” rating on the stock.
• 8/7/2024 – Essex Property Trust had its price target raised by analysts at Scotiabank from $285.00 to $290.00. They now have a “sector outperform” rating on the stock.
• 8/5/2024 – Essex Property Trust had its price target raised by analysts at Wedbush from $264.00 to $301.00. They now have a “neutral” rating on the stock.

Essex Property Trust Trading Down 1.3 %

ESS stock traded down $3.92 during trading on Thursday, hitting $289.12. The company had a trading volume of 168,794 shares, compared to its average volume of 383,573. The stock has a market cap of $18.56 billion, a PE ratio of 35.34, a PEG ratio of 4.90 and a beta of 0.88. Essex Property Trust, Inc. has a one year low of $203.85 and a one year high of $317.73. The business has a 50-day moving average of $294.24 and a 200-day moving average of $271.64. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 1.11.

Essex Property Trust (NYSE:ESS) last posted its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.45 earnings per share for the quarter, missing the consensus estimate of $3.85 by ($2.40). Essex Property Trust had a return on equity of 9.14% and a net margin of 30.31%. The firm had revenue of $442.36 million for the quarter, compared to the consensus estimate of $433.26 million. During the same quarter in the previous year, the company posted $3.77 EPS. Research analysts predict that Essex Property Trust, Inc. will post 15.55 earnings per share for the current fiscal year.

Essex Property Trust Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be issued a dividend of $2.45 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $9.80 dividend on an annualized basis and a yield of 3.39%. Essex Property Trust’s dividend payout ratio is currently 119.80%.

Insider Buying and Selling at Essex Property Trust

In other news, Director Amal M. Johnson sold 2,453 shares of the firm’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $300.00, for a total value of $735,900.00. Following the completion of the sale, the director now owns 2,585 shares in the company, valued at approximately $775,500. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Amal M. Johnson sold 7,298 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $316.31, for a total value of $2,308,430.38. Following the completion of the sale, the director now owns 2,585 shares of the company’s stock, valued at approximately $817,661.35. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Amal M. Johnson sold 2,453 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $300.00, for a total transaction of $735,900.00. Following the completion of the transaction, the director now directly owns 2,585 shares in the company, valued at approximately $775,500. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,402 shares of company stock valued at $6,399,663. Insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Essex Property Trust

Institutional investors and hedge funds have recently made changes to their positions in the business. Continuum Advisory LLC increased its holdings in shares of Essex Property Trust by 214.3% during the second quarter. Continuum Advisory LLC now owns 110 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 75 shares during the period. UMB Bank n.a. boosted its stake in Essex Property Trust by 600.0% in the 2nd quarter. UMB Bank n.a. now owns 112 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 96 shares in the last quarter. Family Firm Inc. bought a new position in Essex Property Trust in the 2nd quarter valued at $31,000. Vima LLC bought a new stake in shares of Essex Property Trust during the fourth quarter worth $40,000. Finally, Whittier Trust Co. of Nevada Inc. increased its holdings in Essex Property Trust by 121.8% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 193 shares of the real estate investment trust’s stock valued at $53,000 after purchasing an additional 106 shares during the last quarter. 96.51% of the stock is currently owned by hedge funds and other institutional investors.

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.