Essex Property Trust (NYSE:ESS) Price Target Raised to $287.00

Essex Property Trust (NYSE:ESS) had its price objective hoisted by equities research analysts at Evercore ISI from $283.00 to $287.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has an “in-line” rating on the real estate investment trust’s stock. Evercore ISI’s price target would suggest a potential downside of 8.57% from the company’s current price.

ESS has been the subject of several other reports. Wedbush lifted their price objective on Essex Property Trust from $264.00 to $301.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. The Goldman Sachs Group began coverage on shares of Essex Property Trust in a research report on Wednesday, September 4th. They set a “neutral” rating and a $318.00 price objective on the stock. Deutsche Bank Aktiengesellschaft boosted their target price on Essex Property Trust from $240.00 to $308.00 and gave the company a “hold” rating in a research report on Tuesday, September 10th. BNP Paribas assumed coverage on Essex Property Trust in a research note on Wednesday, September 11th. They issued an “outperform” rating and a $333.00 price objective for the company. Finally, Piper Sandler lifted their price target on shares of Essex Property Trust from $315.00 to $355.00 and gave the company an “overweight” rating in a research report on Monday, August 26th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $290.10.

Essex Property Trust Price Performance

Essex Property Trust stock traded down $0.15 during midday trading on Monday, reaching $313.90. The company’s stock had a trading volume of 33,500 shares, compared to its average volume of 372,469. The stock has a market cap of $20.16 billion, a PE ratio of 38.36, a price-to-earnings-growth ratio of 4.41 and a beta of 0.88. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 1.11. The business has a 50-day moving average price of $288.60 and a 200-day moving average price of $266.16. Essex Property Trust has a 52 week low of $203.85 and a 52 week high of $315.99.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.85 by ($2.40). The business had revenue of $442.36 million for the quarter, compared to the consensus estimate of $433.26 million. Essex Property Trust had a net margin of 30.31% and a return on equity of 9.14%. During the same period in the previous year, the business posted $3.77 EPS. On average, sell-side analysts predict that Essex Property Trust will post 15.53 EPS for the current year.

Insider Transactions at Essex Property Trust

In other news, Director Amal M. Johnson sold 2,453 shares of Essex Property Trust stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $300.00, for a total value of $735,900.00. Following the completion of the transaction, the director now owns 2,585 shares in the company, valued at $775,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Amal M. Johnson sold 2,453 shares of the business’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $300.00, for a total transaction of $735,900.00. Following the completion of the transaction, the director now owns 2,585 shares of the company’s stock, valued at $775,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Angela L. Kleiman sold 3,780 shares of the firm’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $278.27, for a total transaction of $1,051,860.60. Following the sale, the chief executive officer now owns 9,494 shares in the company, valued at approximately $2,641,895.38. The disclosure for this sale can be found here. 3.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Essex Property Trust

A number of large investors have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC purchased a new stake in Essex Property Trust in the second quarter worth $384,000. Truist Financial Corp increased its holdings in shares of Essex Property Trust by 0.3% in the 2nd quarter. Truist Financial Corp now owns 20,707 shares of the real estate investment trust’s stock worth $5,636,000 after purchasing an additional 55 shares in the last quarter. Quarry LP raised its position in Essex Property Trust by 1,319.4% in the 2nd quarter. Quarry LP now owns 880 shares of the real estate investment trust’s stock worth $240,000 after buying an additional 818 shares during the last quarter. Duff & Phelps Investment Management Co. bought a new position in Essex Property Trust during the second quarter valued at approximately $98,594,000. Finally, Scientech Research LLC purchased a new stake in Essex Property Trust during the 2nd quarter valued at $616,000. Hedge funds and other institutional investors own 96.51% of the company’s stock.

Essex Property Trust Company Profile

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 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.