5 Safe Dividend Stocks to Buy Before 2023

3. Essex Property Trust, Inc. (NYSE:ESS)

Dividend Yield as of August 3: 3.15%

Essex Property Trust, Inc. (NYSE:ESS) is a California-based real estate investment trust company that invests in rental apartment homes.

Essex Property Trust, Inc. (NYSE:ESS) reported an operating cash flow of over $315 million in Q1 2022, up from $205.3 million in the previous quarter. Its free cash flow also grew to $290.2 million during the quarter, from $165.2 million at the end of March 2022. Essex Property Trust, Inc. (NYSE:ESS) also raised its quarterly dividend by 5.3% during the quarter to $2.20 per share. This was the company’s 28th consecutive year of dividend growth. As of August 3, the stock’s dividend yield stood at 3.15%.

Highlighting the growth in apartment rents in the US, Piper Sandler set a $320 price target on Essex Property Trust, Inc. (NYSE:ESS) in July while maintaining an Overweight rating on the shares.

At the end of Q1 2022, 26 hedge funds tracked by Insider Monkey owned a $175.3 million worth of stake in Essex Property Trust, Inc. (NYSE:ESS). In the previous quarter, 27 hedge funds held positions in the company, with stakes valued at over $190 million.