Essex Property Trust (NYSE:ESS) Price Target Raised to $308.00

Essex Property Trust (NYSE:ESS) had its price objective increased by Deutsche Bank Aktiengesellschaft from $240.00 to $308.00 in a research report released on Tuesday morning, Benzinga reports. They currently have a hold rating on the real estate investment trust’s stock.

ESS has been the topic of a number of other reports. Mizuho lifted their price objective on shares of Essex Property Trust from $250.00 to $266.00 and gave the company a buy rating in a research note on Thursday, May 30th. Scotiabank boosted their price target on shares of Essex Property Trust from $290.00 to $309.00 and gave the stock a sector outperform rating in a research report on Monday, August 26th. Stifel Nicolaus boosted their price target on shares of Essex Property Trust from $267.00 to $268.00 and gave the stock a hold rating in a research report on Wednesday, July 31st. The Goldman Sachs Group began coverage on shares of Essex Property Trust in a research report on Wednesday, September 4th. They issued a neutral rating and a $318.00 price target on the stock. Finally, Wells Fargo & Company boosted their price target on shares of Essex Property Trust from $269.00 to $314.00 and gave the stock an equal weight rating in a research report on Monday, August 26th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $288.30.

Essex Property Trust Price Performance

Shares of NYSE ESS opened at $309.90 on Tuesday. Essex Property Trust has a fifty-two week low of $203.85 and a fifty-two week high of $310.25. The firm’s 50-day simple moving average is $287.77 and its 200 day simple moving average is $265.02. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 1.11. The stock has a market cap of $19.90 billion, a P/E ratio of 37.89, a P/E/G ratio of 4.27 and a beta of 0.88.

Essex Property Trust (NYSE:ESS) last issued its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $3.85 by ($2.40). Essex Property Trust had a net margin of 30.31% and a return on equity of 9.14%. The company had revenue of $442.36 million for the quarter, compared to the consensus estimate of $433.26 million. During the same quarter in the prior year, the firm earned $3.77 earnings per share. Equities analysts expect that Essex Property Trust will post 15.53 EPS for the current year.

Essex Property Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be paid a dividend of $2.45 per share. The ex-dividend date is Monday, September 30th. This represents a $9.80 annualized dividend and a yield of 3.16%. Essex Property Trust’s dividend payout ratio (DPR) is presently 119.80%.

Insider Buying and Selling at Essex Property Trust

In other Essex Property Trust news, Director Amal M. Johnson sold 2,453 shares of Essex Property Trust stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $300.00, for a total transaction of $735,900.00. Following the transaction, the director now owns 2,585 shares of the company’s stock, valued at approximately $775,500. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Essex Property Trust news, Director Amal M. Johnson sold 2,453 shares of Essex Property Trust stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $300.00, for a total transaction of $735,900.00. Following the transaction, the director now owns 2,585 shares of the company’s stock, valued at approximately $775,500. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Angela L. Kleiman sold 3,780 shares of Essex Property Trust 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 approximately $2,641,895.38. The disclosure for this sale can be found here. Company insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Essex Property Trust

Hedge funds have recently added to or reduced their stakes in the company. State Board of Administration of Florida Retirement System increased its holdings in Essex Property Trust by 2.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 81,456 shares of the real estate investment trust’s stock worth $19,941,000 after buying an additional 2,083 shares during the last quarter. Canada Pension Plan Investment Board increased its holdings in Essex Property Trust by 8.7% in the first quarter. Canada Pension Plan Investment Board now owns 225,045 shares of the real estate investment trust’s stock worth $55,093,000 after buying an additional 18,000 shares during the last quarter. Mizuho Markets Americas LLC increased its holdings in Essex Property Trust by 107.9% in the first quarter. Mizuho Markets Americas LLC now owns 43,802 shares of the real estate investment trust’s stock worth $10,723,000 after buying an additional 22,736 shares during the last quarter. Franklin Resources Inc. increased its holdings in Essex Property Trust by 10.5% in the fourth quarter. Franklin Resources Inc. now owns 62,067 shares of the real estate investment trust’s stock worth $15,389,000 after buying an additional 5,887 shares during the last quarter. Finally, ORG Partners LLC acquired a new position in Essex Property Trust in the second quarter worth approximately $743,000. Institutional investors and hedge funds own 96.51% of the company’s stock.

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.