Evercore ISI Boosts Essex Property Trust (NYSE:ESS) Price Target to $260.00

Essex Property Trust (NYSE:ESS) had its price target hoisted by Evercore ISI from $254.00 to $260.00 in a report published on Tuesday morning, Benzinga reports. The firm currently has an in-line rating on the real estate investment trust’s stock.

Several other research analysts have also recently weighed in on ESS. Wedbush upped their price target on shares of Essex Property Trust from $240.00 to $264.00 and gave the company a neutral rating in a report on Monday, May 6th. Morgan Stanley boosted their price objective on shares of Essex Property Trust from $230.00 to $250.00 and gave the stock an equal weight rating in a research report on Tuesday, May 14th. UBS Group boosted their price objective on shares of Essex Property Trust from $250.00 to $261.00 and gave the stock a neutral rating in a research report on Tuesday, May 14th. Piper Sandler reissued an overweight rating and issued a $315.00 price objective on shares of Essex Property Trust in a research report on Friday, June 28th. Finally, Stifel Nicolaus boosted 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. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Essex Property Trust presently has an average rating of Hold and a consensus target price of $261.05.

Essex Property Trust Stock Up 0.7 %

Essex Property Trust stock opened at $278.41 on Tuesday. The stock has a market capitalization of $17.88 billion, a PE ratio of 34.04, a price-to-earnings-growth ratio of 3.82 and a beta of 0.86. Essex Property Trust has a twelve month low of $203.85 and a twelve month high of $284.77. The company has a quick ratio of 3.19, a current ratio of 3.19 and a debt-to-equity ratio of 1.14. The company has a 50 day moving average of $267.69 and a 200-day moving average of $249.40.

Essex Property Trust Announces Dividend

The business 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 $2.45 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $9.80 annualized dividend and a dividend yield of 3.52%. Essex Property Trust’s dividend payout ratio is currently 119.80%.

Insider Buying and Selling at Essex Property Trust

In other Essex Property Trust news, Director Keith R. Guericke sold 10,000 shares of the company’s stock in a transaction 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 transaction, the director now directly owns 16,118 shares in the company, valued at $4,425,519.26. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Angela L. Kleiman sold 3,780 shares of the company’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $278.27, for a total value of $1,051,860.60. Following the transaction, the chief executive officer now directly owns 9,494 shares in the company, valued at $2,641,895.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Keith R. Guericke sold 10,000 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $274.57, for a total transaction 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. Corporate insiders own 3.90% of the company’s stock.

Hedge Funds Weigh In On Essex Property Trust

Several institutional investors and hedge funds have recently modified their holdings of ESS. Lindbrook Capital LLC grew its stake in shares of Essex Property Trust by 111.5% in the fourth quarter. Lindbrook Capital LLC now owns 110 shares of the real estate investment trust’s stock valued at $27,000 after acquiring an additional 58 shares in the last quarter. Venturi Wealth Management LLC grew its stake in Essex Property Trust by 112.3% during the first quarter. Venturi Wealth Management LLC now owns 138 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 73 shares in the last quarter. Vima LLC acquired a new stake in Essex Property Trust during the fourth quarter worth about $40,000. Bruce G. Allen Investments LLC acquired a new stake in Essex Property Trust during the fourth quarter worth about $41,000. Finally, Bear Mountain Capital Inc. acquired a new stake in Essex Property Trust during the fourth quarter worth about $55,000. 96.51% of the stock is currently owned by institutional investors and hedge funds.

About Essex Property Trust

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.