Essex Property Trust (NYSE:ESS) PT Raised to $283.00 at Evercore ISI

Essex Property Trust (NYSE:ESS) had its price objective boosted by Evercore ISI from $268.00 to $283.00 in a report published on Wednesday, Benzinga reports. The firm currently has an in-line rating on the real estate investment trust’s stock.

Several other research analysts have also recently weighed in on the stock. Morgan Stanley boosted their price objective on shares of Essex Property Trust from $230.00 to $250.00 and gave the stock an equal weight rating in a research report on Tuesday, May 14th. Wedbush upped their price target on Essex Property Trust from $264.00 to $301.00 and gave the company a neutral rating in a research note on Monday, August 5th. UBS Group lifted their price objective on Essex Property Trust from $261.00 to $283.00 and gave the stock a neutral rating in a research report on Thursday, July 18th. Piper Sandler upped their target price on shares of Essex Property Trust from $315.00 to $355.00 and gave the company an overweight rating in a research report on Monday, August 26th. Finally, Wells Fargo & Company lifted their price target on shares of Essex Property Trust from $269.00 to $314.00 and gave the stock an equal weight rating in a research report on Monday, August 26th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $276.70.

Essex Property Trust Price Performance

Essex Property Trust stock opened at $301.79 on Wednesday. The business’s fifty day moving average is $282.28 and its two-hundred day moving average is $260.53. The company has a debt-to-equity ratio of 1.11, a quick ratio of 3.19 and a current ratio of 1.62. The firm has a market cap of $19.38 billion, a P/E ratio of 36.89, a P/E/G ratio of 3.96 and a beta of 0.86. Essex Property Trust has a 52 week low of $203.85 and a 52 week high of $302.05.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.85 by ($2.40). Essex Property Trust had a net margin of 30.31% and a return on equity of 9.14%. The business 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 firm earned $3.77 earnings per share. Equities research analysts forecast that Essex Property Trust will post 15.53 earnings per share for the current fiscal year.

Insider Activity at Essex Property Trust

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

Hedge Funds Weigh In On Essex Property Trust

A number of large investors have recently bought and sold shares of the company. Van ECK Associates Corp boosted its holdings in Essex Property Trust by 14.4% during the fourth quarter. Van ECK Associates Corp now owns 26,190 shares of the real estate investment trust’s stock worth $6,494,000 after purchasing an additional 3,301 shares during the last quarter. Kestra Private Wealth Services LLC bought a new position in shares of Essex Property Trust in the 4th quarter valued at about $813,000. Savant Capital LLC acquired a new stake in shares of Essex Property Trust in the fourth quarter valued at about $230,000. Victory Capital Management Inc. raised its holdings in Essex Property Trust by 11.1% during the fourth quarter. Victory Capital Management Inc. now owns 49,277 shares of the real estate investment trust’s stock worth $12,218,000 after acquiring an additional 4,943 shares in the last quarter. Finally, New York Life Investment Management LLC raised its holdings in Essex Property Trust by 70.1% during the fourth quarter. New York Life Investment Management LLC now owns 19,663 shares of the real estate investment trust’s stock worth $4,875,000 after acquiring an additional 8,105 shares in the last quarter. 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.