Essex Property Trust, Inc. (NYSE:ESS) had its target price raised by investment analysts at Morgan Stanley from $260.00 to $267.00 in a report issued on Wednesday. The brokerage presently has an “overweight” rating on the real estate investment trust’s stock. Morgan Stanley’s price objective would suggest a potential upside of 1.64% from the stock’s previous close.

Several other research firms have also recently weighed in on ESS. BidaskClub upgraded shares of Essex Property Trust from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, June 20th. Evercore ISI cut shares of Essex Property Trust from an “in-line” rating to an “underperform” rating and set a $261.00 price objective for the company. in a research report on Monday, June 12th. Canaccord Genuity set a $270.00 price objective on shares of Essex Property Trust and gave the stock a “hold” rating in a research report on Monday, July 31st. Mizuho cut shares of Essex Property Trust from a “buy” rating to a “neutral” rating and set a $283.00 price objective for the company. in a research report on Monday, July 31st. Finally, Cantor Fitzgerald restated a “buy” rating and issued a $278.00 price objective on shares of Essex Property Trust in a research report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $264.36.

Shares of Essex Property Trust (ESS) traded down 0.90% during trading on Wednesday, reaching $262.70. The company had a trading volume of 338,374 shares. The company has a market cap of $17.34 billion, a P/E ratio of 33.78 and a beta of 0.52. Essex Property Trust has a 12-month low of $200.01 and a 12-month high of $268.97. The firm has a 50-day moving average of $260.44 and a 200-day moving average of $246.50.

Essex Property Trust (NYSE:ESS) last posted its quarterly earnings data on Thursday, July 27th. The real estate investment trust reported $2.97 earnings per share for the quarter, topping the consensus estimate of $2.92 by $0.05. Essex Property Trust had a net margin of 38.33% and a return on equity of 8.03%. The firm had revenue of $339.06 million during the quarter, compared to analysts’ expectations of $336.17 million. During the same quarter in the previous year, the company posted $2.74 EPS. On average, equities research analysts anticipate that Essex Property Trust will post $5.95 EPS for the current year.

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In other Essex Property Trust news, insider John D. Eudy sold 166 shares of the business’s stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $253.79, for a total transaction of $42,129.14. Following the sale, the insider now directly owns 8,596 shares of the company’s stock, valued at approximately $2,181,578.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Gary P. Martin sold 1,000 shares of the business’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $261.94, for a total transaction of $261,940.00. Following the sale, the director now directly owns 6,236 shares in the company, valued at $1,633,457.84. The disclosure for this sale can be found here. Insiders have sold a total of 6,690 shares of company stock worth $1,717,142 over the last three months. Insiders own 3.30% of the company’s stock.

Large investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC boosted its stake in shares of Essex Property Trust by 145.3% in the second quarter. Tower Research Capital LLC TRC now owns 471 shares of the real estate investment trust’s stock worth $121,000 after buying an additional 279 shares during the last quarter. Sun Life Financial INC boosted its stake in shares of Essex Property Trust by 5,900.0% in the second quarter. Sun Life Financial INC now owns 480 shares of the real estate investment trust’s stock worth $123,000 after buying an additional 472 shares during the last quarter. Muzinich & Co. Inc. boosted its stake in shares of Essex Property Trust by 246.5% in the first quarter. Muzinich & Co. Inc. now owns 551 shares of the real estate investment trust’s stock worth $128,000 after buying an additional 392 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in shares of Essex Property Trust by 118.0% in the first quarter. Advisors Asset Management Inc. now owns 654 shares of the real estate investment trust’s stock worth $151,000 after buying an additional 354 shares during the last quarter. Finally, FNY Partners Fund LP purchased a new stake in shares of Essex Property Trust during the first quarter worth about $165,000. 99.74% of the stock is currently owned by institutional investors.

Essex Property Trust Company Profile

Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust. The Company is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of predominantly apartment communities, located along the West Coast. Its segments include Southern California, Northern California, Seattle Metro and Other real estate assets.

Analyst Recommendations for Essex Property Trust (NYSE:ESS)

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