Essex Property Trust, Inc. (NYSE:ESS - Get Free Report) saw strong trading volume on Friday . 251,092 shares changed hands during trading, a decline of 32% from the previous session's volume of 371,489 shares.The stock last traded at $282.62 and had previously closed at $279.01.
Analyst Upgrades and Downgrades
Several brokerages recently issued reports on ESS. Deutsche Bank Aktiengesellschaft lifted their price objective on Essex Property Trust from $240.00 to $308.00 and gave the stock a "hold" rating in a research report on Tuesday, September 10th. Evercore ISI increased their price objective on Essex Property Trust from $283.00 to $287.00 and gave the company an "in-line" rating in a research note on Monday, September 16th. Truist Financial lifted their price objective on Essex Property Trust from $282.00 to $294.00 and gave the stock a "hold" rating in a research report on Tuesday, August 27th. JPMorgan Chase & Co. lowered shares of Essex Property Trust from a "neutral" rating to an "underweight" rating and upped their target price for the company from $297.00 to $303.00 in a report on Tuesday. Finally, Wells Fargo & Company boosted their price objective on shares of Essex Property Trust from $269.00 to $314.00 and gave the company an "equal weight" rating in a research report on Monday, August 26th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Essex Property Trust presently has an average rating of "Hold" and an average target price of $302.11.
Read Our Latest Report on Essex Property Trust
Essex Property Trust Stock Performance
The stock's 50-day moving average is $298.21 and its 200-day moving average is $290.52. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.13. The stock has a market cap of $18.24 billion, a price-to-earnings ratio of 33.15, a P/E/G ratio of 5.86 and a beta of 0.90.
Essex Property Trust (NYSE:ESS - Get Free Report) last issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $1.84 EPS for the quarter, missing analysts' consensus estimates of $3.88 by ($2.04). Essex Property Trust had a net margin of 31.55% and a return on equity of 9.72%. The business had revenue of $450.70 million during the quarter, compared to analysts' expectations of $445.88 million. During the same period in the prior year, the business posted $3.78 EPS. On average, analysts expect that Essex Property Trust, Inc. will post 15.56 EPS for the current year.
Essex Property Trust Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Thursday, January 2nd will be paid a $2.45 dividend. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $9.80 dividend on an annualized basis and a dividend yield of 3.45%. Essex Property Trust's dividend payout ratio (DPR) is currently 114.49%.
Institutional Trading of Essex Property Trust
Hedge funds have recently made changes to their positions in the company. UMB Bank n.a. increased its position in shares of Essex Property Trust by 600.0% during the second quarter. UMB Bank n.a. now owns 112 shares of the real estate investment trust's stock worth $30,000 after acquiring an additional 96 shares during the last quarter. Assetmark Inc. grew its stake in Essex Property Trust by 2,400.0% during the 3rd quarter. Assetmark Inc. now owns 100 shares of the real estate investment trust's stock valued at $30,000 after purchasing an additional 96 shares in the last quarter. Family Firm Inc. purchased a new stake in Essex Property Trust during the 2nd quarter worth approximately $31,000. Brooklyn Investment Group acquired a new position in shares of Essex Property Trust in the 3rd quarter valued at approximately $39,000. Finally, Whittier Trust Co. of Nevada Inc. raised its position in shares of Essex Property Trust by 121.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 193 shares of the real estate investment trust's stock valued at $53,000 after purchasing an additional 106 shares in the last quarter. Hedge funds and other institutional investors own 96.51% of the company's stock.
About Essex Property Trust
(
Get Free Report)
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.
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