Essex Property Trust (NYSE:ESS) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

Essex Property Trust (NYSE:ESS) had its price objective lifted by investment analysts at Royal Bank Of Canada from $306.00 to $312.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the real estate investment trust’s stock. Royal Bank Of Canada’s price target would suggest a potential upside of 9.35% from the company’s current price.

Several other equities research analysts also recently issued reports on the company. Weiss Ratings raised Essex Property Trust from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, June 12th. Mizuho increased their price objective on shares of Essex Property Trust from $285.00 to $308.00 and gave the company an “outperform” rating in a research report on Wednesday, June 10th. Scotiabank raised their target price on shares of Essex Property Trust from $290.00 to $307.00 and gave the stock an “outperform” rating in a research note on Thursday, July 9th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $330.00 target price on shares of Essex Property Trust in a report on Monday, July 20th. Finally, Wells Fargo & Company upped their price target on shares of Essex Property Trust from $280.00 to $297.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Essex Property Trust currently has a consensus rating of “Moderate Buy” and a consensus price target of $304.69.

Essex Property Trust Stock Performance

Essex Property Trust stock traded up $3.47 during midday trading on Friday, reaching $285.33. 237,308 shares of the company’s stock were exchanged, compared to its average volume of 510,678. The stock’s 50-day simple moving average is $286.80 and its 200 day simple moving average is $266.07. The firm has a market cap of $18.34 billion, a price-to-earnings ratio of 44.39, a P/E/G ratio of 12.80 and a beta of 0.70. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.98 and a current ratio of 0.98. Essex Property Trust has a 52 week low of $238.46 and a 52 week high of $303.35.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings data on Tuesday, April 28th. The real estate investment trust reported $1.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.96 by ($2.31). Essex Property Trust had a net margin of 21.48% and a return on equity of 7.26%. The business had revenue of $484.76 million during the quarter, compared to analyst estimates of $479.89 million. During the same period in the previous year, the business earned $3.97 earnings per share. On average, analysts expect that Essex Property Trust will post 16.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Essex Property Trust news, Director Mary Kasaris sold 600 shares of the stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $279.45, for a total transaction of $167,670.00. Following the transaction, the director owned 2,394 shares in the company, valued at $669,003.30. This trade represents a 20.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.47% of the stock is owned by insiders.

Institutional Investors Weigh In On Essex Property Trust

A number of institutional investors have recently modified their holdings of the business. Woodline Partners LP acquired a new stake in Essex Property Trust in the 1st quarter worth about $1,664,000. Focus Partners Wealth acquired a new position in shares of Essex Property Trust during the 1st quarter worth approximately $223,000. EverSource Wealth Advisors LLC increased its holdings in shares of Essex Property Trust by 70.1% during the second quarter. EverSource Wealth Advisors LLC now owns 279 shares of the real estate investment trust’s stock worth $79,000 after purchasing an additional 115 shares during the period. First Trust Advisors LP increased its holdings in shares of Essex Property Trust by 186.2% during the second quarter. First Trust Advisors LP now owns 33,614 shares of the real estate investment trust’s stock worth $9,526,000 after purchasing an additional 21,871 shares during the period. Finally, Bank of Nova Scotia increased its holdings in shares of Essex Property Trust by 10.9% during the second quarter. Bank of Nova Scotia now owns 8,274 shares of the real estate investment trust’s stock worth $2,345,000 after purchasing an additional 811 shares during the period. Institutional investors own 96.51% of the company’s stock.

About Essex Property Trust

Essex Property Trust, Inc (NYSE: ESS) is a publicly traded real estate investment trust that acquires, develops, owns and operates multifamily residential properties. The company focuses on market-rate apartment communities and delivers a full suite of property services including leasing, resident services, asset management, and capital improvement programs designed to preserve and enhance long‑term property values.

Essex concentrates its portfolio in West Coast markets, with a significant presence in California and the Pacific Northwest.