Mizuho Lowers Essex Property Trust (NYSE:ESS) to Neutral

Mizuho cut shares of Essex Property Trust (NYSE:ESSGet Rating) from a buy rating to a neutral rating in a report published on Monday morning, Marketbeat Ratings reports. They currently have $264.00 price objective on the real estate investment trust’s stock, down from their previous price objective of $273.00.

Other equities analysts have also recently issued research reports about the company. Jefferies Financial Group decreased their price objective on Essex Property Trust from $316.00 to $235.00 and set a hold rating for the company in a report on Thursday, June 30th. Capital One Financial reissued an equal weight rating on shares of Essex Property Trust in a report on Thursday, August 18th. Credit Suisse Group started coverage on Essex Property Trust in a report on Wednesday, June 22nd. They issued an underperform rating and a $247.00 price objective for the company. BMO Capital Markets cut Essex Property Trust from an outperform rating to a market perform rating and decreased their price objective for the company from $378.00 to $320.00 in a report on Tuesday, May 31st. Finally, Citigroup boosted their price objective on Essex Property Trust to $295.00 in a report on Tuesday, August 9th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $307.18.

Essex Property Trust Stock Up 0.2 %

Essex Property Trust stock opened at $248.06 on Monday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.30 and a current ratio of 1.30. The business’s 50-day simple moving average is $275.07 and its two-hundred day simple moving average is $295.35. The company has a market cap of $16.15 billion, a PE ratio of 41.97, a PEG ratio of 2.71 and a beta of 0.79. Essex Property Trust has a fifty-two week low of $244.36 and a fifty-two week high of $363.36.

Essex Property Trust Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be issued a dividend of $2.20 per share. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $8.80 dividend on an annualized basis and a dividend yield of 3.55%. Essex Property Trust’s payout ratio is currently 148.90%.

Hedge Funds Weigh In On Essex Property Trust

A number of hedge funds have recently made changes to their positions in ESS. Norges Bank acquired a new position in Essex Property Trust during the fourth quarter worth $721,012,000. Millennium Management LLC boosted its position in shares of Essex Property Trust by 377.8% during the 2nd quarter. Millennium Management LLC now owns 506,231 shares of the real estate investment trust’s stock valued at $132,384,000 after acquiring an additional 400,270 shares during the last quarter. State Street Corp boosted its position in shares of Essex Property Trust by 6.5% during the 1st quarter. State Street Corp now owns 5,219,447 shares of the real estate investment trust’s stock valued at $1,814,408,000 after acquiring an additional 316,868 shares during the last quarter. Waterfront Capital Partners LLC acquired a new position in shares of Essex Property Trust during the 2nd quarter valued at about $74,981,000. Finally, Boston Partners boosted its position in shares of Essex Property Trust by 43.1% during the 1st quarter. Boston Partners now owns 858,462 shares of the real estate investment trust’s stock valued at $296,594,000 after acquiring an additional 258,581 shares during the last quarter. Institutional investors and hedge funds own 91.57% of the company’s stock.

About Essex Property Trust

(Get Rating)

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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