Essex Property Trust (NYSE:ESS) Hits New 12-Month High at $363.05

Essex Property Trust, Inc. (NYSE:ESSGet Rating) reached a new 52-week high on Thursday . The company traded as high as $363.05 and last traded at $362.01, with a volume of 3383 shares. The stock had previously closed at $355.98.

A number of equities analysts have weighed in on ESS shares. KeyCorp upped their price target on Essex Property Trust from $363.00 to $371.00 and gave the stock an “overweight” rating in a report on Thursday, January 13th. StockNews.com started coverage on Essex Property Trust in a report on Thursday, March 31st. They issued a “hold” rating for the company. Barclays upped their price target on Essex Property Trust from $335.00 to $367.00 in a report on Tuesday, January 18th. Morgan Stanley upped their price target on Essex Property Trust from $335.00 to $365.00 and gave the stock an “equal weight” rating in a report on Friday, April 8th. Finally, Mizuho decreased their price target on Essex Property Trust from $382.00 to $342.00 and set a “buy” rating for the company in a report on Wednesday, February 16th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $361.27.

The company has a 50 day moving average of $338.08 and a 200-day moving average of $338.98. The stock has a market capitalization of $22.88 billion, a P/E ratio of 46.81, a PEG ratio of 4.07 and a beta of 0.76. The company has a quick ratio of 2.21, a current ratio of 2.21 and a debt-to-equity ratio of 1.02.

Essex Property Trust (NYSE:ESSGet Rating) last announced its quarterly earnings data on Wednesday, February 2nd. The real estate investment trust reported $2.10 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.24 by ($1.14). Essex Property Trust had a return on equity of 6.60% and a net margin of 33.91%. During the same period in the prior year, the firm earned $3.02 EPS. Equities analysts forecast that Essex Property Trust, Inc. will post 13.92 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 14th. Investors of record on Thursday, March 31st were paid a dividend of $2.20 per share. The ex-dividend date was Wednesday, March 30th. This is a boost from Essex Property Trust’s previous quarterly dividend of $2.09. This represents a $8.80 annualized dividend and a yield of 2.50%. Essex Property Trust’s dividend payout ratio (DPR) is 117.18%.

In other Essex Property Trust news, COO Angela L. Kleiman sold 6,309 shares of the stock in a transaction on Tuesday, March 29th. The stock was sold at an average price of $354.21, for a total value of $2,234,710.89. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Michael J. Schall sold 12,132 shares of the stock in a transaction on Tuesday, March 29th. The stock was sold at an average price of $349.19, for a total value of $4,236,373.08. The disclosure for this sale can be found here. Company insiders own 3.70% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Allworth Financial LP increased its position in Essex Property Trust by 10.0% in the first quarter. Allworth Financial LP now owns 2,423 shares of the real estate investment trust’s stock worth $837,000 after buying an additional 221 shares during the period. Truist Financial Corp increased its holdings in shares of Essex Property Trust by 3.4% during the first quarter. Truist Financial Corp now owns 18,730 shares of the real estate investment trust’s stock valued at $6,471,000 after purchasing an additional 609 shares during the period. CVA Family Office LLC increased its holdings in shares of Essex Property Trust by 400.0% during the first quarter. CVA Family Office LLC now owns 175 shares of the real estate investment trust’s stock valued at $60,000 after purchasing an additional 140 shares during the period. HighTower Trust Services LTA increased its holdings in shares of Essex Property Trust by 5.7% during the first quarter. HighTower Trust Services LTA now owns 741 shares of the real estate investment trust’s stock valued at $256,000 after purchasing an additional 40 shares during the period. Finally, Inspire Investing LLC acquired a new position in shares of Essex Property Trust during the first quarter valued at $398,000. 92.64% of the stock is currently owned by hedge funds and other institutional investors.

Essex Property Trust Company Profile (NYSE:ESS)

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 246 apartment communities comprising approximately 60,000 apartment homes with an additional 6 properties in various stages of active development.

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