Essex Property Trust (NYSE:ESS) PT Raised to $265.00

Essex Property Trust (NYSE:ESS) had its target price raised by JPMorgan Chase & Co. from $244.00 to $265.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a “neutral” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s target price points to a potential downside of 3.92% from the company’s previous close.

Other equities analysts have also issued research reports about the company. Mizuho boosted their price objective on Essex Property Trust from $250.00 to $266.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Scotiabank boosted their price objective on Essex Property Trust from $283.00 to $285.00 and gave the stock a “sector outperform” rating in a research note on Friday. Wedbush upped their price target on Essex Property Trust from $240.00 to $264.00 and gave the company a “neutral” rating in a research note on Monday, May 6th. Bank of America raised Essex Property Trust from a “neutral” rating to a “buy” rating and upped their price target for the company from $250.00 to $275.00 in a research note on Monday, April 1st. Finally, Truist Financial decreased their price target on Essex Property Trust from $259.00 to $255.00 and set a “hold” rating on the stock in a research note on Tuesday, April 9th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $257.28.

Essex Property Trust Price Performance

Shares of ESS traded down $2.68 during trading hours on Monday, hitting $275.82. 7,315 shares of the stock were exchanged, compared to its average volume of 374,829. The stock’s 50-day moving average price is $254.91 and its two-hundred day moving average price is $243.86. The company has a market cap of $17.71 billion, a price-to-earnings ratio of 33.72, a price-to-earnings-growth ratio of 3.91 and a beta of 0.84. The company has a debt-to-equity ratio of 1.14, a quick ratio of 3.19 and a current ratio of 3.19. Essex Property Trust has a 12-month low of $203.85 and a 12-month high of $279.09.

Institutional Investors Weigh In On Essex Property Trust

A number of hedge funds have recently bought and sold shares of ESS. Norges Bank acquired a new stake in Essex Property Trust in the 4th quarter valued at about $675,183,000. Cohen & Steers Inc. raised its position in Essex Property Trust by 31.2% in the 4th quarter. Cohen & Steers Inc. now owns 3,072,004 shares of the real estate investment trust’s stock valued at $761,760,000 after purchasing an additional 730,141 shares in the last quarter. Daiwa Securities Group Inc. raised its position in shares of Essex Property Trust by 86.5% during the 1st quarter. Daiwa Securities Group Inc. now owns 997,792 shares of the real estate investment trust’s stock worth $244,269,000 after acquiring an additional 462,828 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of Essex Property Trust by 119.3% during the 4th quarter. Russell Investments Group Ltd. now owns 412,721 shares of the real estate investment trust’s stock worth $102,602,000 after acquiring an additional 224,554 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Essex Property Trust by 5,069.7% during the 3rd quarter. Wellington Management Group LLP now owns 208,651 shares of the real estate investment trust’s stock worth $44,253,000 after acquiring an additional 204,615 shares in the last quarter. Institutional investors and hedge funds 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.