Essex Property Trust (NYSE:ESS) Stock Price Expected to Rise, Barclays Analyst Says

Essex Property Trust (NYSE:ESS) had its price objective raised by equities researchers at Barclays from $302.00 to $304.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the real estate investment trust’s stock. Barclays‘s target price points to a potential upside of 3.27% from the company’s current price.

Several other research analysts have also issued reports on ESS. Wells Fargo & Company cut their price target on Essex Property Trust from $314.00 to $305.00 and set an “equal weight” rating on the stock in a report on Friday, January 24th. Mizuho lowered their price objective on Essex Property Trust from $325.00 to $300.00 and set an “outperform” rating for the company in a research note on Monday, January 6th. JPMorgan Chase & Co. downgraded Essex Property Trust from a “neutral” rating to an “underweight” rating and increased their price objective for the stock from $297.00 to $303.00 in a research note on Tuesday, December 17th. JMP Securities reissued a “market perform” rating on shares of Essex Property Trust in a research note on Thursday, February 6th. Finally, Royal Bank of Canada increased their price objective on Essex Property Trust from $302.00 to $315.00 and gave the stock an “outperform” rating in a research note on Thursday, February 6th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Essex Property Trust currently has a consensus rating of “Hold” and an average target price of $306.63.

Essex Property Trust Stock Up 1.1 %

Shares of NYSE:ESS opened at $294.37 on Wednesday. The business’s 50 day simple moving average is $285.18 and its two-hundred day simple moving average is $292.80. The firm has a market cap of $18.92 billion, a P/E ratio of 25.51, a PEG ratio of 6.76 and a beta of 0.92. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.14 and a current ratio of 1.14. Essex Property Trust has a 52-week low of $225.40 and a 52-week high of $317.73.

Essex Property Trust (NYSE:ESS) last announced its quarterly earnings results on Tuesday, February 4th. The real estate investment trust reported $3.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $2.52. Essex Property Trust had a return on equity of 13.05% and a net margin of 41.79%. As a group, research analysts forecast that Essex Property Trust will post 15.96 EPS for the current fiscal year.

Institutional Trading of Essex Property Trust

A number of institutional investors and hedge funds have recently modified their holdings of the business. Legacy Wealth Asset Management LLC boosted its stake in Essex Property Trust by 4.7% during the third quarter. Legacy Wealth Asset Management LLC now owns 775 shares of the real estate investment trust’s stock valued at $229,000 after buying an additional 35 shares during the period. CWA Asset Management Group LLC boosted its stake in Essex Property Trust by 5.0% during the fourth quarter. CWA Asset Management Group LLC now owns 803 shares of the real estate investment trust’s stock valued at $229,000 after buying an additional 38 shares during the period. Empowered Funds LLC boosted its stake in Essex Property Trust by 3.3% during the fourth quarter. Empowered Funds LLC now owns 1,195 shares of the real estate investment trust’s stock valued at $338,000 after buying an additional 38 shares during the period. DoubleLine ETF Adviser LP boosted its stake in Essex Property Trust by 0.8% during the fourth quarter. DoubleLine ETF Adviser LP now owns 4,624 shares of the real estate investment trust’s stock valued at $1,320,000 after buying an additional 38 shares during the period. Finally, UMB Bank n.a. boosted its stake in Essex Property Trust by 37.5% during the fourth quarter. UMB Bank n.a. now owns 154 shares of the real estate investment trust’s stock valued at $44,000 after buying an additional 42 shares during the period. 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.