Essex Property Trust (NYSE:ESS) PT Lowered to $225.00 at Stifel Nicolaus

Essex Property Trust (NYSE:ESS) had its price target lowered by Stifel Nicolaus from $226.00 to $225.00 in a research report released on Friday, Benzinga reports. Stifel Nicolaus currently has a hold rating on the real estate investment trust’s stock.

Several other equities analysts also recently weighed in on ESS. Wedbush initiated coverage on Essex Property Trust in a research note on Tuesday, October 3rd. They issued a neutral rating and a $225.00 price objective for the company. BMO Capital Markets raised Essex Property Trust from an underperform rating to a market perform rating and cut their price objective for the company from $235.00 to $225.00 in a research report on Thursday, November 9th. StockNews.com initiated coverage on shares of Essex Property Trust in a research note on Thursday, October 5th. They set a hold rating on the stock. Royal Bank of Canada lowered their price target on shares of Essex Property Trust from $241.00 to $235.00 and set an outperform rating for the company in a report on Monday, October 30th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Essex Property Trust from $252.00 to $268.00 and gave the stock a neutral rating in a report on Monday, August 21st. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Essex Property Trust has a consensus rating of Hold and an average price target of $238.44.

Essex Property Trust Price Performance

Shares of NYSE:ESS opened at $213.05 on Friday. The company has a quick ratio of 2.63, a current ratio of 2.63 and a debt-to-equity ratio of 1.09. Essex Property Trust has a 52 week low of $195.03 and a 52 week high of $248.80. The company has a market cap of $13.67 billion, a P/E ratio of 26.14, a PEG ratio of 2.49 and a beta of 0.82. The company has a 50-day moving average price of $214.64 and a 200 day moving average price of $225.56.

Essex Property Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 13th. Investors of record on Friday, September 29th were given a dividend of $2.31 per share. The ex-dividend date was Thursday, September 28th. This represents a $9.24 dividend on an annualized basis and a yield of 4.34%. Essex Property Trust’s payout ratio is 113.37%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Jacobs Levy Equity Management Inc. lifted its stake in Essex Property Trust by 47.6% in the third quarter. Jacobs Levy Equity Management Inc. now owns 11,772 shares of the real estate investment trust’s stock valued at $2,497,000 after acquiring an additional 3,796 shares during the last quarter. Revisor Wealth Management LLC acquired a new stake in shares of Essex Property Trust in the 3rd quarter valued at $264,000. Public Employees Retirement System of Ohio boosted its holdings in Essex Property Trust by 3.5% in the third quarter. Public Employees Retirement System of Ohio now owns 118,104 shares of the real estate investment trust’s stock worth $25,049,000 after purchasing an additional 3,947 shares in the last quarter. Morgan Stanley increased its position in Essex Property Trust by 11.3% during the third quarter. Morgan Stanley now owns 794,130 shares of the real estate investment trust’s stock worth $168,427,000 after buying an additional 80,431 shares during the last quarter. Finally, Integrated Wealth Concepts LLC raised its holdings in Essex Property Trust by 3.2% during the third quarter. Integrated Wealth Concepts LLC now owns 3,956 shares of the real estate investment trust’s stock valued at $839,000 after buying an additional 123 shares in the last quarter. 92.93% of the stock is owned by institutional investors and hedge funds.

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.