Analysts Set Essex Property Trust, Inc. (NYSE:ESS) Price Target at $293.40

Essex Property Trust, Inc. (NYSE:ESS) has been assigned an average rating of “Hold” from the twenty ratings firms that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have given a buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $293.40.

A number of analysts have recently issued reports on ESS shares. JPMorgan Chase & Co. raised their price objective on Essex Property Trust from $265.00 to $297.00 and gave the company a “neutral” rating in a research report on Monday, September 16th. The Goldman Sachs Group assumed coverage on Essex Property Trust in a report on Wednesday, September 4th. They set a “neutral” rating and a $318.00 price target for the company. Scotiabank upped their price objective on shares of Essex Property Trust from $309.00 to $329.00 and gave the company a “sector outperform” rating in a report on Monday, September 16th. Royal Bank of Canada increased their price objective on shares of Essex Property Trust from $284.00 to $288.00 and gave the company an “outperform” rating in a research report on Thursday, August 1st. Finally, Raymond James downgraded shares of Essex Property Trust from an “outperform” rating to a “market perform” rating in a report on Monday, October 21st.

Essex Property Trust Stock Up 0.9 %

NYSE:ESS opened at $296.54 on Tuesday. The stock has a 50-day simple moving average of $297.44 and a 200 day simple moving average of $280.77. Essex Property Trust has a 52-week low of $204.64 and a 52-week high of $317.73. The company has a market cap of $19.06 billion, a PE ratio of 34.64, a PEG ratio of 5.07 and a beta of 0.88. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.14 and a current ratio of 1.14.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $1.84 EPS for the quarter, missing the consensus estimate of $3.88 by ($2.04). Essex Property Trust had a net margin of 31.55% and a return on equity of 9.72%. The company had revenue of $450.70 million during the quarter, compared to analyst estimates of $445.88 million. During the same period in the previous year, the company posted $3.78 EPS. On average, sell-side analysts expect that Essex Property Trust will post 15.56 EPS for the current fiscal year.

Essex Property Trust Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were given a $2.45 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $9.80 dividend on an annualized basis and a yield of 3.30%. Essex Property Trust’s payout ratio is 114.49%.

Insiders Place Their Bets

In related news, Director Amal M. Johnson sold 7,298 shares of Essex Property Trust 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 transaction, the director now owns 2,585 shares in the company, valued at $817,661.35. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Amal M. Johnson sold 2,453 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $300.00, for a total transaction of $735,900.00. Following the completion of the sale, the director now owns 2,585 shares of the company’s stock, valued at approximately $775,500. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Amal M. Johnson sold 7,298 shares of Essex Property Trust stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $316.31, for a total transaction of $2,308,430.38. Following the completion of the transaction, the director now directly owns 2,585 shares in the company, valued at approximately $817,661.35. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,402 shares of company stock valued at $6,399,663. 3.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Essex Property Trust

A number of large investors have recently added to or reduced their stakes in ESS. Continuum Advisory LLC raised its stake 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 acquiring an additional 75 shares during the last quarter. UMB Bank n.a. increased its holdings in Essex Property Trust by 600.0% during the 2nd quarter. UMB Bank n.a. now owns 112 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 96 shares during the period. Assetmark Inc. raised its position in Essex Property Trust by 2,400.0% during the 3rd quarter. Assetmark Inc. now owns 100 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 96 shares during the last quarter. Family Firm Inc. bought a new position in Essex Property Trust during the 2nd quarter valued at approximately $31,000. Finally, Whittier Trust Co. of Nevada Inc. lifted its holdings in Essex Property Trust by 121.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 193 shares of the real estate investment trust’s stock worth $53,000 after buying an additional 106 shares during the period. Institutional investors 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.