Scotiabank Cuts Essex Property Trust (ESS) Target, Says Multifamily Recovery Still Uneven

Essex Property Trust, Inc. (NYSE:ESS) is included among the 15 Best Stocks to Buy Now for Passive Income.

On March 4, Scotiabank analyst Nicholas Yulico lowered the firm’s price recommendation on Essex Property Trust, Inc. (NYSE:ESS) to $278 from $284. The analyst reiterated an Outperform rating on the shares. The firm said it is updating its price targets for U.S. multifamily REITs under its coverage. According to the analyst, most markets are still operating at occupancy levels below those seen before COVID, during the 2015–2019 period. Investors may need to wait for the Spring leasing season and clearer signs of stronger market growth before a meaningful positive catalyst appears, the firm noted.

Earlier, on February 19, the company said its Board of Directors approved a 0.8% increase to its annual cash dividend. The increase marks the company’s 32nd consecutive year of annual dividend growth. The board also declared a first-quarter dividend of $2.59 per share. On an annualized basis, the dividend represents a distribution of $10.36 per common share.

Essex Property Trust, Inc. (NYSE:ESS) is a self-administered and self-managed real estate investment trust. The company acquires, develops, redevelops, and manages apartment communities in selected residential areas along the West Coast of the United States.