Essex Property Trust (NYSE:ESS) Given New $333.00 Price Target at Scotiabank

Essex Property Trust (NYSE:ESSGet Rating) had its price objective decreased by stock analysts at Scotiabank from $340.00 to $333.00 in a research report issued to clients and investors on Thursday, The Fly reports. Scotiabank’s price objective suggests a potential upside of 15.61% from the company’s previous close.

Several other equities research analysts also recently weighed in on ESS. Barclays downgraded shares of Essex Property Trust from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $367.00 to $310.00 in a research note on Tuesday, May 10th. Truist Financial cut their price target on shares of Essex Property Trust from $378.00 to $370.00 and set a “buy” rating for the company in a report on Monday, March 21st. Morgan Stanley increased their price target on shares of Essex Property Trust from $335.00 to $365.00 and gave the stock an “equal weight” rating in a report on Friday, April 8th. Mizuho cut their price target on shares of Essex Property Trust from $382.00 to $342.00 and set a “buy” rating for the company in a report on Wednesday, February 16th. Finally, TheStreet cut shares of Essex Property Trust from a “b-” rating to a “c+” rating in a report on Friday, May 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Essex Property Trust presently has an average rating of “Hold” and a consensus price target of $358.67.

Shares of ESS stock opened at $288.03 on Thursday. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.98. Essex Property Trust has a 12 month low of $283.42 and a 12 month high of $363.36. The company has a market cap of $18.82 billion, a P/E ratio of 47.69, a PEG ratio of 4.28 and a beta of 0.74. The firm has a fifty day moving average price of $333.88 and a 200 day moving average price of $336.42.

Essex Property Trust (NYSE:ESSGet Rating) last announced its 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 quarter last year, the company posted $3.07 EPS. On average, equities analysts forecast that Essex Property Trust will post 13.99 EPS for the current year.

In other news, COO Angela L. Kleiman sold 6,309 shares of the company’s stock in a transaction that occurred 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael J. Schall sold 12,132 shares of the company’s stock in a transaction that occurred 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. Insiders own 3.70% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Golden State Equity Partners bought a new stake in shares of Essex Property Trust in the 1st quarter worth approximately $685,000. Walleye Capital LLC raised its holdings in shares of Essex Property Trust by 201.4% in the 1st quarter. Walleye Capital LLC now owns 40,240 shares of the real estate investment trust’s stock worth $13,902,000 after purchasing an additional 26,887 shares in the last quarter. Weiss Multi Strategy Advisers LLC bought a new stake in shares of Essex Property Trust in the 1st quarter worth approximately $11,814,000. Worth Venture Partners LLC bought a new stake in shares of Essex Property Trust in the 1st quarter worth approximately $761,000. Finally, Virtu Financial LLC bought a new stake in shares of Essex Property Trust in the 1st quarter worth approximately $554,000. Institutional investors and hedge funds own 96.09% of the company’s stock.

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.

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