Scotiabank Cuts Essex Property Trust (NYSE:ESS) Price Target to $293.00

Essex Property Trust (NYSE:ESS) had its target price decreased by Scotiabank from $307.00 to $293.00 in a research report report published on Thursday, MarketBeat Ratings reports. Scotiabank currently has a sector outperform rating on the real estate investment trust’s stock.

Several other research analysts have also recently commented on ESS. Jefferies Financial Group upgraded shares of Essex Property Trust to a “strong-buy” rating in a research report on Wednesday, July 22nd. Truist Financial lifted their target price on Essex Property Trust from $273.00 to $286.00 and gave the company a “hold” rating in a research note on Wednesday, May 27th. Royal Bank Of Canada increased their price target on Essex Property Trust from $306.00 to $312.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. Citigroup raised Essex Property Trust from a “buy” rating to an “outperform” rating in a report on Friday, July 31st. Finally, Sanford C. Bernstein began coverage on shares of Essex Property Trust in a research note on Friday, June 26th. They set an “outperform” rating and a $320.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $303.24.

Essex Property Trust Stock Down 0.4%

Shares of Essex Property Trust stock opened at $269.62 on Thursday. The stock has a market capitalization of $17.33 billion, a price-to-earnings ratio of 41.93, a PEG ratio of 9.87 and a beta of 0.69. Essex Property Trust has a twelve month low of $238.46 and a twelve month high of $303.35. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.22. The business’s 50 day simple moving average is $285.14 and its 200-day simple moving average is $272.94.

Essex Property Trust (NYSE:ESS) last issued its quarterly earnings data on Wednesday, July 29th. The real estate investment trust reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $2.62. The firm had revenue of $489.05 million during the quarter, compared to the consensus estimate of $485.12 million. Essex Property Trust had a return on equity of 7.33% and a net margin of 21.48%.During the same period in the prior year, the business earned $4.03 EPS. Essex Property Trust has set its Q3 2026 guidance at 3.930-4.050 EPS and its FY 2026 guidance at 16.030-16.250 EPS. Equities research analysts forecast that Essex Property Trust will post 16.18 earnings per share for the current year.

Essex Property Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given a $2.59 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $10.36 annualized dividend and a yield of 3.8%. Essex Property Trust’s payout ratio is 161.12%.

Institutional Trading of Essex Property Trust

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Nemes Rush Group LLC acquired a new position in Essex Property Trust in the fourth quarter worth approximately $27,000. Cassaday & Co Wealth Management LLC bought a new stake in shares of Essex Property Trust during the 1st quarter worth $38,000. Western Wealth Management LLC acquired a new position in shares of Essex Property Trust in the 1st quarter worth $44,000. Elevation Wealth Partners LLC raised its position in shares of Essex Property Trust by 523.1% during the second quarter. Elevation Wealth Partners LLC now owns 162 shares of the real estate investment trust’s stock worth $47,000 after purchasing an additional 136 shares during the period. Finally, Hantz Financial Services Inc. raised its position in shares of Essex Property Trust by 67.8% during the fourth quarter. Hantz Financial Services Inc. now owns 193 shares of the real estate investment trust’s stock worth $51,000 after purchasing an additional 78 shares during the period. 96.51% of the stock is owned by institutional investors and hedge funds.

Essex Property Trust Company Profile

Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust that owns, operates, develops and redevelops multifamily residential communities. Its portfolio primarily consists of apartment homes, supported by property management, maintenance and resident services.

The company focuses on high-demand coastal markets on the West Coast, particularly Northern and Southern California and the Seattle metropolitan area in Washington. Essex’s properties are generally located near employment centers, transportation networks and other amenities, serving renters in major urban and suburban communities.

Founded in 1971, Essex Property Trust became a publicly traded real estate investment trust in 1994.