Essex Property Trust (NYSE:ESS) Price Target Raised to $243.50 at Stifel Nicolaus

Essex Property Trust (NYSE:ESS) had its price target increased by Stifel Nicolaus from $239.50 to $243.50 in a report published on Wednesday, Benzinga reports. Stifel Nicolaus currently has a hold rating on the real estate investment trust’s stock.

Other research analysts have also issued reports about the company. StockNews.com lowered Essex Property Trust from a hold rating to a sell rating in a report on Saturday, April 13th. Barclays boosted their price target on shares of Essex Property Trust from $224.00 to $225.00 and gave the stock an underweight rating in a research report on Tuesday, February 20th. Mizuho upgraded shares of Essex Property Trust from a neutral rating to a buy rating and decreased their price objective for the company from $255.00 to $250.00 in a report on Wednesday, February 28th. Bank of America raised Essex Property Trust from a neutral rating to a buy rating and boosted their target price for the stock from $250.00 to $275.00 in a report on Monday, April 1st. Finally, Wedbush reaffirmed a neutral rating and set a $240.00 price target on shares of Essex Property Trust in a research note on Monday. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Essex Property Trust has a consensus rating of Hold and a consensus price target of $247.24.

Essex Property Trust Stock Performance

Shares of ESS stock opened at $245.25 on Wednesday. Essex Property Trust has a 12-month low of $203.85 and a 12-month high of $252.85. The company has a debt-to-equity ratio of 1.11, a current ratio of 3.26 and a quick ratio of 3.26. The firm has a market capitalization of $15.75 billion, a price-to-earnings ratio of 29.98, a price-to-earnings-growth ratio of 3.64 and a beta of 0.79. The business has a 50 day simple moving average of $239.53 and a 200 day simple moving average of $232.44.

Essex Property Trust Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were paid a dividend of $2.45 per share. This represents a $9.80 annualized dividend and a yield of 4.00%. The ex-dividend date of this dividend was Wednesday, March 27th. This is a boost from Essex Property Trust’s previous quarterly dividend of $2.31. Essex Property Trust’s payout ratio is 119.80%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Lindbrook Capital LLC increased its position in Essex Property Trust by 111.5% in the 4th quarter. Lindbrook Capital LLC now owns 110 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 58 shares during the last quarter. Venturi Wealth Management LLC increased its holdings in 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 worth $34,000 after buying an additional 73 shares during the last quarter. Vima LLC bought a new position in Essex Property Trust during the fourth quarter valued at approximately $40,000. Bruce G. Allen Investments LLC acquired a new stake in Essex Property Trust in the fourth quarter valued at approximately $41,000. Finally, Bear Mountain Capital Inc. bought a new stake in Essex Property Trust in the fourth quarter worth approximately $55,000. Institutional investors and hedge funds own 96.51% of the company’s stock.

About Essex Property Trust

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.