Truist Financial Boosts Essex Property Trust (NYSE:ESS) Price Target to $282.00

Essex Property Trust (NYSE:ESS) had its price objective lifted by Truist Financial from $255.00 to $282.00 in a research report released on Monday morning, Benzinga reports. They currently have a hold rating on the real estate investment trust’s stock.

Several other research firms have also recently weighed in on ESS. UBS Group boosted their target price on Essex Property Trust from $250.00 to $261.00 and gave the stock a neutral rating in a research note on Tuesday, May 14th. Morgan Stanley boosted their target price on Essex Property Trust from $230.00 to $250.00 and gave the stock an equal weight rating in a research note on Tuesday, May 14th. Mizuho boosted their target price on Essex Property Trust from $250.00 to $266.00 and gave the stock a buy rating in a research note on Thursday, May 30th. JPMorgan Chase & Co. boosted their target price on Essex Property Trust from $244.00 to $265.00 and gave the stock a neutral rating in a research note on Monday, June 17th. Finally, Wedbush boosted their target price on Essex Property Trust from $240.00 to $264.00 and gave the stock a neutral rating in a research note on Monday, May 6th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Hold and an average price target of $258.63.

Essex Property Trust Stock Performance

Shares of Essex Property Trust stock opened at $272.92 on Monday. Essex Property Trust has a one year low of $203.85 and a one year high of $284.77. The company has a market cap of $17.52 billion, a PE ratio of 33.36, a P/E/G ratio of 3.86 and a beta of 0.84. The company has a debt-to-equity ratio of 1.14, a quick ratio of 3.19 and a current ratio of 3.19. The business has a 50-day simple moving average of $260.39 and a 200-day simple moving average of $246.75.

Essex Property Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 24th. Shareholders of record on Friday, June 28th will be issued a $2.45 dividend. This represents a $9.80 dividend on an annualized basis and a yield of 3.59%. The ex-dividend date of this dividend is Friday, June 28th. Essex Property Trust’s dividend payout ratio is presently 119.80%.

Insider Transactions at Essex Property Trust

In other Essex Property Trust news, Director Keith R. Guericke sold 10,000 shares of the firm’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $274.57, for a total value of $2,745,700.00. Following the completion of the sale, the director now owns 16,118 shares of the company’s stock, valued at $4,425,519.26. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Essex Property Trust news, Director Keith R. Guericke sold 10,000 shares of the stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $274.57, for a total value of $2,745,700.00. Following the completion of the transaction, the director now directly owns 16,118 shares of the company’s stock, valued at $4,425,519.26. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Angela L. Kleiman sold 3,780 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $278.27, for a total value of $1,051,860.60. Following the sale, the chief executive officer now directly owns 9,494 shares in the company, valued at approximately $2,641,895.38. The disclosure for this sale can be found here. Company insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Lindbrook Capital LLC raised its stake in shares of Essex Property Trust by 111.5% during the 4th quarter. Lindbrook Capital LLC now owns 110 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 58 shares during the last quarter. Venturi Wealth Management LLC raised its stake in shares of Essex Property Trust by 112.3% during the 1st quarter. Venturi Wealth Management LLC now owns 138 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 73 shares during the last quarter. Vima LLC acquired a new position in shares of Essex Property Trust during the 4th quarter worth $40,000. Bruce G. Allen Investments LLC acquired a new position in shares of Essex Property Trust during the 4th quarter worth $41,000. Finally, Bear Mountain Capital Inc. acquired a new position in shares of Essex Property Trust during the 4th quarter worth $55,000. Institutional investors and hedge funds 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.