Essex Property Trust (NYSE:ESS) Earns Neutral Rating from Wedbush

Essex Property Trust (NYSE:ESS)‘s stock had its “neutral” rating restated by stock analysts at Wedbush in a report released on Monday, Benzinga reports. They currently have a $240.00 price target on the real estate investment trust’s stock. Wedbush’s price objective indicates a potential downside of 3.19% from the stock’s previous close.

A number of other equities research analysts have also recently issued reports on the company. Raymond James upgraded Essex Property Trust from a “market perform” rating to an “outperform” rating and set a $265.00 price objective on the stock in a research note on Monday, March 18th. Barclays increased their target price on Essex Property Trust from $224.00 to $225.00 and gave the stock an “underweight” rating in a report on Tuesday, February 20th. Mizuho raised Essex Property Trust from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $255.00 to $250.00 in a research note on Wednesday, February 28th. Royal Bank of Canada increased their target price on Essex Property Trust from $237.00 to $239.00 and gave the company an “outperform” rating in a research report on Thursday, February 8th. Finally, Jefferies Financial Group upgraded Essex Property Trust from a “hold” rating to a “buy” rating and raised their price objective for the stock from $215.00 to $281.00 in a research report on Tuesday, January 2nd. Four analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $246.16.

Essex Property Trust Trading Up 0.4 %

ESS stock traded up $0.98 during midday trading on Monday, reaching $247.90. The stock had a trading volume of 81,650 shares, compared to its average volume of 395,440. The firm has a market cap of $15.92 billion, a price-to-earnings ratio of 39.33, a PEG ratio of 3.65 and a beta of 0.80. Essex Property Trust has a twelve month low of $203.85 and a twelve month high of $252.85. The business has a fifty day simple moving average of $238.81 and a two-hundred day simple moving average of $231.97. The company has a quick ratio of 3.26, a current ratio of 3.26 and a debt-to-equity ratio of 1.11.

Hedge Funds Weigh In On Essex Property Trust

Hedge funds and other institutional investors have recently modified their holdings of the company. Lindbrook Capital LLC boosted its holdings in shares of Essex Property Trust by 111.5% in the 4th quarter. Lindbrook Capital LLC now owns 110 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 58 shares in the last quarter. Venturi Wealth Management LLC lifted its stake in shares of 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 bought a new stake in shares of Essex Property Trust in the 4th quarter valued at about $40,000. Bruce G. Allen Investments LLC bought a new stake in shares of Essex Property Trust in the 4th quarter valued at about $41,000. Finally, Bear Mountain Capital Inc. bought a new stake in shares of Essex Property Trust in the 4th quarter valued at about $55,000. 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.