Essex Property Trust (NYSE:ESS) Coverage Initiated at Barclays

Barclays initiated coverage on shares of Essex Property Trust (NYSE:ESS) in a research note issued on Tuesday, MarketBeat reports. The brokerage set an “equal weight” rating and a $316.00 price target on the real estate investment trust’s stock. Barclays‘s price target would suggest a potential upside of 11.27% from the stock’s current price.

Other research analysts have also issued reports about the company. Deutsche Bank Aktiengesellschaft upped their target price on Essex Property Trust from $240.00 to $308.00 and gave the stock a “hold” rating in a research report on Tuesday, September 10th. Piper Sandler raised their price objective 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. Bank of America cut shares of Essex Property Trust from a “buy” rating to a “neutral” rating and lifted their target price for the company from $307.00 to $321.00 in a research note on Tuesday, September 24th. JPMorgan Chase & Co. lowered shares of Essex Property Trust from a “neutral” rating to an “underweight” rating and increased their price target for the stock from $297.00 to $303.00 in a research note on Tuesday. Finally, The Goldman Sachs Group assumed coverage on shares of Essex Property Trust in a research note on Wednesday, September 4th. They issued a “neutral” rating and a $318.00 price objective for the company. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $302.11.

Essex Property Trust Stock Performance

ESS stock opened at $283.99 on Tuesday. The firm has a 50 day simple moving average of $298.34 and a 200 day simple moving average of $290.60. Essex Property Trust has a 52 week low of $223.06 and a 52 week high of $317.73. The stock has a market cap of $18.25 billion, a P/E ratio of 33.18, a P/E/G ratio of 5.86 and a beta of 0.90. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.14 and a current ratio of 1.14.

Essex Property Trust (NYSE:ESS) last issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $1.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.88 by ($2.04). Essex Property Trust had a net margin of 31.55% and a return on equity of 9.72%. The company had revenue of $450.70 million for the quarter, compared to analyst estimates of $445.88 million. During the same period last year, the business earned $3.78 EPS. Research analysts anticipate that Essex Property Trust will post 15.56 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Essex Property Trust

Several hedge funds have recently made changes to their positions in ESS. Legacy Wealth Asset Management LLC raised its holdings in Essex Property Trust by 4.7% in the 3rd quarter. Legacy Wealth Asset Management LLC now owns 775 shares of the real estate investment trust’s stock valued at $229,000 after acquiring an additional 35 shares in the last quarter. Captrust Financial Advisors raised its stake in shares of Essex Property Trust by 3.6% in the third quarter. Captrust Financial Advisors now owns 1,461 shares of the real estate investment trust’s stock valued at $432,000 after purchasing an additional 51 shares in the last quarter. Quilter Plc lifted its position in Essex Property Trust by 0.6% in the second quarter. Quilter Plc now owns 8,698 shares of the real estate investment trust’s stock worth $2,368,000 after purchasing an additional 52 shares during the period. Mather Group LLC. boosted its stake in Essex Property Trust by 7.4% during the third quarter. Mather Group LLC. now owns 781 shares of the real estate investment trust’s stock worth $231,000 after buying an additional 54 shares in the last quarter. Finally, Truist Financial Corp increased its holdings in 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 valued at $5,636,000 after buying an additional 55 shares during the period. Institutional investors own 96.51% of the company’s stock.

About Essex Property Trust

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.