Essex Property Trust, Inc. (NYSE:ESS) Sees Significant Decrease in Short Interest

Essex Property Trust, Inc. (NYSE:ESS) was the target of a large decline in short interest during the month of November. As of November 30th, there was short interest totalling 910,000 shares, a decline of 6.9% from the November 15th total of 977,700 shares. Approximately 1.4% of the company’s stock are sold short. Based on an average daily trading volume, of 365,000 shares, the days-to-cover ratio is presently 2.5 days.

Essex Property Trust Price Performance

Shares of ESS opened at $294.11 on Wednesday. Essex Property Trust has a 12-month low of $223.06 and a 12-month high of $317.73. The stock has a market cap of $18.90 billion, a P/E ratio of 34.36, a P/E/G ratio of 5.86 and a beta of 0.90. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.13. The business’s fifty day moving average is $298.42 and its 200 day moving average is $290.64.

Essex Property Trust (NYSE:ESS) last released its earnings results on Tuesday, October 29th. The real estate investment trust reported $1.84 earnings per share for the quarter, missing analysts’ consensus estimates of $3.88 by ($2.04). Essex Property Trust had a net margin of 31.55% and a return on equity of 9.72%. The company had revenue of $450.70 million during the quarter, compared to analysts’ expectations of $445.88 million. During the same quarter in the previous year, the firm earned $3.78 earnings per share. Sell-side analysts anticipate that Essex Property Trust will post 15.56 earnings per share for the current fiscal year.

Essex Property Trust Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Thursday, January 2nd will be given a $2.45 dividend. This represents a $9.80 annualized dividend and a dividend yield of 3.33%. The ex-dividend date is Thursday, January 2nd. Essex Property Trust’s dividend payout ratio is presently 114.49%.

Institutional Trading of Essex Property Trust

Large investors have recently modified their holdings of the company. Franklin Resources Inc. grew its holdings in Essex Property Trust by 7.4% during the 3rd quarter. Franklin Resources Inc. now owns 48,200 shares of the real estate investment trust’s stock valued at $14,043,000 after buying an additional 3,316 shares in the last quarter. Tidal Investments LLC raised its holdings in shares of Essex Property Trust by 99.9% in the third quarter. Tidal Investments LLC now owns 3,297 shares of the real estate investment trust’s stock worth $974,000 after buying an additional 1,648 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in Essex Property Trust in the 3rd quarter worth about $217,000. World Investment Advisors LLC purchased a new stake in shares of Essex Property Trust in the third quarter valued at approximately $575,000. Finally, Sanctuary Advisors LLC lifted its stake in Essex Property Trust by 92.2% in the third quarter. Sanctuary Advisors LLC now owns 2,710 shares of the real estate investment trust’s stock worth $828,000 after acquiring an additional 1,300 shares during the period. Institutional investors own 96.51% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on ESS shares. Truist Financial upped their price target on Essex Property Trust from $282.00 to $294.00 and gave the stock a “hold” rating in a research note on Tuesday, August 27th. Evercore ISI boosted their target price on shares of Essex Property Trust from $283.00 to $287.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. BNP Paribas started coverage on Essex Property Trust in a research note on Wednesday, September 11th. They issued an “outperform” rating and a $333.00 price target on the stock. Barclays began coverage on Essex Property Trust in a research note on Tuesday. They issued an “equal weight” rating and a $316.00 price objective on the stock. Finally, Raymond James cut Essex Property Trust from an “outperform” rating to a “market perform” rating in a report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $302.11.

About Essex Property Trust

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 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.