Essex Property Trust (NYSE:ESS) PT Set at $320.00 by Scotiabank

Essex Property Trust (NYSE:ESS) has been given a $320.00 target price by stock analysts at Scotiabank in a research note issued on Friday, Marketbeat.com reports. The firm presently has a “sector outperform” rating on the real estate investment trust’s stock. Scotiabank’s price target would suggest a potential upside of 11.82% from the stock’s current price.

A number of other analysts have also recently commented on ESS. Barclays upped their price objective on Essex Property Trust from $303.00 to $328.00 and gave the company an “equal weight” rating in a research report on Friday, May 9th. Mizuho cut their target price on Essex Property Trust from $314.00 to $293.00 and set an “outperform” rating for the company in a research report on Friday, May 23rd. BMO Capital Markets increased their price target on Essex Property Trust from $315.00 to $317.00 and gave the company an “outperform” rating in a research note on Wednesday, May 28th. Truist Financial increased their price target on Essex Property Trust from $292.00 to $304.00 and gave the company a “hold” rating in a research note on Monday, March 10th. Finally, Royal Bank of Canada decreased their price objective on Essex Property Trust from $311.00 to $309.00 and set an “outperform” rating on the stock in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $310.83.

Essex Property Trust Price Performance

NYSE ESS traded up $1.71 during trading hours on Friday, hitting $286.17. The company had a trading volume of 71,350 shares, compared to its average volume of 475,370. Essex Property Trust has a 52 week low of $243.85 and a 52 week high of $317.73. The firm has a 50 day simple moving average of $278.93 and a 200 day simple moving average of $287.12. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.14 and a current ratio of 1.14. The firm has a market capitalization of $18.42 billion, a price-to-earnings ratio of 24.80, a PEG ratio of 6.84 and a beta of 0.78.

Essex Property Trust (NYSE:ESS) last announced its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $3.97 EPS for the quarter, topping analysts’ consensus estimates of $3.92 by $0.05. The business had revenue of $464.58 million for the quarter, compared to analysts’ expectations of $458.03 million. Essex Property Trust had a return on equity of 13.05% and a net margin of 41.79%. During the same period in the previous year, the firm earned $3.83 EPS. Equities research analysts expect that Essex Property Trust will post 15.96 earnings per share for the current year.

Institutional Trading of Essex Property Trust

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Empowered Funds LLC grew its holdings in shares of Essex Property Trust by 3.3% in the 4th quarter. Empowered Funds LLC now owns 1,195 shares of the real estate investment trust’s stock worth $338,000 after acquiring an additional 38 shares during the last quarter. DoubleLine ETF Adviser LP increased its position in Essex Property Trust by 0.8% in the 4th quarter. DoubleLine ETF Adviser LP now owns 4,624 shares of the real estate investment trust’s stock worth $1,320,000 after buying an additional 38 shares during the period. Stephens Inc. AR increased its position in shares of Essex Property Trust by 4.6% during the first quarter. Stephens Inc. AR now owns 985 shares of the real estate investment trust’s stock valued at $302,000 after purchasing an additional 43 shares during the period. Horizon Investments LLC increased its position in shares of Essex Property Trust by 5.0% during the first quarter. Horizon Investments LLC now owns 929 shares of the real estate investment trust’s stock valued at $285,000 after purchasing an additional 44 shares during the period. Finally, Gen Wealth Partners Inc boosted its stake in Essex Property Trust by 2.4% in the 4th quarter. Gen Wealth Partners Inc now owns 1,952 shares of the real estate investment trust’s stock valued at $557,000 after buying an additional 45 shares in the last quarter. 96.51% of the stock is currently owned by institutional investors and hedge funds.

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.