Stocks of Essex Property Trust Inc. (NYSE:ESS) traded higher last session on Wall Street, up 0.40% to $216.21.
According to the data, Essex Property Trust Inc. (NYSE:ESS) has 27 analysts covering its stock. The consensus rating among analysts is ‘Hold’. As we calculate the median target price by taking the range between a high of $291.00 and a low of $195.00, we find $238.00. Given the previous closing price of $215.34, this indicates a potential upside of 10.52 percent. ESS stock price is now 1.20% away from the 50-day moving average and -17.20% away from the 200-day moving average. The market capitalization of the company currently stands at $14.12B.
A total of 16 analysts have issued a hold rating and 8 have given it a buy rating. Brokers who have rated the stock have averaged $238.71 as their price target over the next twelve months.
With the price target reduced from $284 to $267, JP Morgan Downgraded its rating from Overweight to Neutral for Essex Property Trust Inc. (NYSE: ESS). On December 15, 2022, UBS recently initiated its ‘Neutral’ rating on the stock quoting a target price of $226, while ‘KeyBanc Capital Markets’ rates the stock as ‘Sector Weight’.
In other news, Johnson Amal M, Director bought 500 shares of the company’s stock on Dec 02. The stock was bought for $109,220 at an average price of $218.44. Upon completion of the transaction, the Director now directly owns 500 shares in the company, valued at $0.11 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Dec 02, Director Johnson Amal M bought 500 shares of the business’s stock. A total of $109,220 was incurred on buying the stock at an average price of $218.44. This leaves the insider owning 2,000 shares of the company worth $0.43 million. Insiders disposed of 28,885 shares of company stock worth roughly $6.25 million over the past 1 year. A total of 1.19% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in ESS stock. A new stake in Essex Property Trust Inc. shares was purchased by MASSACHUSETTS FINANCIAL SERVICES CO /MA/ during the first quarter worth $111,489,000. AMALGAMATED FINANCIAL CORP. invested $3,691,000 in shares of ESS during the first quarter. In the first quarter, KINLOCH CAPITAL, LLC acquired a new stake in Essex Property Trust Inc. valued at approximately $2,038,000. WAKEFIELD ASSET MANAGEMENT LLLP acquired a new stake in ESS for approximately $1,901,000. ACADIAN ASSET MANAGEMENT LLC purchased a new stake in ESS valued at around $1,659,000 in the second quarter. In total, there are 856 active investors with 97.50% ownership of the company’s stock.
Thursday’s opening bell rang with an opening price of $214.34 for Essex Property Trust Inc. (NYSE: ESS). During the past 12 months, Essex Property Trust Inc. has had a low of $205.24 and a high of $363.36. The fifty day moving average price for ESS is $213.68 and a two-hundred day moving average price translates $260.43 for the stock.
The latest earnings results from Essex Property Trust Inc. (NYSE: ESS) was released for Sep, 2022. According to the REIT – Residential Company, earnings per share came in at $1.43, beating analysts’ expectations of $1.34 by 0.09. This compares to $1.82 EPS in the same period last year. The net profit margin was 23.00% and return on equity was 6.10% for ESS. The company reported revenue of $409.75 million for the quarter, compared to $362.86 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 12.92 percent. For the current quarter, analysts expect ESS to generate $412.32M in revenue.
Moreover, the firm recently paid out its quarterly dividend on 01/13/2023. Investors who held shares on 01/03/2023 were paid a $2.20 dividend. On an annualized basis, this represents a $8.80 dividend and a 4.07% percent yield. There was an ex-dividend date of 12/30/2022 for this dividend. In terms of dividend payout ratio, ESS is presently at 155.30%.
Essex Property Trust Inc.(ESS) 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 246 apartment communities comprising approximately 60,000 apartment homes with an additional 6 properties in various stages of active development.