Essex Property Trust (NYSE:ESS) Upgraded to “Buy” at The Goldman Sachs Group

Essex Property Trust (NYSE:ESSGet Rating) was upgraded by research analysts at The Goldman Sachs Group from a “sell” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, The Fly reports. The brokerage presently has a $338.00 target price on the real estate investment trust’s stock, down from their previous target price of $352.00. The Goldman Sachs Group’s price target indicates a potential upside of 15.80% from the company’s previous close.

ESS has been the topic of a number of other research reports. TheStreet lowered shares of Essex Property Trust from a “b-” rating to a “c+” rating in a research report on Friday. Piper Sandler lowered their target price on shares of Essex Property Trust from $420.00 to $400.00 in a report on Wednesday, May 4th. Mizuho lowered their target price on shares of Essex Property Trust from $382.00 to $342.00 and set a “buy” rating on the stock in a report on Wednesday, February 16th. Truist Financial lowered their target price on shares of Essex Property Trust from $378.00 to $370.00 and set a “buy” rating on the stock in a report on Monday, March 21st. Finally, Barclays downgraded shares of Essex Property Trust from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $367.00 to $310.00 in a report on Tuesday, May 10th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Essex Property Trust has an average rating of “Hold” and an average price target of $359.00.

Shares of ESS stock opened at $291.89 on Tuesday. The company’s fifty day simple moving average is $335.90 and its 200-day simple moving average is $337.05. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.98. The firm has a market cap of $19.07 billion, a PE ratio of 48.33, a P/E/G ratio of 4.35 and a beta of 0.74. Essex Property Trust has a 12 month low of $283.42 and a 12 month high of $363.36.

Essex Property Trust (NYSE:ESSGet Rating) last announced its quarterly earnings data on Tuesday, April 26th. The real estate investment trust reported $1.12 EPS for the quarter, missing analysts’ consensus estimates 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 quarter in the prior year, the business posted $3.07 earnings per share. On average, equities analysts predict that Essex Property Trust will post 13.99 earnings per share for the current fiscal year.

In related news, CEO Michael J. Schall sold 12,132 shares of the company’s stock in a transaction dated Tuesday, March 29th. The shares were sold at an average price of $349.19, for a total transaction of $4,236,373.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Angela L. Kleiman sold 6,309 shares of the company’s stock in a transaction dated Tuesday, March 29th. The stock was sold at an average price of $354.21, for a total transaction of $2,234,710.89. The disclosure for this sale can be found here. Corporate insiders own 3.70% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. American Century Companies Inc. lifted its holdings in shares of Essex Property Trust by 5.2% in the third quarter. American Century Companies Inc. now owns 579,218 shares of the real estate investment trust’s stock worth $185,199,000 after acquiring an additional 28,795 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of Essex Property Trust by 3.4% in the fourth quarter. Commonwealth Equity Services LLC now owns 2,132 shares of the real estate investment trust’s stock worth $751,000 after acquiring an additional 70 shares during the last quarter. DNB Asset Management AS lifted its holdings in shares of Essex Property Trust by 5.7% in the fourth quarter. DNB Asset Management AS now owns 11,057 shares of the real estate investment trust’s stock worth $3,895,000 after acquiring an additional 601 shares during the last quarter. UBS Group AG raised its holdings in Essex Property Trust by 16.7% in the 3rd quarter. UBS Group AG now owns 200,737 shares of the real estate investment trust’s stock valued at $64,184,000 after buying an additional 28,705 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its holdings in Essex Property Trust by 7.3% in the 4th quarter. Janney Montgomery Scott LLC now owns 15,550 shares of the real estate investment trust’s stock valued at $5,477,000 after buying an additional 1,056 shares during the last quarter. 96.09% of the stock is owned by hedge funds and other institutional investors.

Essex Property Trust Company Profile (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.

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