Analysts Set Essex Property Trust, Inc. (NYSE:ESS) Price Target at $306.63

Essex Property Trust, Inc. (NYSE:ESS - Get Free Report) has earned an average recommendation of "Hold" from the twenty brokerages that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, twelve have assigned a hold recommendation and seven have issued a buy recommendation on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $307.16.

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. downgraded Essex Property Trust from a "neutral" rating to an "underweight" rating and lifted their price target for the stock from $297.00 to $303.00 in a research note on Tuesday, December 17th. Truist Financial lifted their target price on Essex Property Trust from $292.00 to $304.00 and gave the stock a "hold" rating in a research report on Monday. Deutsche Bank Aktiengesellschaft raised Essex Property Trust from a "hold" rating to a "buy" rating and upped their price target for the company from $308.00 to $310.00 in a research report on Tuesday, January 21st. Wells Fargo & Company decreased their price objective on shares of Essex Property Trust from $314.00 to $305.00 and set an "equal weight" rating for the company in a report on Friday, January 24th. Finally, Evercore ISI increased their target price on shares of Essex Property Trust from $297.00 to $302.00 and gave the stock an "in-line" rating in a report on Monday, February 10th.

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Insider Buying and Selling

In other Essex Property Trust news, CEO Angela L. Kleiman sold 4,929 shares of the company's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $314.99, for a total transaction of $1,552,585.71. Following the completion of the sale, the chief executive officer now directly owns 13,662 shares of the company's stock, valued at approximately $4,303,393.38. This represents a 26.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Keith R. Guericke sold 7,298 shares of Essex Property Trust stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $315.00, for a total transaction of $2,298,870.00. Following the completion of the transaction, the director now directly owns 16,118 shares in the company, valued at approximately $5,077,170. This trade represents a 31.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,545 shares of company stock worth $5,840,299. Corporate insiders own 3.80% of the company's stock.

Institutional Trading of Essex Property Trust

Large investors have recently added to or reduced their stakes in the company. Siemens Fonds Invest GmbH raised its position in Essex Property Trust by 355.4% during the fourth quarter. Siemens Fonds Invest GmbH now owns 3,197 shares of the real estate investment trust's stock valued at $913,000 after buying an additional 2,495 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Essex Property Trust during the 4th quarter valued at about $33,992,000. Employees Retirement System of Texas increased its holdings in shares of Essex Property Trust by 112.4% in the 4th quarter. Employees Retirement System of Texas now owns 41,000 shares of the real estate investment trust's stock valued at $11,703,000 after purchasing an additional 21,700 shares during the period. Yoffe Investment Management LLC purchased a new stake in shares of Essex Property Trust in the fourth quarter worth approximately $358,000. Finally, Ameriflex Group Inc. acquired a new stake in shares of Essex Property Trust during the fourth quarter worth approximately $59,000. 96.51% of the stock is owned by institutional investors and hedge funds.

Essex Property Trust Stock Down 0.9 %

ESS stock traded down $2.76 during midday trading on Monday, hitting $292.78. 350,472 shares of the company's stock were exchanged, compared to its average volume of 358,002. The stock has a market capitalization of $18.83 billion, a price-to-earnings ratio of 25.37, a price-to-earnings-growth ratio of 6.84 and a beta of 0.90. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.15. The firm has a 50 day moving average price of $289.18 and a 200-day moving average price of $294.64. Essex Property Trust has a 12-month low of $230.90 and a 12-month high of $317.73.

Essex Property Trust (NYSE:ESS - Get Free Report) last posted its quarterly earnings results on Tuesday, February 4th. The real estate investment trust reported $3.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $2.52. Essex Property Trust had a net margin of 41.79% and a return on equity of 13.05%. On average, analysts anticipate that Essex Property Trust will post 15.96 EPS for the current year.

Essex Property Trust Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $2.57 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $10.28 annualized dividend and a dividend yield of 3.51%. This is a boost from Essex Property Trust's previous quarterly dividend of $2.45. Essex Property Trust's payout ratio is currently 89.08%.

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.