Essex Property Trust (NYSE:ESS) Price Target Lowered to $293.00 at Scotiabank

Key Points

• Scotiabank lowered Essex Property Trust’s price target to $293 from $307 while maintaining a “sector outperform” rating, implying 7.66% upside from the prior close.
• Analyst sentiment is mixed, with a consensus “Hold” rating and average price target of $303.24; targets from other firms range from $295 to $352.
• Essex shares rose 0.3% to $272.17, while the REIT reported quarterly EPS of $4.08—well above the $1.46 consensus estimate—and institutional investors own 96.51% of its stock.

Essex Property Trust (NYSE:ESS - Get Free Report) had its price target lowered by stock analysts at Scotiabank from $307.00 to $293.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a "sector outperform" rating on the real estate investment trust's stock. Scotiabank's price target indicates a potential upside of 7.66% from the company's previous close.

Other analysts have also issued research reports about the company. Piper Sandler increased their target price on Essex Property Trust from $310.00 to $352.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 21st. JPMorgan Chase & Co. upped their price target on shares of Essex Property Trust from $275.00 to $295.00 and gave the stock an "underweight" rating in a report on Friday, August 14th. Raymond James Financial raised shares of Essex Property Trust from a "market perform" rating to an "outperform" rating and set a $320.00 price target on the stock in a research note on Friday, June 26th. Wells Fargo & Company boosted their price objective on shares of Essex Property Trust from $280.00 to $297.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 22nd. Finally, Morgan Stanley raised their target price on shares of Essex Property Trust from $293.00 to $302.00 and gave the stock an "equal weight" rating in a research report on Thursday, June 25th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $303.24.

Essex Property Trust Trading Up 0.3%

NYSE ESS traded up $0.82 during trading on Thursday, hitting $272.17. The stock had a trading volume of 53,386 shares, compared to its average volume of 499,527. Essex Property Trust has a one year low of $238.46 and a one year high of $303.35. The stock has a 50 day simple moving average of $286.03 and a 200 day simple moving average of $272.86. The stock has a market capitalization of $17.49 billion, a price-to-earnings ratio of 42.33, a P/E/G ratio of 10.09 and a beta of 0.69. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.60 and a current ratio of 0.60.

Essex Property Trust (NYSE:ESS - Get Free Report) last released its earnings results on Wednesday, July 29th. The real estate investment trust reported $4.08 EPS for the quarter, beating analysts' consensus estimates of $1.46 by $2.62. Essex Property Trust had a return on equity of 7.33% and a net margin of 21.48%.The firm had revenue of $489.05 million for the quarter, compared to analysts' expectations of $485.12 million. During the same quarter in the prior year, the firm posted $4.03 earnings per share. Essex Property Trust has set its Q3 2026 guidance at 3.930-4.050 EPS and its FY 2026 guidance at 16.030-16.250 EPS. Sell-side analysts predict that Essex Property Trust will post 16.18 earnings per share for the current year.

Institutional Investors Weigh In On Essex Property Trust

Several hedge funds have recently modified their holdings of ESS. BlackRock Inc. purchased a new position in Essex Property Trust during the second quarter valued at approximately $2,166,555,000. Legal & General Group Plc purchased a new stake in Essex Property Trust during the second quarter worth $260,252,000. Norges Bank bought a new stake in Essex Property Trust during the 4th quarter valued at $230,690,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Essex Property Trust by 23,177.2% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 757,439 shares of the real estate investment trust's stock valued at $220,862,000 after acquiring an additional 754,185 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in Essex Property Trust during the 2nd quarter valued at $135,837,000. Hedge funds and other institutional investors own 96.51% of the company's stock.

Essex Property Trust Company Profile

Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust that owns, operates, develops and redevelops multifamily residential communities. Its portfolio primarily consists of apartment homes, supported by property management, maintenance and resident services.

The company focuses on high-demand coastal markets on the West Coast, particularly Northern and Southern California and the Seattle metropolitan area in Washington. Essex's properties are generally located near employment centers, transportation networks and other amenities, serving renters in major urban and suburban communities.

Founded in 1971, Essex Property Trust became a publicly traded real estate investment trust in 1994.

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