Essex Property Trust, Inc. (NYSE:ESS) Sees Large Drop in Short Interest


Share on StockTwits

Essex Property Trust, Inc. (NYSE:ESS) saw a significant drop in short interest in April. As of April 15th, there was short interest totalling 654,100 shares, a drop of 25.9% from the March 31st total of 882,600 shares. Currently, 1.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 442,000 shares, the short-interest ratio is currently 1.5 days.

A number of analysts recently weighed in on ESS shares. Piper Sandler raised shares of Essex Property Trust from a “neutral” rating to an “overweight” rating and raised their price target for the company from $265.00 to $320.00 in a report on Thursday, April 15th. Royal Bank of Canada started coverage on shares of Essex Property Trust in a report on Tuesday, March 30th. They issued an “outperform” rating and a $303.00 price target for the company. Mizuho raised their price target on shares of Essex Property Trust from $280.00 to $305.00 and gave the company a “buy” rating in a report on Monday, March 15th. Zacks Investment Research raised shares of Essex Property Trust from a “sell” rating to a “hold” rating and set a $302.00 price target for the company in a report on Tuesday, April 13th. Finally, KeyCorp raised their price target on shares of Essex Property Trust from $277.00 to $300.00 and gave the company an “overweight” rating in a report on Wednesday, March 17th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $278.63.

NYSE ESS traded down $3.15 during trading on Tuesday, reaching $283.66. The company’s stock had a trading volume of 560,468 shares, compared to its average volume of 444,415. The company has a current ratio of 3.14, a quick ratio of 3.14 and a debt-to-equity ratio of 1.05. The firm has a market capitalization of $18.44 billion, a price-to-earnings ratio of 31.41, a price-to-earnings-growth ratio of 7.69 and a beta of 0.79. Essex Property Trust has a 12 month low of $186.30 and a 12 month high of $300.73. The firm has a 50 day moving average price of $284.86 and a 200 day moving average price of $253.72.

Essex Property Trust (NYSE:ESS) last posted its quarterly earnings data on Tuesday, April 27th. The real estate investment trust reported $2.59 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $3.04 by ($0.45). Essex Property Trust had a net margin of 39.89% and a return on equity of 9.46%. During the same quarter in the prior year, the company posted $3.48 earnings per share. On average, equities analysts forecast that Essex Property Trust will post 12.91 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 15th. Shareholders of record on Wednesday, March 31st were issued a $2.09 dividend. The ex-dividend date was Tuesday, March 30th. This represents a $8.36 dividend on an annualized basis and a yield of 2.95%. This is an increase from Essex Property Trust’s previous quarterly dividend of $2.08. Essex Property Trust’s payout ratio is currently 62.48%.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. SOA Wealth Advisors LLC. lifted its holdings in shares of Essex Property Trust by 74.6% during the 1st quarter. SOA Wealth Advisors LLC. now owns 110 shares of the real estate investment trust’s stock worth $30,000 after acquiring an additional 47 shares during the period. Perigon Wealth Management LLC bought a new stake in shares of Essex Property Trust during the 4th quarter worth approximately $29,000. CX Institutional lifted its holdings in shares of Essex Property Trust by 32.1% during the 1st quarter. CX Institutional now owns 173 shares of the real estate investment trust’s stock worth $47,000 after acquiring an additional 42 shares during the period. GPS Wealth Strategies Group LLC bought a new stake in shares of Essex Property Trust during the 1st quarter worth approximately $58,000. Finally, Private Capital Group LLC lifted its holdings in shares of Essex Property Trust by 26.7% during the 4th quarter. Private Capital Group LLC now owns 242 shares of the real estate investment trust’s stock worth $58,000 after acquiring an additional 51 shares during the period. 95.40% of the stock is owned by hedge funds and other institutional investors.

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 246 apartment communities comprising approximately 60,000 apartment homes with an additional 6 properties in various stages of active development.

Featured Story: Terms to Better Understand Call Options

Receive News & Ratings for Essex Property Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Essex Property Trust and related companies with MarketBeat.com's FREE daily email newsletter.