Essex Property Trust, Inc. (NYSE:ESS – Get Rating) – Equities research analysts at KeyCorp increased their FY2024 earnings per share (EPS) estimates for shares of Essex Property Trust in a report issued on Monday, February 20th. KeyCorp analyst A. Wurschmidt now anticipates that the real estate investment trust will earn $15.58 per share for the year, up from their previous forecast of $15.44. KeyCorp currently has a "Overweight" rating and a $240.00 price target on the stock. The consensus estimate for Essex Property Trust's current full-year earnings is $14.90 per share.
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Other equities research analysts have also issued research reports about the company. Scotiabank cut their target price on Essex Property Trust from $235.00 to $211.00 and set an "underperform" rating on the stock in a research report on Tuesday, November 29th. Truist Financial increased their price target on Essex Property Trust from $247.00 to $250.00 and gave the stock a "buy" rating in a report on Tuesday, January 17th. UBS Group assumed coverage on Essex Property Trust in a report on Thursday, December 15th. They issued a "neutral" rating and a $226.00 price target on the stock. Bank of America lowered Essex Property Trust from a "buy" rating to a "neutral" rating and dropped their target price for the company from $265.00 to $233.00 in a report on Monday, November 14th. Finally, JPMorgan Chase & Co. lowered Essex Property Trust from an "overweight" rating to a "neutral" rating and dropped their target price for the company from $284.00 to $267.00 in a report on Friday, December 16th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, Essex Property Trust presently has an average rating of "Hold" and an average target price of $255.35.
Essex Property Trust Trading Up 0.4 %
Shares of ESS stock opened at $232.24 on Thursday. The stock has a market cap of $15.04 billion, a price-to-earnings ratio of 36.98, a PEG ratio of 2.38 and a beta of 0.75. The stock has a 50-day moving average of $221.28 and a 200-day moving average of $234.43. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 1.01. Essex Property Trust has a 1-year low of $205.24 and a 1-year high of $363.36.
Essex Property Trust Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 14th. Stockholders of record on Friday, March 31st will be paid a $2.31 dividend. This represents a $9.24 annualized dividend and a dividend yield of 3.98%. This is a positive change from Essex Property Trust's previous quarterly dividend of $2.20. Essex Property Trust's dividend payout ratio is 140.13%.
Insider Transactions at Essex Property Trust
In related news, Director Amal M. Johnson acquired 500 shares of the company's stock in a transaction on Friday, December 2nd. The stock was acquired at an average price of $218.44 per share, with a total value of $109,220.00. Following the acquisition, the director now directly owns 2,000 shares of the company's stock, valued at $436,880. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 3.70% of the stock is currently owned by company insiders.
Institutional Trading of Essex Property Trust
Several institutional investors have recently added to or reduced their stakes in ESS. Cambridge Investment Research Advisors Inc. increased its holdings in Essex Property Trust by 24.8% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 2,261 shares of the real estate investment trust's stock valued at $781,000 after buying an additional 450 shares during the period. Allianz Asset Management GmbH lifted its position in Essex Property Trust by 1.2% during the first quarter. Allianz Asset Management GmbH now owns 88,915 shares of the real estate investment trust's stock valued at $30,718,000 after purchasing an additional 1,050 shares during the period. Prudential PLC acquired a new position in Essex Property Trust during the first quarter valued at $475,000. Vanguard Group Inc. lifted its position in Essex Property Trust by 1.8% during the first quarter. Vanguard Group Inc. now owns 10,614,782 shares of the real estate investment trust's stock valued at $3,667,195,000 after purchasing an additional 184,047 shares during the period. Finally, Baird Financial Group Inc. increased its holdings in Essex Property Trust by 3.6% in the first quarter. Baird Financial Group Inc. now owns 53,635 shares of the real estate investment trust's stock valued at $18,530,000 after buying an additional 1,847 shares in the last quarter. Institutional investors own 91.76% of the company's stock.
About Essex Property Trust
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Essex Property Trust, Inc operates as a real estate investment trust. It engages in the ownership, operation, management, acquisition, development, and redevelopment of predominantly apartment communities. The company was founded by George M. Marcus in 1971 and is headquartered in San Mateo, CA.
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