Evercore ISI Boosts Essex Property Trust (NYSE:ESS) Price Target to $287.00

Essex Property Trust (NYSE:ESS) had its target price hoisted by Evercore ISI from $283.00 to $287.00 in a research note released on Monday, Benzinga reports. The firm currently has an in-line rating on the real estate investment trust’s stock.

A number of other equities analysts have also recently weighed in on the company. Truist Financial upped their price target on Essex Property Trust from $282.00 to $294.00 and gave the stock a hold rating in a report on Tuesday, August 27th. Wells Fargo & Company increased their target price on Essex Property Trust from $269.00 to $314.00 and gave the company an equal weight rating in a research note on Monday, August 26th. JPMorgan Chase & Co. increased their target price on Essex Property Trust from $265.00 to $297.00 and gave the company a neutral rating in a research note on Monday. Royal Bank of Canada increased their target price on Essex Property Trust from $284.00 to $288.00 and gave the company an outperform rating in a research note on Thursday, August 1st. Finally, The Goldman Sachs Group assumed coverage on Essex Property Trust in a research note on Wednesday, September 4th. They set a neutral rating and a $318.00 target price for the company. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Hold and an average target price of $291.10.

Essex Property Trust Stock Down 0.0 %

NYSE ESS opened at $312.00 on Monday. The stock has a market cap of $20.03 billion, a PE ratio of 38.14, a P/E/G ratio of 4.41 and a beta of 0.88. Essex Property Trust has a fifty-two week low of $203.85 and a fifty-two week high of $317.73. The business has a 50 day moving average price of $290.87 and a two-hundred day moving average price of $267.61. The company has a quick ratio of 1.62, 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 results on Tuesday, July 30th. The real estate investment trust reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $3.85 by ($2.40). The company had revenue of $442.36 million during the quarter, compared to analysts’ expectations of $433.26 million. Essex Property Trust had a return on equity of 9.14% and a net margin of 30.31%. During the same quarter in the prior year, the company earned $3.77 EPS. As a group, sell-side analysts predict that Essex Property Trust will post 15.53 EPS for the current fiscal year.

Essex Property Trust Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be given a $2.45 dividend. This represents a $9.80 annualized dividend and a yield of 3.14%. The ex-dividend date is Monday, September 30th. Essex Property Trust’s dividend payout ratio is presently 119.80%.

Insiders Place Their Bets

In other news, CEO Angela L. Kleiman sold 3,780 shares of the stock in a transaction 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 transaction, the chief executive officer now owns 9,494 shares of the company’s stock, valued at $2,641,895.38. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Angela L. Kleiman sold 3,780 shares of the stock in a transaction 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 transaction, the chief executive officer now owns 9,494 shares of the company’s stock, valued at $2,641,895.38. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Anne Morrison sold 2,571 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $314.79, for a total value of $809,325.09. Following the completion of the transaction, the chief accounting officer now directly owns 2,321 shares of the company’s stock, valued at approximately $730,627.59. The disclosure for this sale can be found here. Insiders have sold 16,884 shares of company stock valued at $5,143,094 over the last three months. Company insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. State Board of Administration of Florida Retirement System boosted its stake in Essex Property Trust by 2.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 81,456 shares of the real estate investment trust’s stock valued at $19,941,000 after buying an additional 2,083 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in Essex Property Trust by 8.7% during the first quarter. Canada Pension Plan Investment Board now owns 225,045 shares of the real estate investment trust’s stock valued at $55,093,000 after buying an additional 18,000 shares in the last quarter. Mizuho Markets Americas LLC boosted its stake in Essex Property Trust by 107.9% during the first quarter. Mizuho Markets Americas LLC now owns 43,802 shares of the real estate investment trust’s stock valued at $10,723,000 after buying an additional 22,736 shares in the last quarter. Franklin Resources Inc. boosted its stake in Essex Property Trust by 10.5% during the fourth quarter. Franklin Resources Inc. now owns 62,067 shares of the real estate investment trust’s stock valued at $15,389,000 after buying an additional 5,887 shares in the last quarter. Finally, ORG Partners LLC bought a new position in Essex Property Trust during the second quarter valued at about $743,000. Institutional investors 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.