Essex Property Trust (NYSE:ESS) Price Target Raised to $309.00 at Scotiabank

Essex Property Trust (NYSE:ESS) had its price objective boosted by investment analysts at Scotiabank from $290.00 to $309.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a “sector outperform” rating on the real estate investment trust’s stock. Scotiabank’s price objective indicates a potential upside of 3.63% from the company’s current price.

Other analysts have also recently issued reports about the stock. JPMorgan Chase & Co. upped their price target on shares of Essex Property Trust from $244.00 to $265.00 and gave the company a “neutral” rating in a report on Monday, June 17th. Wells Fargo & Company boosted their price target on Essex Property Trust from $269.00 to $314.00 and gave the company an “equal weight” rating in a report on Monday. Wedbush upped their price target on Essex Property Trust from $264.00 to $301.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Royal Bank of Canada lifted their price objective on shares of Essex Property Trust from $284.00 to $288.00 and gave the stock an “outperform” rating in a report on Thursday, August 1st. Finally, Piper Sandler reissued an “overweight” rating and set a $315.00 target price on shares of Essex Property Trust in a report on Friday, June 28th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $269.95.

Essex Property Trust Trading Up 0.7 %

ESS stock traded up $2.10 on Monday, hitting $298.19. 3,430 shares of the company were exchanged, compared to its average volume of 375,031. The stock has a market capitalization of $19.15 billion, a price-to-earnings ratio of 36.14, a price-to-earnings-growth ratio of 3.96 and a beta of 0.86. The business’s fifty day moving average is $280.73 and its two-hundred day moving average is $258.59. Essex Property Trust has a twelve month low of $203.85 and a twelve month high of $298.19. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.62 and a quick ratio of 3.19.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.85 by ($2.40). Essex Property Trust had a return on equity of 9.14% and a net margin of 30.31%. The firm had revenue of $442.36 million for the quarter, compared to analysts’ expectations of $433.26 million. During the same period last year, the firm earned $3.77 EPS. As a group, research analysts forecast that Essex Property Trust will post 15.53 earnings per share for the current year.

Insider Activity at Essex Property Trust

In related news, CEO Angela L. Kleiman sold 3,780 shares of the firm’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $278.27, for a total value of $1,051,860.60. Following the completion of the sale, the chief executive officer now directly owns 9,494 shares in the company, valued at approximately $2,641,895.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Keith R. Guericke sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $274.57, for a total value of $2,745,700.00. Following the completion of the sale, the director now directly owns 16,118 shares in the company, valued at $4,425,519.26. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Angela L. Kleiman sold 3,780 shares of the firm’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $278.27, for a total value of $1,051,860.60. Following the transaction, the chief executive officer now owns 9,494 shares in the company, valued at approximately $2,641,895.38. The disclosure for this sale can be found here. 3.80% of the stock is owned by company insiders.

Institutional Trading of Essex Property Trust

A number of institutional investors have recently modified their holdings of ESS. EP Wealth Advisors LLC lifted its position in Essex Property Trust by 3.7% during the first quarter. EP Wealth Advisors LLC now owns 1,228 shares of the real estate investment trust’s stock worth $301,000 after purchasing an additional 44 shares during the period. M&R Capital Management Inc. raised its position in shares of Essex Property Trust by 5.4% in the 2nd quarter. M&R Capital Management Inc. now owns 1,014 shares of the real estate investment trust’s stock valued at $276,000 after buying an additional 52 shares in the last quarter. Quilter Plc lifted its holdings in shares of Essex Property Trust by 0.6% during the 2nd quarter. Quilter Plc now owns 8,698 shares of the real estate investment trust’s stock worth $2,368,000 after acquiring an additional 52 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Essex Property Trust by 10.3% during the 1st quarter. GAMMA Investing LLC now owns 591 shares of the real estate investment trust’s stock worth $145,000 after acquiring an additional 55 shares during the period. Finally, Czech National Bank boosted its position in shares of Essex Property Trust by 0.5% during the 1st quarter. Czech National Bank now owns 11,296 shares of the real estate investment trust’s stock worth $2,765,000 after acquiring an additional 55 shares in the last quarter. 96.51% of the stock is currently owned by institutional investors.

About Essex Property Trust

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.