Essex Property Trust's (ESS) "Overweight" Rating Reiterated at Piper Sandler

Piper Sandler reaffirmed their overweight rating on shares of Essex Property Trust (NYSE:ESS - Free Report) in a research note released on Friday, Benzinga reports. They currently have a $315.00 price target on the real estate investment trust's stock.

A number of other research analysts also recently issued reports on the stock. Mizuho boosted their target price on shares of Essex Property Trust from $250.00 to $266.00 and gave the company a buy rating in a research report on Thursday, May 30th. Wells Fargo & Company boosted their target price on shares of Essex Property Trust from $232.00 to $269.00 and gave the company an equal weight rating in a research note on Friday, May 31st. JPMorgan Chase & Co. raised their price target on shares of Essex Property Trust from $244.00 to $265.00 and gave the company a neutral rating in a research report on Monday, June 17th. Stifel Nicolaus upped their price objective on shares of Essex Property Trust from $239.50 to $243.50 and gave the stock a hold rating in a research report on Wednesday, May 1st. Finally, Truist Financial raised their target price on Essex Property Trust from $255.00 to $282.00 and gave the company a hold rating in a research report on Monday. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Essex Property Trust has an average rating of Hold and an average target price of $258.63.

Essex Property Trust Stock Performance

Shares of NYSE:ESS traded down $1.27 during trading on Friday, hitting $272.11. The stock had a trading volume of 649,451 shares, compared to its average volume of 383,296. The company has a quick ratio of 3.19, a current ratio of 3.19 and a debt-to-equity ratio of 1.14. Essex Property Trust has a 12-month low of $203.85 and a 12-month high of $284.77. The stock has a market capitalization of $17.47 billion, a price-to-earnings ratio of 33.27, a price-to-earnings-growth ratio of 3.82 and a beta of 0.84. The stock has a 50-day simple moving average of $262.73 and a two-hundred day simple moving average of $247.43.

Essex Property Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 24th. Shareholders of record on Friday, June 28th will be paid a $2.45 dividend. This represents a $9.80 dividend on an annualized basis and a yield of 3.60%. The ex-dividend date of this dividend is Friday, June 28th. Essex Property Trust's dividend payout ratio (DPR) is 119.80%.

Insider Activity

In related news, Director Keith R. Guericke sold 10,000 shares of Essex Property Trust stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $274.57, for a total transaction of $2,745,700.00. Following the transaction, the director now owns 16,118 shares in the company, valued at $4,425,519.26. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO Angela L. Kleiman sold 3,780 shares of the firm's stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $278.27, for a total transaction of $1,051,860.60. Following the completion of the sale, the chief executive officer now owns 9,494 shares in the company, valued at approximately $2,641,895.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Keith R. Guericke sold 10,000 shares of the company's stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $274.57, for a total value of $2,745,700.00. Following the completion of the transaction, the director now owns 16,118 shares in the company, valued at $4,425,519.26. The disclosure for this sale can be found here. Company insiders own 3.80% of the company's stock.

Institutional Investors Weigh In On Essex Property Trust

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Lindbrook Capital LLC raised its holdings in Essex Property Trust by 111.5% in the 4th quarter. Lindbrook Capital LLC now owns 110 shares of the real estate investment trust's stock valued at $27,000 after buying an additional 58 shares during the period. Venturi Wealth Management LLC boosted its position in shares of Essex Property Trust by 112.3% during the 1st quarter. Venturi Wealth Management LLC now owns 138 shares of the real estate investment trust's stock worth $34,000 after purchasing an additional 73 shares during the period. Vima LLC acquired a new stake in Essex Property Trust in the 4th quarter valued at approximately $40,000. Bruce G. Allen Investments LLC purchased a new stake in Essex Property Trust in the fourth quarter valued at approximately $41,000. Finally, Bear Mountain Capital Inc. acquired a new position in Essex Property Trust during the fourth quarter worth $55,000. 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.