Essex Property Trust (NYSE:ESS) Price Target Raised to $312.00

Essex Property Trust (NYSE:ESS) had its price target increased by analysts at Royal Bank Of Canada from $306.00 to $312.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the real estate investment trust’s stock. Royal Bank Of Canada’s price target would indicate a potential upside of 9.35% from the company’s previous close.

A number of other equities analysts have also recently issued reports on the company. Morgan Stanley increased their target price on Essex Property Trust from $293.00 to $302.00 and gave the stock an “equal weight” rating in a report on Thursday, June 25th. Piper Sandler boosted their price target on Essex Property Trust from $310.00 to $352.00 and gave the company an “overweight” rating in a report on Tuesday, July 21st. Citizens Jmp raised Essex Property Trust from a “market perform” rating to an “outperform” rating and set a $330.00 price objective for the company in a research report on Friday. Citigroup upgraded Essex Property Trust from a “buy” rating to an “outperform” rating in a report on Friday. Finally, Sanford C. Bernstein started coverage on Essex Property Trust in a report on Friday, June 26th. They set an “outperform” rating and a $320.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $304.69.

Essex Property Trust Trading Up 1.2%

ESS stock traded up $3.47 during midday trading on Friday, hitting $285.33. 237,308 shares of the company’s stock were exchanged, compared to its average volume of 510,678. Essex Property Trust has a one year low of $238.46 and a one year high of $303.35. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.98 and a current ratio of 0.98. The company has a market cap of $18.34 billion, a PE ratio of 44.39, a price-to-earnings-growth ratio of 12.80 and a beta of 0.70. The stock’s fifty day moving average price is $286.80 and its 200-day moving average price is $266.07.

Essex Property Trust (NYSE:ESS) last issued its quarterly earnings data on Tuesday, April 28th. The real estate investment trust reported $1.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.96 by ($2.31). The company had revenue of $484.76 million for the quarter, compared to the consensus estimate of $479.89 million. Essex Property Trust had a return on equity of 7.26% and a net margin of 21.48%.During the same period in the prior year, the company earned $3.97 EPS. Research analysts predict that Essex Property Trust will post 16.11 earnings per share for the current fiscal year.

Insider Transactions at Essex Property Trust

In other news, Director Mary Kasaris sold 600 shares of the stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $279.45, for a total transaction of $167,670.00. Following the completion of the transaction, the director directly owned 2,394 shares in the company, valued at $669,003.30. This represents a 20.04% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 3.47% of the company’s stock.

Institutional Trading of Essex Property Trust

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Nemes Rush Group LLC acquired a new position in Essex Property Trust during the fourth quarter valued at approximately $27,000. Generali Asset Management SPA SGR bought a new stake in shares of Essex Property Trust during the 4th quarter worth approximately $29,000. Cassaday & Co Wealth Management LLC bought a new stake in shares of Essex Property Trust during the 1st quarter worth approximately $38,000. Elevation Wealth Partners LLC boosted its holdings in shares of Essex Property Trust by 523.1% in the 2nd quarter. Elevation Wealth Partners LLC now owns 162 shares of the real estate investment trust’s stock valued at $47,000 after buying an additional 136 shares during the last quarter. Finally, Western Wealth Management LLC acquired a new stake in shares of Essex Property Trust in the 1st quarter valued at approximately $44,000. Institutional investors and hedge funds own 96.51% of the company’s stock.

Essex Property Trust Company Profile

Essex Property Trust, Inc (NYSE: ESS) is a publicly traded real estate investment trust that acquires, develops, owns and operates multifamily residential properties. The company focuses on market-rate apartment communities and delivers a full suite of property services including leasing, resident services, asset management, and capital improvement programs designed to preserve and enhance long‑term property values.

Essex concentrates its portfolio in West Coast markets, with a significant presence in California and the Pacific Northwest.