Essex Property Trust (ESS) Raised to Overweight at Mitsubishi UFJ Financial Group

Mitsubishi UFJ Financial Group upgraded shares of Essex Property Trust (NYSE:ESS) from a neutral rating to an overweight rating in a report released on Wednesday morning.

Other research analysts have also recently issued reports about the company. Zacks Investment Research upgraded Essex Property Trust from a hold rating to a buy rating and set a $289.00 price objective for the company in a research note on Tuesday, October 10th. Cantor Fitzgerald restated a buy rating and issued a $280.00 price objective on shares of Essex Property Trust in a research note on Wednesday, September 13th. Robert W. Baird restated a buy rating and issued a $273.00 price objective on shares of Essex Property Trust in a research note on Tuesday, September 12th. Royal Bank of Canada restated a buy rating on shares of Essex Property Trust in a research note on Sunday, November 12th. Finally, Barclays restated a buy rating and issued a $283.00 price objective on shares of Essex Property Trust in a research note on Thursday, October 19th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $271.06.

Essex Property Trust (ESS) opened at $239.37 on Wednesday. Essex Property Trust has a 12 month low of $218.41 and a 12 month high of $270.04. The stock has a market capitalization of $15,750.00, a PE ratio of 30.00, a PEG ratio of 3.13 and a beta of 0.50. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.88.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Friday, December 29th will be issued a dividend of $1.75 per share. This represents a $7.00 annualized dividend and a yield of 2.92%. The ex-dividend date is Thursday, December 28th. Essex Property Trust’s dividend payout ratio (DPR) is 87.72%.

In other Essex Property Trust news, insider Craig K. Zimmerman sold 1,001 shares of the firm’s stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $247.24, for a total value of $247,487.24. Following the sale, the insider now directly owns 11,284 shares of the company’s stock, valued at $2,789,856.16. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Angela L. Kleiman sold 600 shares of the firm’s stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $247.16, for a total value of $148,296.00. Following the completion of the sale, the chief financial officer now directly owns 7,777 shares in the company, valued at $1,922,163.32. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,269 shares of company stock worth $2,558,882. 3.30% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Parametric Portfolio Associates LLC grew its holdings in Essex Property Trust by 8.2% in the third quarter. Parametric Portfolio Associates LLC now owns 138,279 shares of the real estate investment trust’s stock valued at $35,127,000 after purchasing an additional 10,465 shares during the period. Public Employees Retirement System of Ohio grew its holdings in Essex Property Trust by 2.1% in the third quarter. Public Employees Retirement System of Ohio now owns 102,825 shares of the real estate investment trust’s stock valued at $26,121,000 after purchasing an additional 2,072 shares during the period. GSA Capital Partners LLP acquired a new stake in Essex Property Trust in the third quarter valued at approximately $1,696,000. IFM Investors Pty Ltd acquired a new stake in Essex Property Trust in the third quarter valued at approximately $474,000. Finally, Neuberger Berman Group LLC grew its holdings in Essex Property Trust by 11.1% in the third quarter. Neuberger Berman Group LLC now owns 120,213 shares of the real estate investment trust’s stock valued at $30,538,000 after purchasing an additional 12,056 shares during the period. 97.14% of the stock is currently owned by institutional investors.

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Essex Property Trust Company Profile

Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust. The Company is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of predominantly apartment communities, located along the West Coast. Its segments include Southern California, Northern California, Seattle Metro and Other real estate assets.

Analyst Recommendations for Essex Property Trust (NYSE:ESS)

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