Essex Property Trust (NYSE:ESS) Sets New 52-Week Low Following Analyst Downgrade

Shares of Essex Property Trust, Inc. (NYSE:ESSGet Rating) reached a new 52-week low during trading on Wednesday after Morgan Stanley lowered their price target on the stock from $343.00 to $313.00. Morgan Stanley currently has an equal weight rating on the stock. Essex Property Trust traded as low as $277.03 and last traded at $278.01, with a volume of 14520 shares changing hands. The stock had previously closed at $282.83.

Other analysts have also issued reports about the stock. Piper Sandler reduced their price target on shares of Essex Property Trust from $420.00 to $400.00 in a research report on Wednesday, May 4th. The Goldman Sachs Group upgraded Essex Property Trust from a “sell” rating to a “buy” rating and lowered their price target for the company from $352.00 to $338.00 in a report on Tuesday, May 17th. StockNews.com initiated coverage on Essex Property Trust in a report on Thursday, March 31st. They set a “hold” rating on the stock. Barclays downgraded Essex Property Trust from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $367.00 to $310.00 in a report on Tuesday, May 10th. Finally, TheStreet downgraded Essex Property Trust from a “b-” rating to a “c+” rating in a report on Friday, May 13th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $352.07.

In other Essex Property Trust news, CEO Michael J. Schall sold 12,132 shares of Essex Property Trust stock in a transaction on Tuesday, March 29th. The stock was sold at an average price of $349.19, for a total transaction of $4,236,373.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Angela L. Kleiman sold 6,309 shares of Essex Property Trust stock in a transaction on Tuesday, March 29th. The shares were sold at an average price of $354.21, for a total value of $2,234,710.89. The disclosure for this sale can be found here. 3.70% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Phocas Financial Corp. raised its holdings in shares of Essex Property Trust by 2.9% in the first quarter. Phocas Financial Corp. now owns 2,536 shares of the real estate investment trust’s stock valued at $876,000 after buying an additional 71 shares during the last quarter. Neuberger Berman Group LLC raised its holdings in shares of Essex Property Trust by 4.0% in the first quarter. Neuberger Berman Group LLC now owns 278,176 shares of the real estate investment trust’s stock valued at $96,112,000 after buying an additional 10,717 shares during the last quarter. Toroso Investments LLC raised its holdings in shares of Essex Property Trust by 56.2% in the first quarter. Toroso Investments LLC now owns 1,218 shares of the real estate investment trust’s stock valued at $421,000 after buying an additional 438 shares during the last quarter. Magnolia Wealth Management LLC bought a new position in shares of Essex Property Trust in the first quarter valued at about $1,066,000. Finally, Golden State Equity Partners bought a new position in shares of Essex Property Trust in the first quarter valued at about $685,000. 96.09% of the stock is owned by institutional investors.

The stock has a fifty day moving average of $329.60 and a 200-day moving average of $334.97. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $18.18 billion, a P/E ratio of 46.03, a PEG ratio of 4.13 and a beta of 0.74.

Essex Property Trust (NYSE:ESSGet Rating) last announced its quarterly earnings data on Tuesday, April 26th. The real estate investment trust reported $1.12 EPS for the quarter, missing analysts’ consensus estimates of $3.35 by ($2.23). Essex Property Trust had a return on equity of 5.25% and a net margin of 26.81%. During the same period last year, the business earned $3.07 earnings per share. As a group, analysts forecast that Essex Property Trust, Inc. will post 13.99 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Thursday, June 30th will be given a $2.20 dividend. The ex-dividend date is Wednesday, June 29th. This represents a $8.80 dividend on an annualized basis and a yield of 3.16%. Essex Property Trust’s payout ratio is 145.70%.

About Essex Property Trust (NYSE:ESS)

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.

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