Sandler O’Neill set a $250.00 target price on Essex Property Trust (NYSE:ESS) in a research report sent to investors on Friday. The firm currently has a hold rating on the real estate investment trust’s stock.
A number of other analysts have also recently commented on ESS. Raymond James Financial reaffirmed an underperform rating on shares of Essex Property Trust in a research report on Monday, January 8th. BMO Capital Markets reaffirmed a hold rating and set a $250.00 price target on shares of Essex Property Trust in a research report on Tuesday, January 9th. Robert W. Baird reaffirmed a buy rating and set a $273.00 price target on shares of Essex Property Trust in a research report on Tuesday, October 17th. BTIG Research raised Essex Property Trust from a neutral rating to a buy rating and set a $273.00 price target for the company in a research report on Wednesday, December 13th. Finally, Citigroup raised Essex Property Trust from a neutral rating to a buy rating and set a $280.00 price target for the company in a research report on Thursday, December 14th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of Hold and an average price target of $269.41.
Shares of Essex Property Trust (NYSE:ESS) traded down $5.34 during mid-day trading on Friday, reaching $227.10. The company had a trading volume of 435,700 shares, compared to its average volume of 377,911. Essex Property Trust has a 1 year low of $218.41 and a 1 year high of $270.04. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.88. The stock has a market cap of $14,990.00, a P/E ratio of 28.46, a price-to-earnings-growth ratio of 2.93 and a beta of 0.50.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be issued a $1.75 dividend. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $7.00 annualized dividend and a dividend yield of 3.08%. Essex Property Trust’s dividend payout ratio (DPR) is presently 87.72%.
In other news, CFO Angela L. Kleiman sold 600 shares of the business’s stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $247.16, for a total value of $148,296.00. Following the completion of 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 link. Also, CEO Michael J. Schall sold 334 shares of the business’s stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $255.50, for a total value of $85,337.00. Following the completion of the transaction, the chief executive officer now directly owns 45,097 shares of the company’s stock, valued at approximately $11,522,283.50. The disclosure for this sale can be found here. In the last three months, insiders sold 9,687 shares of company stock valued at $2,408,772. Insiders own 3.30% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Tower Research Capital LLC TRC lifted its holdings in shares of Essex Property Trust by 145.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 471 shares of the real estate investment trust’s stock valued at $121,000 after buying an additional 279 shares during the period. Sun Life Financial INC raised its holdings in Essex Property Trust by 5,900.0% in the 2nd quarter. Sun Life Financial INC now owns 480 shares of the real estate investment trust’s stock worth $123,000 after purchasing an additional 472 shares during the period. Breton Hill Capital Ltd. acquired a new position in Essex Property Trust in the 3rd quarter worth about $200,000. Beacon Investment Advisory Services Inc. acquired a new position in Essex Property Trust in the 3rd quarter worth about $200,000. Finally, Beaton Management Co. Inc. acquired a new position in Essex Property Trust in the 2nd quarter worth about $207,000. 97.15% of the stock is owned by institutional investors and hedge funds.
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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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