Essex Property Trust (NYSE:ESS) gets new coverage from analysts at Credit Suisse Group


Credit Suisse Group has started coverage for shares of Essex Property Trust (NYSE:ESS – Rating Received) in a research note issued to investors on Wednesday morning, The Fly reports. The brokerage firm issued an underperform rating on shares in Real Estate Investment Trust.

ESS has been the subject of a number of other reports. Barclays named shares of Essex Property Trust in a research report on Tuesday, May 10. Truist Financial cut its target price on shares of Essex Property Trust from $370.00 to $323.00 and went down on Wednesday, May in a Research report gives a buy rating to the company th. Stifel Nicolaus cut his target price on Essex Property Trust shares to $352.00 from $390.00 in a research report on Thursday, June 9. Evercore ISI put a price target of $333.00 on shares of Essex Property Trust in a research report on Monday. Finally, Scotiabank lowered its target price on shares of Essex Property Trust to $333.00 from $340.00 in a research report on Thursday, May 19. Three analysts have assigned a sell rating to the stock, eight have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of Hold and an average target price of $343.50.

NYSE:ESS opened at $255.93 on Wednesday. The company has a 50-day moving average price of $298.63 and a 200-day moving average price of $324.39. Essex Property Trust has a 12-month low of $250.62 and a 12-month high of $363.36. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt to equity ratio of 0.98. The stock has a market cap of $16.72 billion, a price-to-earnings ratio of 42.37, a price-to-earnings ratio of 2.87, and a beta of 0.75.

The Essex Property Trust (NYSE:ESS – Get Rating) last issued its earnings results on Tuesday, April 26th. The Real Estate Investment Trust reported $1.12 EPS for the quarter, missing the consensus estimate of $3.35 ($2.23). Essex Property Trust had a return on equity of 5.25% and a net margin of 26.81%. In the same quarter last year, the company generated earnings per share of $3.07. Equity analysts are forecasting Essex Property Trust to post 14.08 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Thursday, June 30 will be paid a dividend of $2.20. The ex-dividend date is Wednesday June 29th. That equates to an annualized dividend of $8.80 and a dividend yield of 3.44%. Essex Property Trust’s payout ratio is currently 145.70%.

In addition, COO Angela L. Kleiman sold 6,309 shares of Essex Property Trust in a transaction that took place on Tuesday, March 29th. The shares sold at an average price of $354.21 for a total value of $2,234,710.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, available at this link. In addition, CEO Michael J. Schall sold 12,132 shares of Essex Property Trust in a transaction that took place on Tuesday March 29th. The stock sold at an average price of $349.19 for a total transaction of $4,236,373.08. The disclosure for this sale can be found here. Insiders own 3.70% of the company’s shares.

A number of hedge funds and other institutional investors recently changed their positions in the stock. Mirae Asset Global Investments Co.Ltd. increased its position in Essex Property Trust by 20.7% in the first quarter. Mirae Asset Global Investments Co.Ltd. now owns 12,600 shares of Real Estate Investment Trust valued at $4,353,000 after purchasing an additional 2,157 shares during the period. Walleye Capital LLC increased its position in Essex Property Trust by 201.4% in the first quarter. Walleye Capital LLC now owns 40,240 shares of Real Estate Investment Trust valued at $13,902,000 after purchasing an additional 26,887 shares during the period. Phocas Financial Corp. increased its position in Essex Property Trust by 2.9% in the first quarter. Phocas Financial Corp. now owns 2,536 shares of Real Estate Investment Trust valued at $876,000 after purchasing an additional 71 shares during the period. Neuberger Berman Group LLC increased its position in Essex Property Trust by 4.0% in the first quarter. Neuberger Berman Group LLC now owns 278,176 shares of Real Estate Investment Trust valued at $96,112,000 after purchasing an additional 10,717 shares during the period. Finally, Toroso Investments LLC increased its position in Essex Property Trust by 56.2% in the first quarter. Toroso Investments LLC now owns 1,218 shares of the Real Estate Investment Trust valued at $421,000 after purchasing an additional 438 shares during the period. Institutional investors own 96.09% of the company’s shares.

About Essex Property Trust (received rating)

Essex Property Trust, Inc, an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, rehabilitates and manages multifamily residential properties in select West Coast markets. Essex currently owns interests in 246 communities comprising approximately 60,000 houses and a further 6 properties at various stages of active development.

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