Essex Property Trust (NYSE:ESS) Price Target Raised to $355.00

Essex Property Trust (NYSE:ESS) had its target price increased by Piper Sandler from $315.00 to $355.00 in a research note released on Monday morning, Benzinga reports. They currently have an overweight rating on the real estate investment trust’s stock.

Other equities analysts have also recently issued research reports about the stock. Scotiabank increased their price objective on shares of Essex Property Trust from $290.00 to $309.00 and gave the stock a sector outperform rating in a research note on Monday. Royal Bank of Canada upped their target price on shares of Essex Property Trust from $284.00 to $288.00 and gave the company an outperform rating in a report on Thursday, August 1st. Mizuho lifted their price target on shares of Essex Property Trust from $250.00 to $266.00 and gave the stock a buy rating in a research note on Thursday, May 30th. Wells Fargo & Company upped their price objective on Essex Property Trust from $269.00 to $314.00 and gave the stock an equal weight rating in a research note on Monday. Finally, Truist Financial raised their target price on Essex Property Trust from $255.00 to $282.00 and gave the stock a hold rating in a report on Monday, June 24th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $273.70.

Essex Property Trust Stock Up 0.2 %

Shares of Essex Property Trust stock opened at $296.09 on Monday. The company has a quick ratio of 3.19, a current ratio of 1.62 and a debt-to-equity ratio of 1.11. Essex Property Trust has a twelve month low of $203.85 and a twelve month high of $298.19. The company has a market cap of $19.01 billion, a price-to-earnings ratio of 36.20, a price-to-earnings-growth ratio of 3.96 and a beta of 0.86. The company’s 50 day moving average is $281.45 and its 200 day moving average is $259.77.

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 for the quarter, missing the consensus estimate 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 firm had revenue of $442.36 million for the quarter, compared to the consensus estimate of $433.26 million. During the same period in the previous year, the company earned $3.77 earnings per share. Research analysts anticipate that Essex Property Trust will post 15.53 EPS for the current year.

Insider Buying and Selling

In other Essex Property Trust news, CEO Angela L. Kleiman sold 3,780 shares of the business’s stock in a transaction 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 owns 9,494 shares in the company, valued at $2,641,895.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Keith R. Guericke sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $274.57, for a total transaction of $2,745,700.00. Following the completion of the sale, the director now directly owns 16,118 shares of the company’s stock, valued at approximately $4,425,519.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Angela L. Kleiman sold 3,780 shares of the company’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $278.27, for a total value of $1,051,860.60. Following the completion of the transaction, the chief executive officer now directly owns 9,494 shares in the company, valued at approximately $2,641,895.38. The disclosure for this sale can be found here. 3.80% of the stock is owned by corporate insiders.

Institutional Trading of Essex Property Trust

Large investors have recently made changes to their positions in the stock. Naviter Wealth LLC lifted its holdings in Essex Property Trust by 3.8% during the 4th quarter. Naviter Wealth LLC now owns 3,702 shares of the real estate investment trust’s stock valued at $926,000 after buying an additional 136 shares in the last quarter. Van ECK Associates Corp boosted its holdings in shares of Essex Property Trust by 14.4% in the fourth quarter. Van ECK Associates Corp now owns 26,190 shares of the real estate investment trust’s stock valued at $6,494,000 after purchasing an additional 3,301 shares during the period. Kestra Private Wealth Services LLC bought a new position in Essex Property Trust in the fourth quarter worth approximately $813,000. Savant Capital LLC purchased a new position in Essex Property Trust during the 4th quarter worth $230,000. Finally, Victory Capital Management Inc. raised its position in Essex Property Trust by 11.1% during the 4th quarter. Victory Capital Management Inc. now owns 49,277 shares of the real estate investment trust’s stock valued at $12,218,000 after purchasing an additional 4,943 shares in the last quarter. 96.51% of the stock is owned by hedge funds and other institutional investors.

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.