Essex Property Trust, Inc. (NYSE:ESS) Given Consensus Recommendation of “Hold” by Analysts

Shares of Essex Property Trust, Inc. (NYSE:ESS) have been assigned an average recommendation of “Hold” from the eighteen brokerages that are currently covering the firm, MarketBeat Ratings reports. Twelve research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $285.70.

Several research firms have recently weighed in on ESS. Weiss Ratings reissued a “hold (c+)” rating on shares of Essex Property Trust in a research note on Thursday, January 22nd. Evercore ISI reduced their target price on Essex Property Trust from $279.00 to $271.00 and set a “cautious” rating for the company in a report on Monday, November 3rd. BMO Capital Markets lowered Essex Property Trust from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $305.00 to $280.00 in a research report on Friday, January 9th. Barclays restated a “positive” rating and set a $292.00 price objective on shares of Essex Property Trust in a report on Tuesday, January 13th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $290.00 price objective on shares of Essex Property Trust in a research note on Monday, January 5th.

Hedge Funds Weigh In On Essex Property Trust

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Richardson Financial Services Inc. lifted its holdings in shares of Essex Property Trust by 300.0% in the second quarter. Richardson Financial Services Inc. now owns 100 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 75 shares in the last quarter. Hantz Financial Services Inc. grew its stake in Essex Property Trust by 57.5% during the 3rd quarter. Hantz Financial Services Inc. now owns 115 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 42 shares in the last quarter. Princeton Global Asset Management LLC purchased a new stake in shares of Essex Property Trust in the second quarter worth approximately $34,000. Tobam boosted its holdings in shares of Essex Property Trust by 167.3% during the second quarter. Tobam now owns 131 shares of the real estate investment trust’s stock worth $37,000 after purchasing an additional 82 shares during the period. Finally, Trust Co. of Toledo NA OH acquired a new position in Essex Property Trust in the 2nd quarter valued at approximately $44,000. 96.51% of the stock is currently owned by hedge funds and other institutional investors.

Essex Property Trust Price Performance

NYSE:ESS opened at $245.36 on Thursday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 1.15. The business’s 50-day moving average price is $257.32 and its 200 day moving average price is $262.00. Essex Property Trust has a 52-week low of $243.25 and a 52-week high of $316.29. The firm has a market cap of $15.80 billion, a P/E ratio of 18.64, a PEG ratio of 6.00 and a beta of 0.73.

Essex Property Trust (NYSE:ESS) last released its earnings results on Wednesday, October 29th. The real estate investment trust reported $3.97 EPS for the quarter, topping analysts’ consensus estimates of $3.96 by $0.01. The business had revenue of $473.30 million for the quarter, compared to the consensus estimate of $472.11 million. Essex Property Trust had a net margin of 45.46% and a return on equity of 14.68%. During the same period in the previous year, the firm earned $3.91 EPS. As a group, sell-side analysts predict that Essex Property Trust will post 15.96 earnings per share for the current fiscal year.

Essex Property Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Friday, January 2nd were given a $2.57 dividend. This represents a $10.28 annualized dividend and a dividend yield of 4.2%. The ex-dividend date was Friday, January 2nd. Essex Property Trust’s dividend payout ratio is 78.12%.

About Essex Property Trust

Essex Property Trust, Inc (NYSE: ESS) is a publicly traded real estate investment trust that acquires, develops, owns and operates multifamily residential properties. The company focuses on market-rate apartment communities and delivers a full suite of property services including leasing, resident services, asset management, and capital improvement programs designed to preserve and enhance long‑term property values.

Essex concentrates its portfolio in West Coast markets, with a significant presence in California and the Pacific Northwest.