Essex Property Trust (NYSE:ESS) Upgraded to Buy by Citigroup

Citigroup upgraded shares of Essex Property Trust (NYSE:ESSGet Rating) from a neutral rating to a buy rating in a report issued on Monday morning, Marketbeat Ratings reports. The brokerage currently has $295.00 target price on the real estate investment trust’s stock.

A number of other analysts have also recently issued reports on ESS. Barclays dropped their price objective on Essex Property Trust from $310.00 to $300.00 and set an underweight rating on the stock in a report on Thursday, September 15th. Raymond James reissued an upgrade rating and set a $300.00 price objective on shares of Essex Property Trust in a report on Thursday, August 4th. Jefferies Financial Group dropped their price objective on Essex Property Trust from $316.00 to $235.00 and set a hold rating on the stock in a report on Thursday, June 30th. Evercore ISI set a $333.00 price objective on Essex Property Trust in a report on Monday, June 20th. Finally, Piper Sandler dropped their price objective on Essex Property Trust from $340.00 to $320.00 and set an overweight rating on the stock in a report on Wednesday, July 20th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $307.18.

Essex Property Trust Stock Up 0.2 %

Shares of NYSE ESS opened at $248.06 on Monday. Essex Property Trust has a one year low of $244.36 and a one year high of $363.36. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.30 and a quick ratio of 1.30. The business’s fifty day moving average price is $275.07 and its 200-day moving average price is $295.35. The stock has a market capitalization of $16.15 billion, a PE ratio of 41.97, a P/E/G ratio of 2.71 and a beta of 0.79.

Essex Property Trust Dividend Announcement

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

Institutional Investors Weigh In On Essex Property Trust

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Brown Advisory Inc. bought a new position in Essex Property Trust in the 2nd quarter worth $323,000. Amundi raised its holdings in Essex Property Trust by 37.4% in the 2nd quarter. Amundi now owns 150,680 shares of the real estate investment trust’s stock worth $39,371,000 after purchasing an additional 40,989 shares in the last quarter. Verition Fund Management LLC raised its holdings in Essex Property Trust by 101.5% in the 2nd quarter. Verition Fund Management LLC now owns 3,875 shares of the real estate investment trust’s stock worth $1,013,000 after purchasing an additional 1,952 shares in the last quarter. Captrust Financial Advisors bought a new position in shares of Essex Property Trust in the 2nd quarter worth about $321,000. Finally, Legal & General Group Plc increased its stake in shares of Essex Property Trust by 5.9% in the 2nd quarter. Legal & General Group Plc now owns 985,200 shares of the real estate investment trust’s stock worth $257,640,000 after acquiring an additional 55,103 shares in the last quarter. 91.57% of the stock is currently owned by institutional investors.

Essex Property Trust Company Profile

(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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