Essex Property Trust, Inc. (NYSE:ESS) had its price target raised by equities researchers at Morgan Stanley from $260.00 to $267.00 in a research report issued to clients and investors on Wednesday. The firm currently has an “overweight” rating on the real estate investment trust’s stock. Morgan Stanley’s target price indicates a potential upside of 1.64% from the stock’s current price.

Several other research firms have also issued reports on ESS. Zacks Investment Research raised Essex Property Trust from a “sell” rating to a “hold” rating in a report on Monday, April 24th. BidaskClub raised Essex Property Trust from a “buy” rating to a “strong-buy” rating in a report on Tuesday, June 20th. SunTrust Banks, Inc. lowered Essex Property Trust from a “buy” rating to a “hold” rating and set a $257.00 target price for the company. in a report on Thursday, May 18th. They noted that the move was a valuation call. BTIG Research lowered Essex Property Trust from a “buy” rating to a “neutral” rating in a report on Friday, June 30th. Finally, Barclays PLC upped their target price on Essex Property Trust from $267.00 to $269.00 and gave the company an “overweight” rating in a report on Tuesday, July 18th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $264.36.

Essex Property Trust (NYSE ESS) traded down 0.90% on Wednesday, reaching $262.70. The company’s stock had a trading volume of 338,374 shares. The company has a market cap of $17.34 billion, a P/E ratio of 33.78 and a beta of 0.52. Essex Property Trust has a 52-week low of $200.01 and a 52-week high of $268.97. The firm’s 50-day moving average price is $260.44 and its 200 day moving average price is $246.50.

Essex Property Trust (NYSE:ESS) last issued its quarterly earnings data on Thursday, July 27th. The real estate investment trust reported $2.97 EPS for the quarter, topping analysts’ consensus estimates of $2.92 by $0.05. The firm had revenue of $339.06 million during the quarter, compared to analyst estimates of $336.17 million. Essex Property Trust had a return on equity of 8.03% and a net margin of 38.33%. During the same period in the previous year, the company posted $2.74 EPS. Equities analysts anticipate that Essex Property Trust will post $5.95 EPS for the current fiscal year.

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In other Essex Property Trust news, CEO Michael J. Schall sold 333 shares of the stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $263.97, for a total transaction of $87,902.01. Following the completion of the transaction, the chief executive officer now directly owns 45,096 shares of the company’s stock, valued at $11,903,991.12. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Irving F. Lyons III sold 1,024 shares of the stock in a transaction on Thursday, May 18th. The shares were sold at an average price of $254.22, for a total value of $260,321.28. Following the transaction, the director now directly owns 8,854 shares of the company’s stock, valued at $2,250,863.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,690 shares of company stock valued at $1,717,142. 3.30% of the stock is owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Essex Property Trust by 0.8% in the second quarter. Vanguard Group Inc. now owns 11,496,906 shares of the real estate investment trust’s stock valued at $2,957,809,000 after buying an additional 92,531 shares during the period. BlackRock Inc. raised its position in shares of Essex Property Trust by 1.5% in the second quarter. BlackRock Inc. now owns 6,573,361 shares of the real estate investment trust’s stock valued at $1,691,128,000 after buying an additional 94,331 shares during the period. Cohen & Steers Inc. raised its position in shares of Essex Property Trust by 10.9% in the second quarter. Cohen & Steers Inc. now owns 5,562,780 shares of the real estate investment trust’s stock valued at $1,268,814,000 after buying an additional 547,566 shares during the period. State Street Corp raised its position in shares of Essex Property Trust by 0.7% in the fourth quarter. State Street Corp now owns 4,802,337 shares of the real estate investment trust’s stock valued at $1,116,579,000 after buying an additional 35,667 shares during the period. Finally, BlackRock Institutional Trust Company N.A. raised its position in shares of Essex Property Trust by 1.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,720,897 shares of the real estate investment trust’s stock valued at $620,609,000 after buying an additional 35,747 shares during the period. 99.74% of the stock is owned by institutional investors and hedge funds.

About Essex Property Trust

Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust. The Company is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of predominantly apartment communities, located along the West Coast. Its segments include Southern California, Northern California, Seattle Metro and Other real estate assets.

Analyst Recommendations for Essex Property Trust (NYSE:ESS)

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