Essex Property Trust (NYSE:ESS) Hits New 1-Year Low on Analyst Downgrade

Essex Property Trust, Inc. (NYSE:ESSGet Rating)’s stock price hit a new 52-week low during trading on Tuesday after Evercore ISI lowered their price target on the stock from $322.00 to $306.00. Evercore ISI currently has an outperform rating on the stock. Essex Property Trust traded as low as $249.61 and last traded at $252.24, with a volume of 2380 shares trading hands. The stock had previously closed at $257.52.

A number of other research analysts have also issued reports on the stock. Stifel Nicolaus lowered their target price on shares of Essex Property Trust from $390.00 to $352.00 in a research note on Thursday, June 9th. Credit Suisse Group started coverage on shares of Essex Property Trust in a research note on Wednesday, June 22nd. They issued an “underperform” rating and a $247.00 target price for the company. BMO Capital Markets cut shares of 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. Piper Sandler cut their price target on shares of Essex Property Trust from $340.00 to $320.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 20th. Finally, Raymond James reissued an “upgrade” rating and issued a $300.00 price objective on shares of Essex Property Trust in a research report on Thursday, August 4th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Essex Property Trust presently has an average rating of “Hold” and a consensus target price of $307.18.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. CoreCap Advisors LLC acquired a new stake in shares of Essex Property Trust during the second quarter worth about $27,000. Riverview Trust Co purchased a new stake in shares of Essex Property Trust during the 1st quarter valued at $31,000. Clear Street Markets LLC grew its stake in shares of Essex Property Trust by 434.6% during the 2nd quarter. Clear Street Markets LLC now owns 139 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 113 shares during the period. SeaCrest Wealth Management LLC purchased a new stake in Essex Property Trust during the 2nd quarter worth $47,000. Finally, CX Institutional purchased a new position in Essex Property Trust in the 2nd quarter valued at about $49,000. 91.57% of the stock is currently owned by hedge funds and other institutional investors.

Essex Property Trust Trading Down 2.5 %

The firm has a market cap of $16.35 billion, a price-to-earnings ratio of 42.39, a price-to-earnings-growth ratio of 2.81 and a beta of 0.79. The business’s 50 day moving average price is $275.87 and its 200-day moving average price is $296.67. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.30 and a current ratio of 1.30.

Essex Property Trust Dividend Announcement

The firm also recently announced 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. This represents a $8.80 dividend on an annualized basis and a yield of 3.50%. The ex-dividend date is Thursday, September 29th. Essex Property Trust’s payout ratio is 148.90%.

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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