Essex Property Trust (NYSE:ESS) PT Raised to $264.00

Essex Property Trust (NYSE:ESS) had its target price hoisted by Wedbush from $240.00 to $264.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the real estate investment trust’s stock. Wedbush’s target price would suggest a potential upside of 2.46% from the stock’s previous close. 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. Deutsche Bank Aktiengesellschaft assumed coverage on Essex Property Trust in a research note on Tuesday, January 30th. They set a “hold” rating and a $240.00 price target for the company. Piper Sandler increased their target price on shares of Essex Property Trust from $291.00 to $315.00 and gave the stock an “overweight” rating in a research report on Monday. Mizuho raised shares of Essex Property Trust from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $255.00 to $250.00 in a research note on Wednesday, February 28th. Morgan Stanley lifted their price objective on Essex Property Trust from $227.00 to $230.00 and gave the company an “equal weight” rating in a research report on Monday, February 26th. Finally, StockNews.com raised Essex Property Trust from a “sell” rating to a “hold” rating in a research report on Wednesday, May 1st. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $249.76.

Essex Property Trust Trading Up 0.9 %

Essex Property Trust stock opened at $257.67 on Monday. Essex Property Trust has a 12-month low of $203.85 and a 12-month high of $258.06. The stock has a market capitalization of $16.54 billion, a PE ratio of 31.50, a price-to-earnings-growth ratio of 3.67 and a beta of 0.79. The firm has a 50 day simple moving average of $241.53 and a 200-day simple moving average of $233.61. 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

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank bought a new stake in shares of Essex Property Trust during the fourth quarter valued at approximately $675,183,000. Cohen & Steers Inc. lifted its holdings in shares of 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 acquiring an additional 730,141 shares during the period. Daiwa Securities Group Inc. increased its stake in Essex Property Trust by 86.5% in the first quarter. Daiwa Securities Group Inc. now owns 997,792 shares of the real estate investment trust’s stock valued at $244,269,000 after acquiring an additional 462,828 shares during the period. Russell Investments Group Ltd. raised its position in 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 purchasing an additional 224,554 shares in the last quarter. Finally, Wellington Management Group LLP lifted its stake in 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 purchasing an additional 204,615 shares during the period. Institutional investors and hedge funds own 96.51% of the company’s stock.

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.