Essex Property Trust (NYSE:ESS) Downgraded by StockNews.com

StockNews.com lowered shares of Essex Property Trust (NYSE:ESS) from a hold rating to a sell rating in a research note issued to investors on Saturday.

Several other equities analysts also recently commented on the stock. Jefferies Financial Group upgraded shares of Essex Property Trust from a hold rating to a buy rating and upped their price objective for the company from $215.00 to $281.00 in a report on Tuesday, January 2nd. The Goldman Sachs Group restated a sell rating and issued a $227.00 price target on shares of Essex Property Trust in a research note on Thursday, February 22nd. Morgan Stanley increased their price target on Essex Property Trust from $227.00 to $230.00 and gave the stock an equal weight rating in a research report on Monday, February 26th. Piper Sandler restated an overweight rating and set a $291.00 price objective on shares of Essex Property Trust in a research note on Tuesday, March 26th. Finally, Mizuho upgraded Essex Property Trust from a neutral rating to a buy rating and lowered their price objective for the stock from $255.00 to $250.00 in a research note on Wednesday, February 28th. Four equities research analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Essex Property Trust presently has an average rating of Hold and an average target price of $245.37.

Essex Property Trust Price Performance

Shares of ESS opened at $235.57 on Friday. The company has a market cap of $15.13 billion, a price-to-earnings ratio of 37.33, a PEG ratio of 3.53 and a beta of 0.80. Essex Property Trust has a 1-year low of $203.85 and a 1-year high of $252.85. The company’s fifty day simple moving average is $237.13 and its 200 day simple moving average is $230.32. The company has a current ratio of 3.26, a quick ratio of 3.26 and a debt-to-equity ratio of 1.11.

Essex Property Trust Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 29th were given a dividend of $2.45 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $9.80 dividend on an annualized basis and a yield of 4.16%. This is a positive change from Essex Property Trust’s previous quarterly dividend of $2.31. Essex Property Trust’s payout ratio is currently 155.31%.

Institutional Investors Weigh In On Essex Property Trust

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. lifted its holdings in Essex Property Trust by 24.8% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 2,261 shares of the real estate investment trust’s stock worth $781,000 after buying an additional 450 shares during the period. Allianz Asset Management GmbH lifted its holdings in Essex Property Trust by 1.2% during the 1st quarter. Allianz Asset Management GmbH now owns 88,915 shares of the real estate investment trust’s stock worth $30,718,000 after buying an additional 1,050 shares during the period. Prudential PLC acquired a new position in Essex Property Trust during the 1st quarter worth about $475,000. Vanguard Group Inc. lifted its holdings in Essex Property Trust by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 10,614,782 shares of the real estate investment trust’s stock worth $3,667,195,000 after buying an additional 184,047 shares during the period. Finally, Baird Financial Group Inc. lifted its holdings in Essex Property Trust by 3.6% during the 1st quarter. Baird Financial Group Inc. now owns 53,635 shares of the real estate investment trust’s stock worth $18,530,000 after buying an additional 1,847 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.