ESS has been the topic of a number of other research reports. Zacks Investment Research upgraded shares of Essex Property Trust from a hold rating to a buy rating and set a $289.00 target price on the stock in a research report on Tuesday, October 10th. Evercore ISI raised shares of Essex Property Trust from an in-line rating to an outperform rating and set a $274.00 price target on the stock in a research note on Monday, December 11th. Robert W. Baird reaffirmed a buy rating and set a $273.00 price target on shares of Essex Property Trust in a research note on Tuesday, September 12th. Royal Bank of Canada reaffirmed a buy rating and set a $276.00 price target on shares of Essex Property Trust in a research note on Friday, October 20th. Finally, BMO Capital Markets reaffirmed a hold rating and set a $257.00 price target on shares of Essex Property Trust in a research note on Monday, November 27th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $269.41.
Shares of Essex Property Trust (NYSE:ESS) traded up $0.22 during midday trading on Wednesday, reaching $232.44. 359,000 shares of the company were exchanged, compared to its average volume of 370,688. Essex Property Trust has a 1 year low of $218.41 and a 1 year high of $270.04. The firm has a market capitalization of $15,340.00, a price-to-earnings ratio of 29.13, a P/E/G ratio of 3.09 and a beta of 0.50. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.83 and a current ratio of 0.83.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be paid a $1.75 dividend. This represents a $7.00 dividend on an annualized basis and a dividend yield of 3.01%. The ex-dividend date is Thursday, December 28th. Essex Property Trust’s dividend payout ratio is presently 87.72%.
In other news, CFO Angela L. Kleiman sold 600 shares of the firm’s stock in a transaction 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 transaction, the chief financial officer now owns 7,777 shares of the company’s stock, valued at approximately $1,922,163.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Michael J. Schall sold 4,801 shares of the firm’s stock in a transaction on Monday, December 11th. The shares were sold at an average price of $247.37, for a total transaction of $1,187,623.37. Following the completion of the transaction, the chief executive officer now directly owns 49,564 shares in the company, valued at approximately $12,260,646.68. The disclosure for this sale can be found here. In the last three months, insiders sold 9,687 shares of company stock worth $2,408,772. Insiders own 3.30% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in ESS. Tower Research Capital LLC TRC increased its stake in Essex Property Trust by 145.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 471 shares of the real estate investment trust’s stock worth $121,000 after buying an additional 279 shares during the period. Sun Life Financial INC increased its stake in Essex Property Trust by 5,900.0% during the 2nd quarter. Sun Life Financial INC now owns 480 shares of the real estate investment trust’s stock worth $123,000 after buying an additional 472 shares during the period. Breton Hill Capital Ltd. purchased a new stake in Essex Property Trust during the 3rd quarter worth $200,000. Beacon Investment Advisory Services Inc. purchased a new stake in Essex Property Trust during the 3rd quarter worth $200,000. Finally, Beaton Management Co. Inc. purchased a new stake in Essex Property Trust during the 2nd quarter worth $207,000. 97.14% of the stock is currently owned by hedge funds and other institutional investors.
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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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