Essex Property Trust (NYSE:ESS) Price Target Raised to $328.00

Essex Property Trust (NYSE:ESS) had its target price boosted by Barclays from $310.00 to $328.00 in a research report released on Tuesday morning, BenzingaRatingsTable reports. Barclays currently has an overweight rating on the real estate investment trust’s stock.

A number of other analysts have also recently weighed in on ESS. Robert W. Baird cut Essex Property Trust from an outperform rating to a neutral rating and boosted their price target for the stock from $297.00 to $302.00 in a research report on Tuesday, June 18th. Morgan Stanley boosted their price target on General Mills from $49.00 to $52.00 and gave the stock an equal weight rating in a research report on Thursday, June 27th. BTIG Research boosted their price target on Talend to $62.00 and gave the stock a buy rating in a research report on Monday, March 25th. They noted that the move was a valuation call. KeyCorp boosted their price target on Terreno Realty from $49.00 to $52.00 and gave the stock an overweight rating in a research report on Wednesday, July 10th. Finally, BMO Capital Markets reaffirmed a hold rating and issued a $54.00 price target on shares of Apartment Investment and Management in a research report on Monday, March 25th. Eleven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Essex Property Trust presently has a consensus rating of Hold and an average price target of $287.57.

ESS opened at $294.90 on Tuesday. The firm has a market capitalization of $19.90 billion, a PE ratio of 23.84, a price-to-earnings-growth ratio of 4.07 and a beta of 0.36. Essex Property Trust has a 1 year low of $227.05 and a 1 year high of $308.73. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.91. The company’s fifty day moving average price is $298.20.

Essex Property Trust (NYSE:ESS) last announced its quarterly earnings results on Wednesday, April 24th. The real estate investment trust reported $3.23 earnings per share for the quarter, topping analysts’ consensus estimates of $3.19 by $0.04. Essex Property Trust had a return on equity of 6.50% and a net margin of 29.67%. The company had revenue of $356.22 million during the quarter, compared to analysts’ expectations of $353.55 million. During the same quarter in the previous year, the firm earned $3.09 earnings per share. As a group, research analysts forecast that Essex Property Trust will post 13.13 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 28th were paid a $1.95 dividend. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 2.64%. Essex Property Trust’s payout ratio is presently 62.05%.

Several institutional investors have recently bought and sold shares of the company. 6 Meridian increased its stake in shares of Essex Property Trust by 2.1% in the second quarter. 6 Meridian now owns 1,876 shares of the real estate investment trust’s stock worth $548,000 after purchasing an additional 38 shares during the period. NEXT Financial Group Inc increased its stake in shares of Essex Property Trust by 11.1% in the second quarter. NEXT Financial Group Inc now owns 441 shares of the real estate investment trust’s stock worth $129,000 after purchasing an additional 44 shares during the period. Private Ocean LLC increased its stake in shares of Essex Property Trust by 21.7% in the first quarter. Private Ocean LLC now owns 252 shares of the real estate investment trust’s stock worth $73,000 after purchasing an additional 45 shares during the period. Bronfman E.L. Rothschild L.P. increased its stake in shares of Essex Property Trust by 21.7% in the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 258 shares of the real estate investment trust’s stock worth $63,000 after purchasing an additional 46 shares during the period. Finally, Tiemann Investment Advisors LLC increased its stake in shares of Essex Property Trust by 1.2% in the first quarter. Tiemann Investment Advisors LLC now owns 4,169 shares of the real estate investment trust’s stock worth $1,206,000 after purchasing an additional 50 shares during the period. Institutional investors and hedge funds own 97.67% of the company’s stock.

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 245 apartment communities with an additional 6 properties in various stages of active development.

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Analyst Recommendations for Essex Property Trust (NYSE:ESS)

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