Essex Property Trust (NYSE:ESS) Upgraded to Hold by StockNews.com

StockNews.com upgraded shares of Essex Property Trust (NYSE:ESS) from a sell rating to a hold rating in a research report sent to investors on Wednesday morning.

ESS has been the topic of a number of other reports. Truist Financial reduced their target price on shares of Essex Property Trust from $259.00 to $255.00 and set a hold rating on the stock in a research report on Tuesday, April 9th. Royal Bank of Canada upped their target price on shares of Essex Property Trust from $237.00 to $239.00 and gave the stock an outperform rating in a research report on Thursday, February 8th. Morgan Stanley increased their price objective on shares of Essex Property Trust from $227.00 to $230.00 and gave the company an equal weight rating in a research report on Monday, February 26th. The Goldman Sachs Group reissued a sell rating and set a $227.00 price objective on shares of Essex Property Trust in a research report on Thursday, February 22nd. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Essex Property Trust in a research report on Tuesday, January 30th. They set a hold rating and a $240.00 price objective on the stock. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Hold and an average price target of $247.24.

Essex Property Trust Stock Down 0.4 %

NYSE:ESS opened at $245.25 on Wednesday. The firm’s 50-day moving average price is $239.53 and its 200-day moving average price is $232.44. The company has a market capitalization of $15.75 billion, a PE ratio of 38.87, a P/E/G ratio of 3.66 and a beta of 0.80. The company has a debt-to-equity ratio of 1.11, a current ratio of 3.26 and a quick ratio of 3.26. Essex Property Trust has a 1-year low of $203.85 and a 1-year high of $252.85.

Essex Property Trust Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were paid a dividend of $2.45 per share. The ex-dividend date was Wednesday, March 27th. This represents a $9.80 annualized dividend and a yield of 4.00%. This is a boost from Essex Property Trust’s previous quarterly dividend of $2.31. Essex Property Trust’s dividend payout ratio is currently 155.31%.

Hedge Funds Weigh In On Essex Property Trust

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Cohen & Steers Inc. lifted its stake in shares of Essex Property Trust by 31.2% in the 4th quarter. Cohen & Steers Inc. now owns 3,072,004 shares of the real estate investment trust’s stock worth $761,760,000 after purchasing an additional 730,141 shares during the period. Norges Bank bought a new position in shares of Essex Property Trust in the 4th quarter worth approximately $675,183,000. Northern Trust Corp lifted its stake in shares of Essex Property Trust by 6.1% in the 3rd quarter. Northern Trust Corp now owns 978,639 shares of the real estate investment trust’s stock worth $207,560,000 after purchasing an additional 55,903 shares during the period. American Century Companies Inc. lifted its stake in shares of Essex Property Trust by 9.4% in the 3rd quarter. American Century Companies Inc. now owns 828,191 shares of the real estate investment trust’s stock worth $175,651,000 after purchasing an additional 71,359 shares during the period. Finally, Ameriprise Financial Inc. lifted its stake in shares of Essex Property Trust by 13.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 776,149 shares of the real estate investment trust’s stock worth $164,233,000 after purchasing an additional 89,198 shares during the period. Institutional investors own 96.51% of the company’s stock.

About Essex Property Trust

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 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.