Essex Property Trust, Inc. (NYSE:ESS) Short Interest Update

Essex Property Trust, Inc. (NYSE:ESS) saw a significant drop in short interest in the month of January. As of January 15th, there was short interest totaling 1,583,567 shares, a drop of 26.2% from the December 31st total of 2,145,956 shares. Based on an average trading volume of 633,077 shares, the days-to-cover ratio is presently 2.5 days. Currently, 2.5% of the shares of the stock are short sold. Currently, 2.5% of the shares of the stock are short sold. Based on an average trading volume of 633,077 shares, the days-to-cover ratio is presently 2.5 days.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Jefferies Financial Group reissued a “hold” rating and issued a $282.00 target price (down previously from $304.00) on shares of Essex Property Trust in a report on Monday, December 15th. Barclays reiterated a “positive” rating and issued a $292.00 price objective on shares of Essex Property Trust in a research report on Tuesday, January 13th. Cantor Fitzgerald restated an “overweight” rating and set a $290.00 target price on shares of Essex Property Trust in a report on Monday, January 5th. Truist Financial cut their target price on shares of Essex Property Trust from $283.00 to $273.00 and set a “hold” rating for the company in a research report on Tuesday, December 16th. Finally, UBS Group increased their price target on shares of Essex Property Trust from $267.00 to $274.00 and gave the company a “neutral” rating in a research report on Thursday, January 8th. Six research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat, Essex Property Trust presently has a consensus rating of “Hold” and an average price target of $285.70.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Woodline Partners LP acquired a new position in shares of Essex Property Trust in the 1st quarter valued at about $1,664,000. Focus Partners Wealth purchased a new position in Essex Property Trust in the first quarter valued at approximately $223,000. Truist Financial Corp raised its holdings in Essex Property Trust by 2.5% in the second quarter. Truist Financial Corp now owns 11,286 shares of the real estate investment trust’s stock valued at $3,198,000 after buying an additional 273 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in Essex Property Trust by 3.5% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 18,499 shares of the real estate investment trust’s stock valued at $5,243,000 after buying an additional 632 shares in the last quarter. Finally, Ameritas Advisory Services LLC purchased a new stake in Essex Property Trust during the second quarter worth approximately $52,000. 96.51% of the stock is owned by hedge funds and other institutional investors.

Essex Property Trust Trading Down 0.5%

Shares of Essex Property Trust stock traded down $1.21 during trading hours on Tuesday, reaching $247.25. 448,605 shares of the company’s stock were exchanged, compared to its average volume of 585,637. The firm has a market capitalization of $15.92 billion, a price-to-earnings ratio of 18.79, a price-to-earnings-growth ratio of 6.00 and a beta of 0.73. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 1.15. Essex Property Trust has a 52-week low of $243.25 and a 52-week high of $316.29. The company has a fifty day moving average of $256.78 and a 200-day moving average of $261.11.

Essex Property Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Friday, January 2nd were issued a $2.57 dividend. This represents a $10.28 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date was Friday, January 2nd. Essex Property Trust’s dividend payout ratio (DPR) is 78.12%.

Essex Property Trust Company Profile

Essex Property Trust, Inc (NYSE: ESS) is a publicly traded real estate investment trust that acquires, develops, owns and operates multifamily residential properties. The company focuses on market-rate apartment communities and delivers a full suite of property services including leasing, resident services, asset management, and capital improvement programs designed to preserve and enhance long‑term property values.

Essex concentrates its portfolio in West Coast markets, with a significant presence in California and the Pacific Northwest.