Essex Property Trust (NYSE:ESS) Price Target Raised to $294.00

Essex Property Trust (NYSE:ESS) had its target price increased by Truist Financial from $282.00 to $294.00 in a research note published on Tuesday morning, Benzinga reports. The firm currently has a hold rating on the real estate investment trust’s stock.

Several other equities research analysts have also issued reports on ESS. Piper Sandler increased their target price on shares of Essex Property Trust from $315.00 to $355.00 and gave the stock an overweight rating in a report on Monday. Royal Bank of Canada raised their price objective on shares of Essex Property Trust from $284.00 to $288.00 and gave the company an outperform rating in a research report on Thursday, August 1st. Mizuho upped their target price on shares of Essex Property Trust from $250.00 to $266.00 and gave the stock a buy rating in a report on Thursday, May 30th. JPMorgan Chase & Co. upped their price objective on Essex Property Trust from $244.00 to $265.00 and gave the stock a neutral rating in a research note on Monday, June 17th. Finally, Stifel Nicolaus lifted their target price on Essex Property Trust from $267.00 to $268.00 and gave the company a hold rating in a research note on Wednesday, July 31st. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Hold and a consensus price target of $276.70.

Essex Property Trust Stock Up 0.7 %

Shares of ESS stock opened at $298.05 on Tuesday. Essex Property Trust has a 12 month low of $203.85 and a 12 month high of $299.71. The company has a 50 day simple moving average of $281.45 and a two-hundred day simple moving average of $259.77. The company has a current ratio of 1.62, a quick ratio of 3.19 and a debt-to-equity ratio of 1.11. The stock has a market cap of $19.14 billion, a P/E ratio of 36.44, a P/E/G ratio of 3.96 and a beta of 0.86.

Essex Property Trust (NYSE:ESS) last announced its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.45 EPS 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 company had revenue of $442.36 million during the quarter, compared to the consensus estimate of $433.26 million. During the same period in the prior year, the business posted $3.77 earnings per share. On average, research analysts expect that Essex Property Trust will post 15.53 earnings per share for the current year.

Insider Activity at Essex Property Trust

In other Essex Property Trust news, Director Keith R. Guericke sold 10,000 shares of the stock in a transaction on Friday, June 14th. The stock was sold at an average price of $274.57, for a total value of $2,745,700.00. Following the sale, the director now owns 16,118 shares in the company, valued at $4,425,519.26. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Essex Property Trust news, Director Keith R. Guericke sold 10,000 shares of the stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $274.57, for a total transaction of $2,745,700.00. Following the transaction, the director now directly owns 16,118 shares in the company, valued at approximately $4,425,519.26. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Angela L. Kleiman sold 3,780 shares of Essex Property Trust stock in a transaction that occurred 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 directly owns 9,494 shares in the company, valued at $2,641,895.38. The disclosure for this sale can be found here. 3.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Essex Property Trust

Hedge funds have recently made changes to their positions in the stock. Continuum Advisory LLC raised its holdings in Essex Property Trust by 214.3% in the second quarter. Continuum Advisory LLC now owns 110 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 75 shares in the last quarter. UMB Bank n.a. grew its position in shares of Essex Property Trust by 600.0% in the 2nd quarter. UMB Bank n.a. now owns 112 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 96 shares during the last quarter. Family Firm Inc. purchased a new position in shares of Essex Property Trust in the 2nd quarter worth approximately $31,000. Venturi Wealth Management LLC raised its stake in shares of Essex Property Trust by 112.3% during the 1st quarter. Venturi Wealth Management LLC now owns 138 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 73 shares in the last quarter. Finally, Vima LLC purchased a new stake in Essex Property Trust during the fourth quarter valued at approximately $40,000. 96.51% 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 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.