In November, there was a significant decline in the amount of short interest in shares of Essex Property Trust, Inc. (NYSE: ESS). As of November 15, there were 1,130,000 shares totaling short interest, an 11.0% decrease from 1,270,000 on October 31. The average daily volume of 531,000 shares traded results in a days-to-cover ratio of 2.1 days. About 1.8% of the company’s shares have been sold short.
The company also announced a quarterly dividend, which was paid on Friday, October 14. Shareholders with records as of Friday, September 30, received a $2.20 dividend. The ex-dividend date for this dividend was September 29. This has an annual dividend yield of 4.04%, or $8.80. 374, 218 shares of ESS were traded at midday on Friday, down $2.19 to $217.72 from its average daily volume of 611,545 and representing a dividend payout ratio of 159.42%. The company’s 50-day moving average is $222.70, and its 200-day moving average is $255.14. The corporation is highly capitalized with a $14.10 billion market cap, a PE ratio of 39.44, a price-to-earnings-growth ratio of 2.05, and a beta of 0.73. The peak and low prices for Essex Property Trust over the past year have been $363.36 and $205.76, respectively. The debt to equity for the business is 1.05. Both the quick and current ratios are 1.13.
The company has recently been under fire from several analysts. In a research note released on November 10, Barclays decreased their “underweight” rating for Essex Property Trust and lowered their target price for the company from $300 to $219. Stifel Nicolaus lowered their target price on Essex Property Trust in a research report released on Friday, October 7, from $336.00 to $291.00. Mizuho reduced their target price for Essex Property Trust in a research report released on November 10 from $264.00 to $221.00 and rated the company as “neutral.” In a research note published on October 13, Evercore ISI reduced their target price for Essex Property Trust to $290.00. The Royal Bank of Canada lowered its target price on Essex Property Trust from $288.00 to $265.00 in a research note released on Friday, October 28, while keeping an “outperform” rating on the stock. Seven analysts have recommended buying the company, ten have suggested holding it, and three have suggested selling the shares. According to Bloomberg, the business now has a consensus recommendation of “Hold” with an average target price of $260.82.
Shares of ESS have lately been bought and sold by large investors. Commonwealth Equity Services LLC grew its stake in Essex Property Trust by 3.2% during the first quarter. Commonwealth Equity Services LLC now owns 2,200 shares of the real estate investment trust, valued at $760,000, after acquiring 68 more shares over the last quarter. Independent Advisor Alliance grew its stake in Essex Property Trust by 38.1% during the first quarter. Independent Advisor Alliance now owns 1,210 real estate investment trust shares, with a value of $418,000—an increase of 334 shares. CIBC Asset Management Inc. boosted its stake in Essex Property Trust by 55.8% during the first quarter. CIBC Asset Management Inc. now owns 9,639 shares of the real estate investment trust’s stock, valued at $3,330,000, after acquiring an additional 3,451 shares in the last quarter. Connectus Wealth LLC increased its holding in Essex Property Trust by around $810,000 during the first quarter. Not to mention, Los Angeles Capital Management LLC grew its stake in Essex Property Trust by 12.6% during the first quarter. Los Angeles Capital Management LLC now directly owns 10,020 shares of the real estate investment trust, valued at $3,462,000, after acquiring an additional 1,118 shares in the most recent quarter. Institutional investors and hedge funds hold 91.57% of the company’s stock.
In West Coast locations, a fully integrated real estate investment trust (REIT) run by the S&P 500 company Essex Property Trust, Inc. purchases, constructs, renovates and maintains multifamily residential assets. Essex now maintains interests in 246 apartment communities with a total of approximately 60,000 apartment residences, with an additional six sites in various stages of active development.