Fintel reports that on October 3, 2023, Wedbush initiated coverage of Essex Property Trust (NYSE:ESS) with a Neutral recommendation.
Analyst Price Forecast Suggests 23.29% Upside
As of August 31, 2023, the average one-year price target for Essex Property Trust is 255.70. The forecasts range from a low of 206.04 to a high of $296.10. The average price target represents an increase of 23.29% from its latest reported closing price of 207.40.
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The projected annual revenue for Essex Property Trust is 1,702MM, an increase of 0.72%. The projected annual non-GAAP EPS is 5.85.
Essex Property Trust Declares $2.31 Dividend
On September 7, 2023 the company declared a regular quarterly dividend of $2.31 per share ($9.24 annualized). Shareholders of record as of September 29, 2023 will receive the payment on October 13, 2023. Previously, the company paid $2.31 per share.
At the current share price of $207.40 / share, the stock's dividend yield is 4.46%.
Looking back five years and taking a sample every week, the average dividend yield has been 3.16%, the lowest has been 2.35%, and the highest has been 4.59%. The standard deviation of yields is 0.62 (n=236).
The current dividend yield is 2.07 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 1.12. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.11%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 1182 funds or institutions reporting positions in Essex Property Trust. This is a decrease of 23 owner(s) or 1.91% in the last quarter. Average portfolio weight of all funds dedicated to ESS is 0.34%, an increase of 12.23%. Total shares owned by institutions increased in the last three months by 0.57% to 68,327K shares. 
The put/call ratio of ESS is 0.72, indicating a bullish outlook.
What are Other Shareholders Doing?
Principal Financial Group holds 2,799K shares representing 4.36% ownership of the company. In it's prior filing, the firm reported owning 2,899K shares, representing a decrease of 3.57%. The firm increased its portfolio allocation in ESS by 3.41% over the last quarter.
VGSIX - Vanguard Real Estate Index Fund Investor Shares holds 2,716K shares representing 4.23% ownership of the company. In it's prior filing, the firm reported owning 2,846K shares, representing a decrease of 4.77%. The firm increased its portfolio allocation in ESS by 3.52% over the last quarter.
Cohen & Steers holds 2,176K shares representing 3.39% ownership of the company. In it's prior filing, the firm reported owning 1,025K shares, representing an increase of 52.91%. The firm increased its portfolio allocation in ESS by 132.01% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 1,992K shares representing 3.10% ownership of the company. In it's prior filing, the firm reported owning 1,997K shares, representing a decrease of 0.24%. The firm increased its portfolio allocation in ESS by 3.12% over the last quarter.
SDY - SPDR(R) S&P(R) Dividend ETF holds 1,591K shares representing 2.48% ownership of the company. In it's prior filing, the firm reported owning 1,573K shares, representing an increase of 1.15%. The firm increased its portfolio allocation in ESS by 17.23% over the last quarter.
Essex Property Trust Background Information
(This description is provided by the company.)
Essex Property Trust, Inc. ('Essex'), 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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