Stifel Nicolaus Increases Essex Property Trust (NYSE:ESS) Price Target to $268.00

Essex Property Trust (NYSE:ESS) had its price target raised by Stifel Nicolaus from $267.00 to $268.00 in a research note published on Wednesday, Benzinga reports. Stifel Nicolaus currently has a hold rating on the real estate investment trust’s stock.

A number of other equities analysts have also weighed in on ESS. Morgan Stanley boosted their price objective on Essex Property Trust from $230.00 to $250.00 and gave the stock an equal weight rating in a research note on Tuesday, May 14th. Scotiabank upped their price objective on shares of Essex Property Trust from $283.00 to $285.00 and gave the company a sector outperform rating in a report on Friday, June 14th. Wells Fargo & Company lifted 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 note on Friday, May 31st. Evercore ISI boosted their target price on shares of Essex Property Trust from $254.00 to $260.00 and gave the company an in-line rating in a report on Tuesday, July 9th. Finally, Piper Sandler restated an overweight rating and set a $315.00 price target on shares of Essex Property Trust in a report on Friday, June 28th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of Hold and an average target price of $264.65.

Essex Property Trust Price Performance

Shares of NYSE ESS opened at $281.66 on Wednesday. The stock has a market capitalization of $18.09 billion, a price-to-earnings ratio of 34.43, a price-to-earnings-growth ratio of 3.96 and a beta of 0.86. Essex Property Trust has a 52 week low of $203.85 and a 52 week high of $292.37. The firm has a 50-day simple moving average of $274.94 and a 200-day simple moving average of $253.40. The company has a quick ratio of 3.19, a current ratio of 1.62 and a debt-to-equity ratio of 1.11.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $3.85 by ($2.40). Essex Property Trust had a net margin of 30.31% and a return on equity of 9.14%. The business had revenue of $442.36 million during the quarter, compared to analyst estimates of $433.26 million. During the same quarter in the previous year, the company posted $3.77 EPS. On average, equities analysts predict that Essex Property Trust will post 15.53 earnings per share for the current fiscal year.

Essex Property Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 24th. Shareholders of record on Friday, June 28th were issued a dividend of $2.45 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $9.80 dividend on an annualized basis and a yield of 3.48%. Essex Property Trust’s payout ratio is currently 119.80%.

Insider Activity at Essex Property Trust

In other Essex Property Trust news, CEO Angela L. Kleiman sold 3,780 shares of the firm’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $278.27, for a total transaction of $1,051,860.60. Following the transaction, the chief executive officer now owns 9,494 shares of the company’s stock, valued at $2,641,895.38. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Essex Property Trust news, CEO Angela L. Kleiman sold 3,780 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $278.27, for a total value of $1,051,860.60. Following the completion of the sale, the chief executive officer now owns 9,494 shares in the company, valued at $2,641,895.38. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Keith R. Guericke sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $274.57, for a total transaction of $2,745,700.00. Following the transaction, the director now owns 16,118 shares in the company, valued at $4,425,519.26. The disclosure for this sale can be found here. Insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Essex Property Trust

A number of institutional investors and hedge funds have recently made changes to their positions in ESS. EP Wealth Advisors LLC grew its holdings in shares of Essex Property Trust by 3.7% during the first quarter. EP Wealth Advisors LLC now owns 1,228 shares of the real estate investment trust’s stock worth $301,000 after buying an additional 44 shares during the last quarter. Cornercap Investment Counsel Inc. lifted its position in Essex Property Trust by 2.4% during the 4th quarter. Cornercap Investment Counsel Inc. now owns 1,913 shares of the real estate investment trust’s stock worth $474,000 after acquiring an additional 45 shares during the period. Commerzbank Aktiengesellschaft FI grew its stake in shares of Essex Property Trust by 1.8% in the 4th quarter. Commerzbank Aktiengesellschaft FI now owns 2,552 shares of the real estate investment trust’s stock valued at $633,000 after purchasing an additional 45 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. increased its holdings in shares of Essex Property Trust by 2.8% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 1,866 shares of the real estate investment trust’s stock valued at $463,000 after purchasing an additional 51 shares during the period. Finally, M&R Capital Management Inc. increased its holdings in shares of Essex Property Trust by 5.4% in the second quarter. M&R Capital Management Inc. now owns 1,014 shares of the real estate investment trust’s stock valued at $276,000 after purchasing an additional 52 shares during the period. 96.51% of the stock is owned by hedge funds and other institutional investors.

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.