Essex Property Trust (NYSE:ESS) PT Raised to $287.00

Essex Property Trust (NYSE:ESS) had its price objective lifted by equities research analysts at Evercore ISI from $283.00 to $287.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has an “in-line” rating on the real estate investment trust’s stock. Evercore ISI’s price target indicates a potential downside of 8.01% from the stock’s current price.

ESS has been the subject of a number of other research reports. Stifel Nicolaus lifted their price objective on Essex Property Trust from $267.00 to $268.00 and gave the stock a “hold” rating in a research report on Wednesday, July 31st. Wedbush boosted their price objective on shares of Essex Property Trust from $264.00 to $301.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Truist Financial raised their target price on shares of Essex Property Trust from $282.00 to $294.00 and gave the stock a “hold” rating in a research report on Tuesday, August 27th. JPMorgan Chase & Co. boosted their price target on Essex Property Trust from $265.00 to $297.00 and gave the company a “neutral” rating in a report on Monday. Finally, Mizuho raised their price objective on Essex Property Trust from $250.00 to $266.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $291.10.

Essex Property Trust Stock Performance

NYSE:ESS opened at $311.99 on Monday. Essex Property Trust has a twelve month low of $203.85 and a twelve month high of $317.73. The company has a market capitalization of $20.03 billion, a P/E ratio of 38.14, a price-to-earnings-growth ratio of 4.41 and a beta of 0.88. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 1.11. The firm has a 50-day moving average price of $290.16 and a two-hundred day moving average price of $267.29.

Essex Property Trust (NYSE:ESS) last issued its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $3.85 by ($2.40). Essex Property Trust had a return on equity of 9.14% and a net margin of 30.31%. The business had revenue of $442.36 million for the quarter, compared to analysts’ expectations of $433.26 million. During the same period last year, the business earned $3.77 earnings per share. As a group, research analysts expect that Essex Property Trust will post 15.53 earnings per share for the current fiscal year.

Insider Transactions at Essex Property Trust

In related news, CEO Angela L. Kleiman sold 3,780 shares of Essex Property Trust stock in a transaction on Friday, June 21st. The shares were sold at an average price of $278.27, for a total transaction of $1,051,860.60. Following the transaction, the chief executive officer now owns 9,494 shares in the company, valued at approximately $2,641,895.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Essex Property Trust news, Director Amal M. Johnson sold 2,453 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $300.00, for a total value of $735,900.00. Following the completion of the sale, the director now owns 2,585 shares of the company’s stock, valued at $775,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Angela L. Kleiman sold 3,780 shares of the business’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $278.27, for a total transaction of $1,051,860.60. Following the transaction, the chief executive officer now directly owns 9,494 shares in the company, valued at $2,641,895.38. The disclosure for this sale can be found here. Company insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Essex Property Trust

A number of large investors have recently added to or reduced their stakes in the company. EP Wealth Advisors LLC boosted its position in Essex Property Trust by 3.7% in the 1st quarter. EP Wealth Advisors LLC now owns 1,228 shares of the real estate investment trust’s stock valued at $301,000 after buying an additional 44 shares during the last quarter. M&R Capital Management Inc. boosted its holdings in Essex Property Trust by 5.4% in the second quarter. M&R Capital Management Inc. now owns 1,014 shares of the real estate investment trust’s stock valued at $276,000 after purchasing an additional 52 shares during the last quarter. Quilter Plc grew its stake in Essex Property Trust by 0.6% during the 2nd quarter. Quilter Plc now owns 8,698 shares of the real estate investment trust’s stock valued at $2,368,000 after purchasing an additional 52 shares in the last quarter. GAMMA Investing LLC increased its holdings in Essex Property Trust by 10.3% during the 1st quarter. GAMMA Investing LLC now owns 591 shares of the real estate investment trust’s stock worth $145,000 after purchasing an additional 55 shares during the last quarter. Finally, Czech National Bank raised its position in shares of Essex Property Trust by 0.5% in the 1st quarter. Czech National Bank now owns 11,296 shares of the real estate investment trust’s stock valued at $2,765,000 after purchasing an additional 55 shares in the last quarter. 96.51% of the stock is owned by institutional investors and hedge funds.

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.