BTIG Research upgraded shares of Essex Property Trust (NYSE:ESS) from a neutral rating to a buy rating in a research report report published on Thursday, BenzingaRatingsTable reports. They currently have $335.00 price objective on the real estate investment trust’s stock.

A number of other research firms have also weighed in on ESS. KeyCorp boosted their target price on Essex Property Trust from $311.00 to $320.00 and gave the stock an overweight rating in a report on Wednesday, July 31st. Citigroup boosted their target price on Essex Property Trust from $280.00 to $300.00 and gave the stock a neutral rating in a report on Tuesday, July 30th. Robert W. Baird lowered Essex Property Trust from an outperform rating to a neutral rating and boosted their target price for the stock from $297.00 to $302.00 in a report on Tuesday, June 18th. Stifel Nicolaus boosted their target price on Essex Property Trust from $300.00 to $325.00 and gave the stock a buy rating in a report on Friday, July 26th. Finally, BMO Capital Markets set a $310.00 target price on Essex Property Trust and gave the stock a hold rating in a report on Wednesday, July 24th. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Essex Property Trust currently has an average rating of Buy and a consensus price target of $296.73.

ESS stock opened at $314.72 on Thursday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.92. The firm has a market capitalization of $20.55 billion, a PE ratio of 25.04, a PEG ratio of 3.79 and a beta of 0.37. Essex Property Trust has a 1-year low of $235.51 and a 1-year high of $316.88. The business’s 50 day simple moving average is $302.28 and its 200 day simple moving average is $290.03.

Essex Property Trust (NYSE:ESS) last posted its earnings results on Wednesday, July 24th. The real estate investment trust reported $1.40 earnings per share for the quarter, missing analysts’ consensus estimates of $3.26 by ($1.86). The business had revenue of $361.64 million for the quarter, compared to analyst estimates of $358.15 million. Essex Property Trust had a return on equity of 6.43% and a net margin of 28.83%. During the same period in the previous year, the firm posted $3.14 earnings per share. As a group, sell-side analysts predict that Essex Property Trust will post 13.29 EPS for the current fiscal year.

In other Essex Property Trust news, insider John F. Burkart sold 13,807 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $312.62, for a total value of $4,316,344.34. Following the transaction, the insider now directly owns 17,726 shares of the company’s stock, valued at approximately $5,541,502.12. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 3.60% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. Krane Funds Advisors LLC acquired a new stake in shares of Essex Property Trust during the 2nd quarter worth $25,000. Front Row Advisors LLC grew its holdings in shares of Essex Property Trust by 1,055.6% during the 1st quarter. Front Row Advisors LLC now owns 104 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 95 shares in the last quarter. Zions Bancorporation N.A. acquired a new stake in shares of Essex Property Trust during the 1st quarter worth $33,000. Pearl River Capital LLC acquired a new stake in shares of Essex Property Trust during the 1st quarter worth $38,000. Finally, CSat Investment Advisory L.P. grew its holdings in shares of Essex Property Trust by 144.6% during the 2nd quarter. CSat Investment Advisory L.P. now owns 137 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 81 shares in the last quarter. 97.65% of the stock is currently owned by hedge funds and other institutional investors.

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 245 apartment communities with an additional 6 properties in various stages of active development.

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Analyst Recommendations for Essex Property Trust (NYSE:ESS)

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