Essex Property Trust’s (ESS) “Equal Weight” Rating Reiterated at Capital One Financial
Capital One Financial restated their equal weight rating on shares of Essex Property Trust (NYSE:ESS) in a research note released on Monday morning, Zacks.com reports. Capital One Financial also issued estimates for Essex Property Trust’s Q3 2019 earnings at $3.38 EPS, Q4 2019 earnings at $3.45 EPS, FY2019 earnings at $13.40 EPS, Q1 2020 earnings at $3.48 EPS, Q2 2020 earnings at $3.59 EPS, Q3 2020 earnings at $3.67 EPS, Q4 2020 earnings at $3.73 EPS, FY2020 earnings at $14.47 EPS, Q1 2021 earnings at $3.71 EPS, Q2 2021 earnings at $3.83 EPS and FY2021 earnings at $15.35 EPS.
A number of other brokerages have also commented on ESS. KeyCorp lifted their price target on shares of Essex Property Trust from $311.00 to $320.00 and gave the stock an overweight rating in a research note on Wednesday, July 31st. Stifel Nicolaus lifted their price target on shares of Essex Property Trust from $300.00 to $325.00 and gave the stock a buy rating in a research note on Friday, July 26th. BMO Capital Markets set a $310.00 target price on shares of Essex Property Trust and gave the stock a hold rating in a report on Wednesday, July 24th. Morgan Stanley upped their target price on shares of Essex Property Trust from $320.00 to $354.00 and gave the stock an overweight rating in a report on Friday, September 6th. Finally, BTIG Research upgraded shares of Essex Property Trust from a neutral rating to a buy rating and set a $335.00 target price on the stock in a report on Thursday, August 15th. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of $300.84.
Shares of ESS stock opened at $328.41 on Monday. The company has a 50 day moving average price of $315.63 and a 200-day moving average price of $296.80. Essex Property Trust has a 52 week low of $235.51 and a 52 week high of $330.80. The firm has a market capitalization of $21.57 billion, a PE ratio of 26.13, a P/E/G ratio of 3.90 and a beta of 0.35. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.92.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date is Friday, September 27th. Essex Property Trust’s payout ratio is 62.05%.
In other news, Director Byron A. Scordelis sold 5,109 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $322.00, for a total transaction of $1,645,098.00. Following the completion of the transaction, the director now directly owns 4,595 shares of the company’s stock, valued at approximately $1,479,590. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP John F. Burkart sold 1,546 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $321.99, for a total transaction of $497,796.54. Following the transaction, the executive vice president now directly owns 5,465 shares of the company’s stock, valued at $1,759,675.35. The disclosure for this sale can be found here. Insiders sold a total of 79,051 shares of company stock valued at $25,094,007 over the last ninety days. 3.60% of the stock is currently owned by insiders.
Institutional investors have recently added to or reduced their stakes in the company. Krane Funds Advisors LLC bought a new position in shares of Essex Property Trust during the 2nd quarter valued at approximately $25,000. Front Row Advisors LLC grew its position in shares of Essex Property Trust by 1,055.6% during the 1st quarter. Front Row Advisors LLC now owns 104 shares of the real estate investment trust’s stock valued at $30,000 after acquiring an additional 95 shares during the period. Zions Bancorporation N.A. bought a new position in shares of Essex Property Trust during the 1st quarter valued at approximately $33,000. CSat Investment Advisory L.P. grew its position in shares of Essex Property Trust by 144.6% during the 2nd quarter. CSat Investment Advisory L.P. now owns 137 shares of the real estate investment trust’s stock valued at $40,000 after acquiring an additional 81 shares during the period. Finally, Flagship Harbor Advisors LLC grew its position in shares of Essex Property Trust by 243.9% during the 2nd quarter. Flagship Harbor Advisors LLC now owns 141 shares of the real estate investment trust’s stock valued at $41,000 after acquiring an additional 100 shares during the period. 96.85% of the stock is owned by hedge funds and other institutional investors.
Essex Property Trust Company Profile
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 245 apartment communities with an additional 6 properties in various stages of active development.
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