Essex Property Trust (NYSE:ESS) Cut to “Underweight” at Barclays

Essex Property Trust (NYSE:ESSGet Rating) was downgraded by equities researchers at Barclays from an “equal weight” rating to an “underweight” rating in a research note issued on Tuesday, Briefing.com reports. They currently have a $310.00 target price on the real estate investment trust’s stock, down from their previous target price of $367.00. Barclays‘s price target indicates a potential upside of 4.74% from the company’s current price.

A number of other research analysts have also weighed in on the stock. Piper Sandler decreased their price target on shares of Essex Property Trust from $420.00 to $400.00 in a research note on Wednesday, May 4th. Mizuho decreased their price target on shares of Essex Property Trust from $382.00 to $342.00 and set a “buy” rating on the stock in a research note on Wednesday, February 16th. KeyCorp raised their target price on shares of Essex Property Trust from $363.00 to $371.00 and gave the stock an “overweight” rating in a research note on Thursday, January 13th. StockNews.com began coverage on shares of Essex Property Trust in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Finally, Morgan Stanley raised their target price on shares of Essex Property Trust from $335.00 to $365.00 and gave the stock an “equal weight” rating in a research note on Friday, April 8th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Essex Property Trust currently has a consensus rating of “Hold” and a consensus price target of $358.13.

Shares of ESS opened at $295.97 on Tuesday. The business’s 50-day moving average is $340.34 and its two-hundred day moving average is $338.77. The company has a market capitalization of $19.34 billion, a P/E ratio of 49.00, a P/E/G ratio of 4.56 and a beta of 0.74. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.41 and a current ratio of 1.41. Essex Property Trust has a fifty-two week low of $279.63 and a fifty-two week high of $363.36.

Essex Property Trust (NYSE:ESSGet Rating) last announced its quarterly earnings results on Tuesday, April 26th. The real estate investment trust reported $1.12 earnings per share for the quarter, missing the consensus estimate of $3.35 by ($2.23). Essex Property Trust had a return on equity of 5.25% and a net margin of 26.81%. During the same period last year, the company earned $3.07 EPS. Analysts forecast that Essex Property Trust will post 13.98 EPS for the current year.

In other Essex Property Trust news, COO Angela L. Kleiman sold 6,309 shares of the business’s stock in a transaction on Tuesday, March 29th. The shares were sold at an average price of $354.21, for a total value of $2,234,710.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael J. Schall sold 12,132 shares of the business’s stock in a transaction on Tuesday, March 29th. The stock was sold at an average price of $349.19, for a total transaction of $4,236,373.08. The disclosure for this sale can be found here. 3.70% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in ESS. Advisor Group Holdings Inc. lifted its position in shares of Essex Property Trust by 3.5% during the 3rd quarter. Advisor Group Holdings Inc. now owns 8,881 shares of the real estate investment trust’s stock worth $2,842,000 after purchasing an additional 302 shares during the last quarter. Mackenzie Financial Corp lifted its position in shares of Essex Property Trust by 11.4% during the 3rd quarter. Mackenzie Financial Corp now owns 5,806 shares of the real estate investment trust’s stock worth $1,856,000 after purchasing an additional 593 shares during the last quarter. JustInvest LLC lifted its position in shares of Essex Property Trust by 5.5% during the 3rd quarter. JustInvest LLC now owns 1,785 shares of the real estate investment trust’s stock worth $571,000 after purchasing an additional 93 shares during the last quarter. Commerce Bank lifted its position in shares of Essex Property Trust by 30.8% during the 3rd quarter. Commerce Bank now owns 4,024 shares of the real estate investment trust’s stock worth $1,286,000 after purchasing an additional 948 shares during the last quarter. Finally, Boston Private Wealth LLC lifted its position in shares of Essex Property Trust by 15.7% during the 3rd quarter. Boston Private Wealth LLC now owns 1,713 shares of the real estate investment trust’s stock worth $548,000 after purchasing an additional 232 shares during the last quarter. 96.09% of the stock is owned by institutional investors and hedge funds.

About Essex Property Trust (Get Rating)

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 246 apartment communities comprising approximately 60,000 apartment homes with an additional 6 properties in various stages of active development.

Featured Stories

Analyst Recommendations for Essex Property Trust (NYSE:ESS)

Receive News & Ratings for Essex Property Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Essex Property Trust and related companies with MarketBeat.com's FREE daily email newsletter.