Essex Property Trust (NYSE:ESS) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Essex Property Trust (NYSE:ESS) from a sell rating to a hold rating in a report released on Wednesday.

A number of other research analysts have also recently issued reports on ESS. Piper Sandler reissued an overweight rating and issued a $291.00 price objective on shares of Essex Property Trust in a research note on Tuesday, March 26th. Royal Bank of Canada boosted their price target on Essex Property Trust from $237.00 to $239.00 and gave the stock an outperform rating in a report on Thursday, February 8th. Deutsche Bank Aktiengesellschaft started coverage on Essex Property Trust in a research note on Tuesday, January 30th. They issued a hold rating and a $240.00 price objective on the stock. Truist Financial lowered their target price on Essex Property Trust from $259.00 to $255.00 and set a hold rating for the company in a research note on Tuesday, April 9th. Finally, Bank of America raised shares of Essex Property Trust from a neutral rating to a buy rating and increased their target price for the stock from $250.00 to $275.00 in a report on Monday, April 1st. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Essex Property Trust has a consensus rating of Hold and an average price target of $247.24.

Essex Property Trust Price Performance

ESS stock opened at $250.21 on Wednesday. The company’s 50-day moving average price is $239.92 and its two-hundred day moving average price is $232.56. The firm has a market cap of $16.07 billion, a P/E ratio of 30.59, a P/E/G ratio of 3.67 and a beta of 0.79. The company has a quick ratio of 3.26, 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 $253.53.

Essex Property Trust Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were given a $2.45 dividend. This represents a $9.80 dividend on an annualized basis and a dividend yield of 3.92%. The ex-dividend date of this dividend was Wednesday, March 27th. This is a positive change from Essex Property Trust’s previous quarterly dividend of $2.31. Essex Property Trust’s payout ratio is 119.80%.

Hedge Funds Weigh In On Essex Property Trust

A number of hedge funds have recently made changes to their positions in ESS. Cambridge Investment Research Advisors Inc. increased its position in Essex Property Trust by 12.9% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 2,099 shares of the real estate investment trust’s stock valued at $445,000 after purchasing an additional 240 shares during the period. Robeco Institutional Asset Management B.V. raised its stake in Essex Property Trust by 173.9% during the third quarter. Robeco Institutional Asset Management B.V. now owns 135,008 shares of the real estate investment trust’s stock worth $28,634,000 after buying an additional 85,725 shares during the last quarter. Xponance Inc. lifted its holdings in Essex Property Trust by 4.0% in the third quarter. Xponance Inc. now owns 9,195 shares of the real estate investment trust’s stock valued at $1,950,000 after buying an additional 353 shares during the period. Stratos Wealth Partners LTD. boosted its position in Essex Property Trust by 5.2% during the third quarter. Stratos Wealth Partners LTD. now owns 1,265 shares of the real estate investment trust’s stock valued at $268,000 after acquiring an additional 63 shares during the last quarter. Finally, Independent Advisor Alliance grew its holdings in Essex Property Trust by 2.9% during the 3rd quarter. Independent Advisor Alliance now owns 2,874 shares of the real estate investment trust’s stock worth $610,000 after acquiring an additional 82 shares during the period. 96.51% of the stock is currently owned by institutional investors.

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.