Wedbush Boosts Essex Property Trust (NYSE:ESS) Price Target to $264.00

Essex Property Trust (NYSE:ESS) had its target price increased by equities researchers at Wedbush from $240.00 to $264.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the real estate investment trust’s stock. Wedbush’s price objective would indicate a potential upside of 3.82% from the stock’s current price.

Several other brokerages have also recently issued reports on ESS. Deutsche Bank Aktiengesellschaft started coverage on shares of Essex Property Trust in a report on Tuesday, January 30th. They set a “hold” rating and a $240.00 target price for the company. Piper Sandler raised their target price on Essex Property Trust from $291.00 to $315.00 and gave the stock an “overweight” rating in a report on Monday. Royal Bank of Canada boosted their price target on Essex Property Trust from $237.00 to $239.00 and gave the company an “outperform” rating in a report on Thursday, February 8th. Barclays raised their price objective on shares of Essex Property Trust from $224.00 to $225.00 and gave the stock an “underweight” rating in a research note on Tuesday, February 20th. Finally, Stifel Nicolaus lifted their target price on shares of Essex Property Trust from $239.50 to $243.50 and gave the company a “hold” rating in a report on Wednesday, May 1st. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $249.76.

Essex Property Trust Stock Performance

NYSE:ESS traded up $3.97 during midday trading on Monday, hitting $254.28. The company’s stock had a trading volume of 129,416 shares, compared to its average volume of 403,412. Essex Property Trust has a fifty-two week low of $203.85 and a fifty-two week high of $255.10. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.19 and a quick ratio of 3.19. The firm has a market cap of $16.33 billion, a P/E ratio of 31.11, a P/E/G ratio of 3.67 and a beta of 0.79. The firm’s 50 day moving average is $240.34 and its 200-day moving average is $232.99.

Institutional Investors Weigh In On Essex Property Trust

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Lindbrook Capital LLC lifted its stake in shares of Essex Property Trust by 111.5% in the fourth quarter. Lindbrook Capital LLC now owns 110 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 58 shares in the last quarter. Venturi Wealth Management LLC raised its holdings in Essex Property Trust by 112.3% in the 1st quarter. Venturi Wealth Management LLC now owns 138 shares of the real estate investment trust’s stock valued at $34,000 after acquiring an additional 73 shares during the last quarter. Vima LLC purchased a new position in Essex Property Trust in the 4th quarter worth approximately $40,000. Bruce G. Allen Investments LLC acquired a new position in shares of Essex Property Trust during the 4th quarter worth approximately $41,000. Finally, Bear Mountain Capital Inc. purchased a new stake in shares of Essex Property Trust in the fourth quarter valued at approximately $55,000. Institutional investors and hedge funds own 96.51% of the company’s stock.

Essex Property Trust Company Profile

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.