Brokerages Set Essex Property Trust Inc (NYSE:ESS) PT at $293.05

Shares of Essex Property Trust Inc (NYSE:ESS) have received an average rating of “Buy” from the twenty research firms that are currently covering the firm, Marketbeat reports. Ten equities research analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $295.66.

Several equities analysts have recently weighed in on the stock. KeyCorp lifted their target price on shares of Essex Property Trust from $311.00 to $320.00 and gave the company an “overweight” rating in a report on Wednesday. Barclays lifted their target price on shares of Essex Property Trust from $310.00 to $328.00 and gave the company an “overweight” rating in a report on Tuesday, July 16th. BMO Capital Markets set a $310.00 target price on shares of Essex Property Trust and gave the company a “hold” rating in a report on Wednesday, July 24th. Stifel Nicolaus lifted their target price on shares of Essex Property Trust from $300.00 to $325.00 and gave the company a “buy” rating in a report on Friday, July 26th. Finally, Morgan Stanley lifted their target price on shares of Essex Property Trust from $292.00 to $320.00 and gave the company an “overweight” rating in a report on Thursday, June 27th.

A number of institutional investors have recently added to or reduced their stakes in the stock. 6 Meridian grew its stake in Essex Property Trust by 2.1% in the 2nd quarter. 6 Meridian now owns 1,876 shares of the real estate investment trust’s stock valued at $548,000 after acquiring an additional 38 shares during the period. World Asset Management Inc boosted its stake in Essex Property Trust by 0.9% during the 2nd quarter. World Asset Management Inc now owns 4,802 shares of the real estate investment trust’s stock worth $1,402,000 after purchasing an additional 41 shares during the last quarter. NEXT Financial Group Inc boosted its stake in Essex Property Trust by 11.1% during the 2nd quarter. NEXT Financial Group Inc now owns 441 shares of the real estate investment trust’s stock worth $129,000 after purchasing an additional 44 shares during the last quarter. Private Ocean LLC boosted its stake in Essex Property Trust by 21.7% during the 1st quarter. Private Ocean LLC now owns 252 shares of the real estate investment trust’s stock worth $73,000 after purchasing an additional 45 shares during the last quarter. Finally, Tiemann Investment Advisors LLC boosted its stake in Essex Property Trust by 1.2% during the 1st quarter. Tiemann Investment Advisors LLC now owns 4,169 shares of the real estate investment trust’s stock worth $1,206,000 after purchasing an additional 50 shares during the last quarter. 97.63% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE:ESS traded up $0.51 during trading on Tuesday, hitting $305.39. 364,765 shares of the stock traded hands, compared to its average volume of 272,054. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a market capitalization of $20.04 billion, a P/E ratio of 24.30, a price-to-earnings-growth ratio of 3.97 and a beta of 0.37. The business’s fifty day simple moving average is $300.10. Essex Property Trust has a 52-week low of $234.37 and a 52-week high of $310.54.

Essex Property Trust (NYSE:ESS) last posted its earnings results on Wednesday, July 24th. The real estate investment trust reported $1.40 earnings per share for the quarter, missing the consensus estimate of $3.26 by ($1.86). The firm had revenue of $361.64 million for the quarter, compared to analysts’ expectations of $358.15 million. Essex Property Trust had a net margin of 28.83% and a return on equity of 6.43%. During the same period last year, the firm earned $3.14 earnings per share. As a group, equities research analysts anticipate that Essex Property Trust will post 13.27 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were paid a $1.95 dividend. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $7.80 dividend on an annualized basis and a yield of 2.55%. Essex Property Trust’s dividend payout ratio is currently 62.05%.

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 245 apartment communities with an additional 6 properties in various stages of active development.

Read More: Why investors pay attention to retained earnings

Analyst Recommendations for Essex Property Trust (NYSE:ESS)

Receive News & Ratings for Essex Property Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Essex Property Trust and related companies with MarketBeat.com's FREE daily email newsletter.