Essex Property Trust Inc (NYSE:ESS) announced a quarterly dividend on Thursday, May 14th, RTT News reports. Shareholders of record on Tuesday, June 30th will be given a dividend of 2.0775 per share by the real estate investment trust on Wednesday, July 15th. This represents a $8.31 dividend on an annualized basis and a yield of 3.70%. The ex-dividend date is Monday, June 29th.
Essex Property Trust has raised its dividend payment by an average of 262.8% per year over the last three years and has increased its dividend every year for the last 26 years. Essex Property Trust has a payout ratio of 154.5% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Essex Property Trust to earn $13.68 per share next year, which means the company should continue to be able to cover its $8.31 annual dividend with an expected future payout ratio of 60.7%.
ESS stock opened at $224.79 on Friday. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 1.01. Essex Property Trust has a twelve month low of $175.81 and a twelve month high of $334.17. The company’s 50 day moving average is $243.67 and its two-hundred day moving average is $270.24. The stock has a market cap of $14.71 billion, a P/E ratio of 23.37, a PEG ratio of 4.70 and a beta of 0.69.
ESS has been the topic of a number of research analyst reports. SunTrust Banks raised their price objective on shares of Essex Property Trust from $262.00 to $268.00 and gave the stock a “hold” rating in a report on Wednesday, May 27th. Zelman & Associates upgraded shares of Essex Property Trust from a “sell” rating to a “hold” rating in a research report on Wednesday, March 25th. Raymond James lowered shares of Essex Property Trust from a “market perform” rating to an “underperform” rating in a research report on Friday, June 12th. Morgan Stanley lowered shares of Essex Property Trust from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $354.00 to $203.00 in a research report on Wednesday, April 1st. Finally, Stifel Nicolaus raised their target price on shares of Essex Property Trust from $248.00 to $270.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $291.31.
Essex Property Trust Company Profile
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 245 apartment communities with an additional 6 properties in various stages of active development.
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