Essex Property Trust (NYSE:ESS) Given New $304.00 Price Target at Truist Financial

Essex Property Trust (NYSE:ESS) had its target price lifted by Truist Financial from $292.00 to $304.00 in a report released on Monday morning,Benzinga reports. They currently have a hold rating on the real estate investment trust’s stock.

Several other equities analysts have also commented on ESS. Deutsche Bank Aktiengesellschaft raised shares of Essex Property Trust from a “hold” rating to a “buy” rating and increased their price objective for the company from $308.00 to $310.00 in a research report on Tuesday, January 21st. Mizuho decreased their price target on shares of Essex Property Trust from $325.00 to $300.00 and set an “outperform” rating for the company in a report on Monday, January 6th. JMP Securities reissued a “market perform” rating on shares of Essex Property Trust in a report on Thursday, February 6th. Evercore ISI raised their target price on Essex Property Trust from $297.00 to $302.00 and gave the stock an “in-line” rating in a research note on Monday, February 10th. Finally, Royal Bank of Canada boosted their price target on Essex Property Trust from $302.00 to $315.00 and gave the company an “outperform” rating in a research note on Thursday, February 6th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $307.16.

Essex Property Trust Price Performance

Shares of ESS opened at $299.05 on Monday. The company has a 50 day moving average of $288.82 and a two-hundred day moving average of $294.66. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.15. Essex Property Trust has a twelve month low of $230.90 and a twelve month high of $317.73. The company has a market cap of $19.24 billion, a price-to-earnings ratio of 25.91, a price-to-earnings-growth ratio of 6.84 and a beta of 0.90.

Essex Property Trust (NYSE:ESS) last posted its quarterly earnings data on Tuesday, February 4th. The real estate investment trust reported $3.92 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $2.52. Essex Property Trust had a return on equity of 13.05% and a net margin of 41.79%. As a group, analysts predict that Essex Property Trust will post 15.96 earnings per share for the current fiscal year.

Essex Property Trust Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a $2.57 dividend. This is a boost from Essex Property Trust’s previous quarterly dividend of $2.45. The ex-dividend date is Monday, March 31st. This represents a $10.28 dividend on an annualized basis and a yield of 3.44%. Essex Property Trust’s dividend payout ratio is presently 89.08%.

Insiders Place Their Bets

In other Essex Property Trust news, Director Keith R. Guericke sold 7,298 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $315.00, for a total transaction of $2,298,870.00. Following the transaction, the director now directly owns 16,118 shares of the company’s stock, valued at $5,077,170. This trade represents a 31.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Barbara Pak sold 6,318 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $314.79, for a total transaction of $1,988,843.22. Following the sale, the chief financial officer now directly owns 8,654 shares of the company’s stock, valued at $2,724,192.66. This represents a 42.20 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,545 shares of company stock worth $5,840,299. 3.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Essex Property Trust

Hedge funds and other institutional investors have recently made changes to their positions in the company. Nordea Investment Management AB raised its stake in Essex Property Trust by 6.7% in the 4th quarter. Nordea Investment Management AB now owns 4,675 shares of the real estate investment trust’s stock valued at $1,334,000 after purchasing an additional 294 shares during the last quarter. KBC Group NV lifted its stake in shares of Essex Property Trust by 162.7% in the third quarter. KBC Group NV now owns 74,841 shares of the real estate investment trust’s stock worth $22,109,000 after buying an additional 46,354 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of Essex Property Trust by 5.3% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 19,656 shares of the real estate investment trust’s stock worth $5,611,000 after buying an additional 986 shares in the last quarter. Quadrature Capital Ltd purchased a new position in shares of Essex Property Trust in the third quarter worth about $541,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in Essex Property Trust by 10.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,527 shares of the real estate investment trust’s stock worth $4,408,000 after acquiring an additional 1,516 shares during the last quarter. Hedge funds and other institutional investors own 96.51% 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 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.