Essex Property Trust, Inc. (NYSE:ESS) has received a consensus recommendation of “Hold” from the seventeen brokerages that are covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $266.45.
ESS has been the topic of several recent analyst reports. Zacks Investment Research upgraded shares of Essex Property Trust from a “sell” rating to a “hold” rating in a report on Monday, April 24th. BidaskClub upgraded shares of Essex Property Trust from a “buy” rating to a “strong-buy” rating in a report on Tuesday, June 20th. SunTrust Banks, Inc. cut shares of Essex Property Trust from a “buy” rating to a “hold” rating and set a $257.00 price target on the stock. in a report on Thursday, May 18th. They noted that the move was a valuation call. BTIG Research cut shares of Essex Property Trust from a “buy” rating to a “neutral” rating in a report on Friday, June 30th. Finally, Evercore ISI cut shares of Essex Property Trust from an “in-line” rating to an “underperform” rating and set a $261.00 target price on the stock. in a report on Monday, June 12th.
Essex Property Trust (NYSE:ESS) opened at 264.66 on Monday. The firm has a market cap of $17.46 billion, a price-to-earnings ratio of 34.03 and a beta of 0.52. Essex Property Trust has a 12 month low of $200.01 and a 12 month high of $268.97. The stock’s 50 day moving average is $260.77 and its 200-day moving average is $245.33.
Essex Property Trust (NYSE:ESS) last issued its earnings results on Thursday, July 27th. The real estate investment trust reported $2.97 EPS for the quarter, topping the consensus estimate of $2.92 by $0.05. Essex Property Trust had a net margin of 38.33% and a return on equity of 8.03%. The company had revenue of $339.06 million for the quarter, compared to the consensus estimate of $336.17 million. During the same period in the previous year, the firm earned $2.74 earnings per share. On average, analysts anticipate that Essex Property Trust will post $5.97 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Friday, June 30th were given a dividend of $1.75 per share. This represents a $7.00 annualized dividend and a dividend yield of 2.64%. The ex-dividend date of this dividend was Wednesday, June 28th. Essex Property Trust’s payout ratio is currently 89.97%.
In related news, insider Michael J. Schall sold 13,668 shares of the business’s stock in a transaction that occurred on Friday, May 12th. The stock was sold at an average price of $252.63, for a total transaction of $3,452,946.84. Following the completion of the transaction, the insider now directly owns 58,431 shares in the company, valued at approximately $14,761,423.53. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Irving F. Lyons III sold 1,024 shares of the business’s stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $254.22, for a total value of $260,321.28. Following the transaction, the director now owns 8,854 shares of the company’s stock, valued at $2,250,863.88. The disclosure for this sale can be found here. Insiders have sold a total of 19,774 shares of company stock valued at $5,015,930 in the last ninety days. Insiders own 3.30% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. increased its position in Essex Property Trust by 2,296.8% in the first quarter. BlackRock Inc. now owns 6,479,030 shares of the real estate investment trust’s stock valued at $1,500,090,000 after buying an additional 6,208,705 shares during the last quarter. Bank of Montreal Can increased its position in Essex Property Trust by 139.6% in the first quarter. Bank of Montreal Can now owns 950,717 shares of the real estate investment trust’s stock valued at $220,119,000 after buying an additional 553,947 shares during the last quarter. Bank of New York Mellon Corp increased its position in Essex Property Trust by 38.3% in the second quarter. Bank of New York Mellon Corp now owns 1,488,052 shares of the real estate investment trust’s stock valued at $382,832,000 after buying an additional 412,316 shares during the last quarter. American Century Companies Inc. acquired a new position in Essex Property Trust during the second quarter valued at $61,713,000. Finally, Vanguard Group Inc. increased its position in Essex Property Trust by 2.1% in the first quarter. Vanguard Group Inc. now owns 11,404,375 shares of the real estate investment trust’s stock valued at $2,640,455,000 after buying an additional 229,503 shares during the last quarter. Institutional investors own 98.88% of the company’s stock.
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Essex Property Trust Company Profile
Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust. The Company is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of predominantly apartment communities, located along the West Coast. Its segments include Southern California, Northern California, Seattle Metro and Other real estate assets.
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