Essex Property Trust, Inc. (NYSE:ESS) Receives Average Recommendation of “Hold” from Brokerages

Shares of Essex Property Trust, Inc. (NYSE:ESSGet Free Report) have received a consensus rating of “Hold” from the twenty research firms that are covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $261.05.

ESS has been the subject of several recent research reports. Wells Fargo & Company boosted their target price on shares of Essex Property Trust from $232.00 to $269.00 and gave the stock an “equal weight” rating in a research report on Friday, May 31st. Morgan Stanley boosted their target price on shares of Essex Property Trust from $230.00 to $250.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 14th. JPMorgan Chase & Co. boosted their target price on shares of Essex Property Trust from $244.00 to $265.00 and gave the stock a “neutral” rating in a research report on Monday, June 17th. Evercore ISI boosted their target price on shares of Essex Property Trust from $254.00 to $260.00 and gave the stock an “in-line” rating in a research report on Tuesday. Finally, Mizuho upped their price objective on shares of Essex Property Trust from $250.00 to $266.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th.

Get Our Latest Report on ESS

Insider Activity

In other news, CEO Angela L. Kleiman sold 3,780 shares of the stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $278.27, for a total transaction of $1,051,860.60. Following the completion of the transaction, the chief executive officer now directly owns 9,494 shares of the company’s stock, valued at approximately $2,641,895.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Keith R. Guericke sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $274.57, for a total transaction of $2,745,700.00. Following the sale, the director now directly owns 16,118 shares in the company, valued at approximately $4,425,519.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Angela L. Kleiman sold 3,780 shares of the company’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $278.27, for a total transaction of $1,051,860.60. Following the sale, the chief executive officer now owns 9,494 shares in the company, valued at $2,641,895.38. The disclosure for this sale can be found here. Insiders own 3.90% of the company’s stock.

Institutional Trading of Essex Property Trust

A number of institutional investors have recently modified their holdings of ESS. Norges Bank purchased a new stake in Essex Property Trust in the 4th quarter worth approximately $675,183,000. Cohen & Steers Inc. lifted its stake in Essex Property Trust by 31.2% in the 4th quarter. Cohen & Steers Inc. now owns 3,072,004 shares of the real estate investment trust’s stock worth $761,760,000 after purchasing an additional 730,141 shares in the last quarter. Daiwa Securities Group Inc. lifted its stake in Essex Property Trust by 86.5% in the 1st quarter. Daiwa Securities Group Inc. now owns 997,792 shares of the real estate investment trust’s stock worth $244,269,000 after purchasing an additional 462,828 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in Essex Property Trust by 119.3% in the 4th quarter. Russell Investments Group Ltd. now owns 412,721 shares of the real estate investment trust’s stock worth $102,602,000 after purchasing an additional 224,554 shares in the last quarter. Finally, Wellington Management Group LLP lifted its stake in Essex Property Trust by 5,069.7% in the 3rd quarter. Wellington Management Group LLP now owns 208,651 shares of the real estate investment trust’s stock worth $44,253,000 after purchasing an additional 204,615 shares in the last quarter. 96.51% of the stock is currently owned by hedge funds and other institutional investors.

Essex Property Trust Trading Up 1.1 %

NYSE:ESS opened at $276.21 on Wednesday. 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 firm has a 50-day moving average of $266.50 and a 200-day moving average of $249.00. The company has a market cap of $17.74 billion, a PE ratio of 33.77, a PEG ratio of 3.82 and a beta of 0.86. Essex Property Trust has a one year low of $203.85 and a one year high of $284.77.

Essex Property Trust Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 24th. Stockholders of record on Friday, June 28th will be given a dividend of $2.45 per share. This represents a $9.80 dividend on an annualized basis and a dividend yield of 3.55%. The ex-dividend date is Friday, June 28th. Essex Property Trust’s dividend payout ratio is currently 119.80%.

About Essex Property Trust

(Get Free Report

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.

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Analyst Recommendations for Essex Property Trust (NYSE:ESS)

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