Essex Property Trust (NYSE:ESS) Price Target Raised to $371.00

Essex Property Trust (NYSE:ESS) had its price objective upped by research analysts at KeyCorp from $363.00 to $371.00 in a note issued to investors on Thursday, The Fly reports. The brokerage currently has an “overweight” rating on the real estate investment trust’s stock. KeyCorp’s price objective would indicate a potential upside of 7.86% from the company’s current price.

Several other brokerages have also recently weighed in on ESS. Truist Securities upped their price objective on shares of Essex Property Trust from $337.00 to $366.00 and gave the stock a “buy” rating in a research note on Monday, December 6th. The Goldman Sachs Group initiated coverage on shares of Essex Property Trust in a research note on Thursday, September 23rd. They set a “sell” rating and a $325.00 price objective on the stock. Evercore ISI raised shares of Essex Property Trust from an “in-line” rating to an “outperform” rating and set a $381.00 price target on the stock in a research note on Monday, October 25th. JPMorgan Chase & Co. raised shares of Essex Property Trust from a “neutral” rating to an “overweight” rating and set a $359.00 price target on the stock in a research note on Thursday, October 7th. Finally, JMP Securities reissued a “hold” rating on shares of Essex Property Trust in a research note on Tuesday, December 7th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $353.61.

Shares of Essex Property Trust stock opened at $343.96 on Thursday. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $22.39 billion, a price-to-earnings ratio of 49.99, a P/E/G ratio of 6.09 and a beta of 0.73. Essex Property Trust has a 1-year low of $235.19 and a 1-year high of $359.49. The firm’s 50-day moving average price is $346.08 and its two-hundred day moving average price is $332.76.

Essex Property Trust (NYSE:ESS) last issued its quarterly earnings data on Tuesday, October 26th. The real estate investment trust reported $1.82 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.10 by ($1.28). The firm had revenue of $360.62 million for the quarter, compared to the consensus estimate of $357.54 million. Essex Property Trust had a return on equity of 7.08% and a net margin of 31.27%. Essex Property Trust’s quarterly revenue was down 2.1% compared to the same quarter last year. During the same period in the prior year, the company posted $3.15 earnings per share. As a group, equities research analysts predict that Essex Property Trust will post 12.48 EPS for the current year.

In other Essex Property Trust news, EVP Adam W. Berry sold 3,235 shares of the stock in a transaction on Monday, December 13th. The shares were sold at an average price of $352.95, for a total value of $1,141,793.25. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO John Farias sold 5,040 shares of the stock in a transaction on Wednesday, October 27th. The stock was sold at an average price of $340.61, for a total transaction of $1,716,674.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 78,157 shares of company stock worth $26,885,395. Insiders own 3.80% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. DekaBank Deutsche Girozentrale raised its holdings in shares of Essex Property Trust by 1.5% during the third quarter. DekaBank Deutsche Girozentrale now owns 26,820 shares of the real estate investment trust’s stock worth $8,690,000 after acquiring an additional 405 shares during the period. Credit Suisse AG raised its holdings in shares of Essex Property Trust by 3.4% during the second quarter. Credit Suisse AG now owns 151,535 shares of the real estate investment trust’s stock worth $45,784,000 after acquiring an additional 4,941 shares during the period. Geode Capital Management LLC raised its holdings in shares of Essex Property Trust by 2.0% during the second quarter. Geode Capital Management LLC now owns 1,362,904 shares of the real estate investment trust’s stock worth $407,927,000 after acquiring an additional 27,173 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Essex Property Trust by 0.3% during the second quarter. Price T Rowe Associates Inc. MD now owns 712,486 shares of the real estate investment trust’s stock worth $213,753,000 after acquiring an additional 1,943 shares during the period. Finally, Illinois Municipal Retirement Fund raised its holdings in shares of Essex Property Trust by 80.9% during the third quarter. Illinois Municipal Retirement Fund now owns 25,471 shares of the real estate investment trust’s stock worth $8,144,000 after acquiring an additional 11,387 shares during the period. Institutional investors own 92.45% of the company’s stock.

About Essex Property Trust

Essex Property Trust, Inc operates as a real estate investment trust. It engages in the ownership, operation, management, acquisition, development, and redevelopment of predominantly apartment communities. The company was founded by George M. Marcus in 1971 and is headquartered in San Mateo, CA.

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