Essex Property Trust (NYSE:ESS) PT Lowered to $313.00

Essex Property Trust (NYSE:ESSGet Rating) had its target price decreased by analysts at Morgan Stanley from $343.00 to $313.00 in a note issued to investors on Wednesday, Stock Target Advisor reports. The brokerage currently has an “equal weight” rating on the real estate investment trust’s stock. Morgan Stanley’s price target would suggest a potential upside of 12.59% from the company’s current price.

ESS has been the topic of a number of other research reports. Piper Sandler reduced their price objective on Essex Property Trust from $420.00 to $400.00 in a research report on Wednesday, May 4th. The Goldman Sachs Group upgraded Essex Property Trust from a “sell” rating to a “buy” rating and reduced their price objective for the stock from $352.00 to $338.00 in a research report on Tuesday, May 17th. Scotiabank reduced their price objective on Essex Property Trust from $340.00 to $333.00 in a research report on Thursday, May 19th. Mizuho reduced their price objective on Essex Property Trust from $382.00 to $342.00 and set a “buy” rating on the stock in a research report on Wednesday, February 16th. Finally, StockNews.com began coverage on Essex Property Trust in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. Two analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Essex Property Trust has a consensus rating of “Hold” and a consensus price target of $352.07.

Shares of ESS traded down $4.83 during midday trading on Wednesday, hitting $278.00. The company’s stock had a trading volume of 12,742 shares, compared to its average volume of 349,204. Essex Property Trust has a one year low of $277.79 and a one year high of $363.36. The company’s fifty day simple moving average is $329.60 and its two-hundred day simple moving average is $334.97. 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 stock has a market capitalization of $18.16 billion, a price-to-earnings ratio of 46.03, a price-to-earnings-growth ratio of 4.13 and a beta of 0.74.

Essex Property Trust (NYSE:ESSGet Rating) last issued its quarterly earnings results on Tuesday, April 26th. The real estate investment trust reported $1.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.35 by ($2.23). Essex Property Trust had a net margin of 26.81% and a return on equity of 5.25%. During the same period in the prior year, the business posted $3.07 earnings per share. On average, research analysts predict that Essex Property Trust will post 13.99 earnings per share for the current year.

In related news, 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Angela L. Kleiman sold 6,309 shares of the company’s stock in a transaction that occurred on Tuesday, March 29th. The stock was sold at an average price of $354.21, for a total value of $2,234,710.89. The disclosure for this sale can be found here. 3.70% of the stock is owned by insiders.

Institutional investors have recently modified their holdings of the company. Commonwealth Equity Services LLC raised its stake 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 purchasing an additional 70 shares during the last quarter. DNB Asset Management AS grew its holdings in Essex Property Trust by 5.7% during the fourth quarter. DNB Asset Management AS now owns 11,057 shares of the real estate investment trust’s stock valued at $3,895,000 after purchasing an additional 601 shares during the period. UBS Group AG grew its holdings in Essex Property Trust by 16.7% during the third quarter. UBS Group AG now owns 200,737 shares of the real estate investment trust’s stock valued at $64,184,000 after purchasing an additional 28,705 shares during the period. Ensign Peak Advisors Inc lifted its position in shares of Essex Property Trust by 102.5% during the fourth quarter. Ensign Peak Advisors Inc now owns 28,691 shares of the real estate investment trust’s stock worth $10,107,000 after acquiring an additional 14,523 shares in the last quarter. Finally, Janney Montgomery Scott LLC lifted its position in shares of Essex Property Trust by 7.3% during the fourth quarter. Janney Montgomery Scott LLC now owns 15,550 shares of the real estate investment trust’s stock worth $5,477,000 after acquiring an additional 1,056 shares in the last quarter. 96.09% of the stock is owned by hedge funds and other institutional investors.

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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