Essex Property Trust (NYSE:ESS) Given New $264.00 Price Target at Wedbush

Essex Property Trust (NYSE:ESS) had its price target hoisted by investment analysts at Wedbush from $240.00 to $264.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the real estate investment trust’s stock. Wedbush’s price objective would suggest a potential upside of 2.46% from the company’s current price. Wedbush also issued estimates for Essex Property Trust’s Q2 2024 earnings at $3.82 EPS, Q3 2024 earnings at $3.85 EPS, Q4 2024 earnings at $3.79 EPS and FY2025 earnings at $15.57 EPS.

A number of other brokerages have also issued reports on ESS. Morgan Stanley raised their price target on Essex Property Trust from $227.00 to $230.00 and gave the stock an “equal weight” rating in a research note on Monday, February 26th. The Goldman Sachs Group restated a “sell” rating and issued a $227.00 price target on shares of Essex Property Trust in a report on Thursday, February 22nd. Royal Bank of Canada lifted their price objective on shares of Essex Property Trust from $237.00 to $239.00 and gave the company an “outperform” rating in a report on Thursday, February 8th. Bank of America upgraded shares of Essex Property Trust from a “neutral” rating to a “buy” rating and upped their target price for the stock from $250.00 to $275.00 in a research note on Monday, April 1st. Finally, StockNews.com upgraded Essex Property Trust from a “sell” rating to a “hold” rating in a report on Wednesday, May 1st. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $249.76.

Essex Property Trust Stock Up 0.9 %

Shares of NYSE ESS opened at $257.67 on Monday. Essex Property Trust has a 1 year low of $203.85 and a 1 year high of $258.06. The firm has a 50-day simple moving average of $241.53 and a two-hundred day simple moving average of $233.61. The company has a market cap of $16.54 billion, a P/E ratio of 31.50, a PEG ratio of 3.67 and a beta of 0.79. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.19 and a quick ratio of 3.19.

Institutional Investors Weigh In On Essex Property Trust

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norges Bank acquired a new position in shares of Essex Property Trust during the fourth quarter valued at about $675,183,000. Cohen & Steers Inc. grew its position in Essex Property Trust by 31.2% during the 4th quarter. Cohen & Steers Inc. now owns 3,072,004 shares of the real estate investment trust’s stock worth $761,760,000 after purchasing an additional 730,141 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in Essex Property Trust by 86.5% during the 1st quarter. Daiwa Securities Group Inc. now owns 997,792 shares of the real estate investment trust’s stock valued at $244,269,000 after purchasing an additional 462,828 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Essex Property Trust by 119.3% in the fourth quarter. Russell Investments Group Ltd. now owns 412,721 shares of the real estate investment trust’s stock worth $102,602,000 after buying an additional 224,554 shares during the last quarter. Finally, Wellington Management Group LLP lifted its stake in shares of Essex Property Trust by 5,069.7% during the third quarter. Wellington Management Group LLP now owns 208,651 shares of the real estate investment trust’s stock worth $44,253,000 after buying an additional 204,615 shares during the period. 96.51% of the stock is currently 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.