Evercore ISI upgraded shares of Essex Property Trust (NYSE:ESS) from an in-line rating to an outperform rating in a report released on Monday morning, Marketbeat.com reports. The firm currently has $274.00 price objective on the real estate investment trust’s stock.

A number of other analysts also recently commented on the company. Royal Bank of Canada restated a buy rating on shares of Essex Property Trust in a report on Sunday, November 12th. Robert W. Baird reiterated a buy rating and issued a $273.00 price target on shares of Essex Property Trust in a report on Tuesday, September 12th. Cantor Fitzgerald reiterated a buy rating and issued a $280.00 price target on shares of Essex Property Trust in a report on Wednesday, September 13th. BMO Capital Markets reiterated a hold rating and issued a $257.00 price target on shares of Essex Property Trust in a report on Monday, November 27th. Finally, Zacks Investment Research downgraded Essex Property Trust from a buy rating to a hold rating in a report on Friday, October 13th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Essex Property Trust has a consensus rating of Hold and an average target price of $271.19.

Shares of Essex Property Trust (NYSE ESS) opened at $249.00 on Monday. The company has a market capitalization of $16,375.86, a price-to-earnings ratio of 21.19, a PEG ratio of 3.35 and a beta of 0.50. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.88. Essex Property Trust has a twelve month low of $218.08 and a twelve month high of $270.04.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th will be given a $1.75 dividend. The ex-dividend date is Thursday, December 28th. This represents a $7.00 dividend on an annualized basis and a yield of 2.81%. Essex Property Trust’s payout ratio is currently 87.61%.

In other news, insider Craig K. Zimmerman sold 167 shares of the stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $255.50, for a total transaction of $42,668.50. Following the transaction, the insider now owns 10,450 shares of the company’s stock, valued at $2,669,975. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John D. Eudy sold 166 shares of the stock in a transaction dated Tuesday, October 10th. The stock was sold at an average price of $257.92, for a total transaction of $42,814.72. The disclosure for this sale can be found here. Over the last three months, insiders sold 10,269 shares of company stock valued at $2,558,882. 3.30% of the stock is currently owned by corporate insiders.

Hedge funds have recently modified their holdings of the company. Quantitative Systematic Strategies LLC acquired a new stake in Essex Property Trust during the third quarter worth about $807,000. LMR Partners LLP raised its stake in Essex Property Trust by 15.7% during the second quarter. LMR Partners LLP now owns 3,263 shares of the real estate investment trust’s stock worth $840,000 after acquiring an additional 443 shares during the period. Old Mutual Global Investors UK Ltd. acquired a new stake in shares of Essex Property Trust in the second quarter valued at approximately $2,102,000. Principal Financial Group Inc. increased its stake in shares of Essex Property Trust by 4.3% in the second quarter. Principal Financial Group Inc. now owns 2,247,592 shares of the real estate investment trust’s stock valued at $578,237,000 after purchasing an additional 91,814 shares during the period. Finally, Honeywell International Inc. increased its stake in shares of Essex Property Trust by 27.8% in the third quarter. Honeywell International Inc. now owns 21,692 shares of the real estate investment trust’s stock valued at $5,510,000 after purchasing an additional 4,712 shares during the period. 97.26% of the stock is currently owned by institutional investors and hedge funds.

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Essex Property Trust Company Profile

Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust. The Company is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of predominantly apartment communities, located along the West Coast. Its segments include Southern California, Northern California, Seattle Metro and Other real estate assets.

Analyst Recommendations for Essex Property Trust (NYSE:ESS)

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