Essex Property Trust (NYSE:ESS) Hits New 52-Week High at $258.67

Essex Property Trust, Inc. (NYSE:ESS) 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.

Analysts Set New Price Targets

A number of research firms have weighed in on ESS. Bank of America upgraded Essex Property Trust from a “neutral” rating to a “buy” rating and upped their price target for the stock from $250.00 to $275.00 in a report on Monday, April 1st. Stifel Nicolaus raised their target price on Essex Property Trust from $239.50 to $243.50 and gave the company a “hold” rating in a research note on Wednesday, May 1st. Truist Financial dropped their price target on Essex Property Trust from $259.00 to $255.00 and set a “hold” rating on the stock in a report on Tuesday, April 9th. The Goldman Sachs Group reiterated a “sell” rating and set a $227.00 price target on shares of Essex Property Trust in a report on Thursday, February 22nd. Finally, Mizuho upgraded shares of Essex Property Trust from a “neutral” rating to a “buy” rating and cut their target price for the stock from $255.00 to $250.00 in a research report on Wednesday, February 28th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Essex Property Trust presently has an average rating of “Hold” and a consensus price target of $249.76.

Essex Property Trust Trading Up 2.0 %

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 firm’s fifty day moving average price is $242.03 and its two-hundred day moving average price is $233.75. The stock has a market cap of $16.67 billion, a P/E ratio of 31.73, a PEG ratio of 3.67 and a beta of 0.79.

Essex Property Trust Increases Dividend

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

Hedge Funds Weigh In On Essex Property Trust

Several hedge funds have recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. grew its stake in shares of Essex Property Trust by 12.9% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 2,099 shares of the real estate investment trust’s stock valued at $445,000 after buying an additional 240 shares during the period. Stratos Wealth Partners LTD. grew its position in shares of Essex Property Trust by 5.2% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 1,265 shares of the real estate investment trust’s stock valued at $268,000 after buying an additional 63 shares during the last quarter. Mackenzie Financial Corp increased its position in Essex Property Trust by 243.6% in the third quarter. Mackenzie Financial Corp now owns 35,951 shares of the real estate investment trust’s stock worth $7,454,000 after buying an additional 25,488 shares during the period. Advisor Partners II LLC raised its holdings in shares of Essex Property Trust by 6.8% during the third quarter. Advisor Partners II LLC now owns 3,036 shares of the real estate investment trust’s stock valued at $644,000 after buying an additional 192 shares during the last quarter. Finally, TIAA Trust National Association acquired a new stake in Essex Property Trust in the third quarter worth about $881,000. 96.51% of the stock is owned by hedge funds and other institutional investors.

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.