Essex Property Trust (NYSE:ESS) Hits New 12-Month High at $258.67

Essex Property Trust, Inc. (NYSE:ESS)’s stock price reached a new 52-week high on Thursday . The stock traded as high as $258.67 and last traded at $258.46, with a volume of 99705 shares trading hands. The stock had previously closed at $254.50.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Morgan Stanley upped their price target on Essex Property Trust from $227.00 to $230.00 and gave the stock an “equal weight” rating in a report on Monday, February 26th. Mizuho raised shares of Essex Property Trust from a “neutral” rating to a “buy” rating and decreased their price target for the company from $255.00 to $250.00 in a research note on Wednesday, February 28th. Barclays increased their price objective on Essex Property Trust from $224.00 to $225.00 and gave the company an “underweight” rating in a research note on Tuesday, February 20th. Raymond James raised shares of Essex Property Trust from a “market perform” rating to an “outperform” rating and set a $265.00 target price for the company in a report on Monday, March 18th. Finally, Royal Bank of Canada raised their price target on shares of Essex Property Trust from $237.00 to $239.00 and gave the stock an “outperform” rating in a research note on Thursday, February 8th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $249.76.

Essex Property Trust Stock Performance

The firm has a 50 day moving average of $242.03 and a two-hundred day moving average of $233.75. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.19 and a quick ratio of 3.19. The stock has a market cap of $16.67 billion, a PE ratio of 31.73, a PEG ratio of 3.67 and a beta of 0.79.

Essex Property Trust Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 29th were issued a $2.45 dividend. This is a boost from Essex Property Trust’s previous quarterly dividend of $2.31. The ex-dividend date was Wednesday, March 27th. This represents a $9.80 annualized dividend and a dividend yield of 3.78%. Essex Property Trust’s dividend payout ratio is presently 119.80%.

Institutional Investors Weigh In On Essex Property Trust

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Lindbrook Capital LLC raised its stake in 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 valued at $27,000 after acquiring an additional 58 shares during the last quarter. Venturi Wealth Management LLC lifted its holdings in shares of Essex Property Trust by 112.3% during the first quarter. Venturi Wealth Management LLC now owns 138 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 73 shares during the period. Vima LLC purchased a new position in Essex Property Trust in the 4th quarter valued at $40,000. Bruce G. Allen Investments LLC acquired a new position in Essex Property Trust in the 4th quarter valued at $41,000. Finally, Bear Mountain Capital Inc. purchased a new position in Essex Property Trust during the 4th quarter worth $55,000. 96.51% of the stock is currently owned by institutional investors and hedge funds.

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.