Shares of Essex Property Trust, Inc. (NYSE:ESS – Get Rating) reached a new 52-week low during trading on Wednesday after Morgan Stanley lowered their price target on the stock from $343.00 to $313.00. Morgan Stanley currently has an equal weight rating on the stock. Essex Property Trust traded as low as $277.03 and last traded at $278.01, with a volume of 14520 shares trading hands. The stock had previously closed at $282.83.
A number of other equities analysts have also recently weighed in on ESS. Mizuho lowered their price objective on shares of Essex Property Trust from $382.00 to $342.00 and set a “buy” rating for the company in a research report on Wednesday, February 16th. Scotiabank reduced their target price on shares of Essex Property Trust from $340.00 to $333.00 in a report on Thursday, May 19th. Piper Sandler reduced their target price on shares of Essex Property Trust from $420.00 to $400.00 in a report on Wednesday, May 4th. Barclays lowered shares of Essex Property Trust from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $367.00 to $310.00 in a report on Tuesday, May 10th. Finally, The Goldman Sachs Group upgraded shares of Essex Property Trust from a “sell” rating to a “buy” rating and reduced their target price for the stock from $352.00 to $338.00 in a report on Tuesday, May 17th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Essex Property Trust presently has a consensus rating of “Hold” and a consensus price target of $352.07.
In other news, COO Angela L. Kleiman sold 6,309 shares of Essex Property Trust stock in a transaction dated Tuesday, March 29th. The shares were sold at an average price of $354.21, for a total value of $2,234,710.89. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Michael J. Schall sold 12,132 shares of Essex Property Trust stock in a transaction dated Tuesday, March 29th. The shares were sold at an average price of $349.19, for a total transaction of $4,236,373.08. The disclosure for this sale can be found here. Company insiders own 3.70% of the company’s stock.
The company has a debt-to-equity ratio of 0.98, a current ratio of 1.41 and a quick ratio of 1.41. The company has a market cap of $18.18 billion, a price-to-earnings ratio of 46.03, a PEG ratio of 4.13 and a beta of 0.74. The business’s 50-day simple moving average is $329.60 and its 200-day simple moving average is $334.97.
Essex Property Trust (NYSE:ESS – Get Rating) last released its earnings results on Tuesday, April 26th. The real estate investment trust reported $1.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.35 by ($2.23). Essex Property Trust had a net margin of 26.81% and a return on equity of 5.25%. During the same quarter in the previous year, the company earned $3.07 earnings per share. As a group, sell-side analysts forecast that Essex Property Trust, Inc. will post 13.99 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Thursday, June 30th will be paid a $2.20 dividend. The ex-dividend date of this dividend is Wednesday, June 29th. This represents a $8.80 annualized dividend and a dividend yield of 3.16%. Essex Property Trust’s dividend payout ratio (DPR) is presently 145.70%.
About Essex Property Trust (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.
- Get a free copy of the StockNews.com research report on Essex Property Trust (ESS)
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