SunTrust Banks, Inc. reissued their hold rating on shares of Essex Property Trust, Inc. (NYSE:ESS) in a research report sent to investors on Friday, November 3rd. The firm currently has a $270.00 price target on the real estate investment trust’s stock.
Other equities analysts have also recently issued reports about the company. Royal Bank Of Canada restated a buy rating and set a $267.00 price objective on shares of Essex Property Trust in a research note on Sunday, July 16th. Zacks Investment Research upgraded Essex Property Trust from a hold rating to a buy rating and set a $283.00 price objective on the stock in a research note on Tuesday, July 11th. Cantor Fitzgerald reaffirmed a buy rating and issued a $278.00 target price on shares of Essex Property Trust in a research report on Thursday, July 27th. Stifel Nicolaus began coverage on Essex Property Trust in a research report on Friday, September 1st. They issued a buy rating and a $294.00 target price on the stock. Finally, Robert W. Baird reaffirmed a buy rating and issued a $273.00 target price on shares of Essex Property Trust in a research report on Tuesday, September 12th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Essex Property Trust currently has a consensus rating of Hold and a consensus target price of $266.87.
Essex Property Trust (NYSE ESS) opened at $256.38 on Friday. Essex Property Trust has a one year low of $208.92 and a one year high of $270.04. The company has a market capitalization of $16,930.57, a P/E ratio of 21.91, a PEG ratio of 3.63 and a beta of 0.54. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.83 and a current ratio of 0.83.
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The business also recently disclosed a quarterly dividend, which was paid on Monday, October 16th. Investors of record on Friday, September 29th were paid a $1.75 dividend. This represents a $7.00 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date was Thursday, September 28th. Essex Property Trust’s payout ratio is 87.61%.
In other news, Director Byron A. Scordelis sold 6,265 shares of Essex Property Trust stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $267.39, for a total transaction of $1,675,198.35. Following the sale, the director now owns 4,986 shares of the company’s stock, valued at approximately $1,333,206.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael J. Schall sold 333 shares of the business’s stock in a transaction on Tuesday, October 10th. The shares were sold at an average price of $257.92, for a total value of $85,887.36. Following the completion of the sale, the chief executive officer now directly owns 45,096 shares in the company, valued at approximately $11,631,160.32. The disclosure for this sale can be found here. Insiders sold a total of 10,480 shares of company stock worth $2,774,961 over the last three months. 3.30% of the stock is owned by company insiders.
A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Essex Property Trust by 0.8% in the 2nd quarter. Vanguard Group Inc. now owns 11,496,906 shares of the real estate investment trust’s stock valued at $2,957,809,000 after buying an additional 92,531 shares in the last quarter. BlackRock Inc. boosted its stake in Essex Property Trust by 1.5% in the second quarter. BlackRock Inc. now owns 6,573,361 shares of the real estate investment trust’s stock worth $1,691,128,000 after purchasing an additional 94,331 shares in the last quarter. State Street Corp boosted its stake in Essex Property Trust by 0.7% in the second quarter. State Street Corp now owns 4,744,926 shares of the real estate investment trust’s stock worth $1,220,731,000 after purchasing an additional 30,726 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Essex Property Trust by 3.6% in the third quarter. Principal Financial Group Inc. now owns 2,328,165 shares of the real estate investment trust’s stock worth $591,424,000 after purchasing an additional 80,573 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Essex Property Trust by 38.3% in the second quarter. Bank of New York Mellon Corp now owns 1,488,052 shares of the real estate investment trust’s stock worth $382,832,000 after purchasing an additional 412,316 shares in the last quarter. 98.45% of the stock is currently owned by institutional investors and hedge funds.
About Essex Property Trust
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.
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