Brokerages Set Essex Property Trust, Inc. (NYSE:ESS) PT at $258.63

Essex Property Trust, Inc. (NYSE:ESS) has been given a consensus recommendation of “Hold” by the twenty brokerages that are covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $261.05.

Several research analysts have issued reports on ESS shares. Raymond James upgraded Essex Property Trust from a “market perform” rating to an “outperform” rating and set a $265.00 price objective for the company in a research report on Monday, March 18th. Mizuho upped their target price on Essex Property Trust from $250.00 to $266.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Scotiabank upped their target price on Essex Property Trust from $283.00 to $285.00 and gave the company a “sector outperform” rating in a report on Friday, June 14th. Evercore ISI upped their target price on Essex Property Trust from $254.00 to $260.00 and gave the company an “in-line” rating in a report on Tuesday. Finally, Piper Sandler reissued an “overweight” rating and issued a $315.00 target price on shares of Essex Property Trust in a report on Friday, June 28th.

Insiders Place Their Bets

In other Essex Property Trust 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 sale, the director now directly owns 16,118 shares in the company, valued at approximately $4,425,519.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Angela L. Kleiman sold 3,780 shares of Essex Property Trust stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $278.27, for a total value of $1,051,860.60. Following the completion of the transaction, 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 SEC, which is available through this hyperlink. Also, 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 value of $2,745,700.00. Following the completion of the transaction, the director now owns 16,118 shares of the company’s stock, valued at approximately $4,425,519.26. The disclosure for this sale can be found here. 3.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Lindbrook Capital LLC grew its position in shares of 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 worth $27,000 after acquiring an additional 58 shares in the last quarter. Venturi Wealth Management LLC grew its position in shares of Essex Property Trust by 112.3% in the 1st quarter. Venturi Wealth Management LLC now owns 138 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 73 shares in the last quarter. Vima LLC acquired a new position in Essex Property Trust during the 4th quarter valued at approximately $40,000. Bruce G. Allen Investments LLC acquired a new position in Essex Property Trust during the 4th quarter valued at approximately $41,000. Finally, Bear Mountain Capital Inc. acquired a new position in Essex Property Trust during the 4th quarter valued at approximately $55,000. Institutional investors and hedge funds own 96.51% of the company’s stock.

Essex Property Trust Trading Up 1.1 %

NYSE:ESS opened at $276.21 on Wednesday. The stock has a fifty day moving average price of $266.50 and a two-hundred day moving average price of $249.00. The stock has a market capitalization of $17.74 billion, a price-to-earnings ratio of 33.77, a PEG ratio of 3.82 and a beta of 0.86. The company has a debt-to-equity ratio of 1.14, a quick ratio of 3.19 and a current ratio of 3.19. Essex Property Trust has a 1 year low of $203.85 and a 1 year high of $284.77.

Essex Property Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 24th. Shareholders of record on Friday, June 28th will be issued a dividend of $2.45 per share. The ex-dividend date is Friday, June 28th. This represents a $9.80 annualized dividend and a yield of 3.55%. Essex Property Trust’s dividend payout ratio is presently 119.80%.

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.