Essex Property Trust (NYSE:ESS) Stock Price Target Lowered at Morgan Stanley

Key Points

• Morgan Stanley lowered Essex Property Trust’s price target from $302 to $285, maintaining an “equal weight” rating; the new target implies about 4.2% upside from the prior close.
• Analyst views are mixed, but the consensus rating is “Moderate Buy” with an average price target of $297.52.
• Essex reported quarterly EPS of $1.52, below the $4.01 consensus estimate, while revenue of $492.69 million slightly exceeded estimates.

Essex Property Trust (NYSE:ESS - Get Free Report) had its target price lowered by Morgan Stanley from $302.00 to $285.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an "equal weight" rating on the real estate investment trust's stock. Morgan Stanley's price objective suggests a potential upside of 4.16% from the company's previous close.

ESS has been the topic of several other research reports. Wall Street Zen lowered shares of Essex Property Trust from a "hold" rating to a "sell" rating in a research note on Saturday, August 1st. Evercore set a $299.00 target price on shares of Essex Property Trust in a report on Monday, September 21st. Scotiabank reduced their price target on shares of Essex Property Trust from $307.00 to $293.00 and set a "sector outperform" rating on the stock in a research report on Thursday, September 17th. Piper Sandler reissued an "overweight" rating and set a $320.00 price target (down from $326.00) on shares of Essex Property Trust in a research report on Thursday, October 29th. Finally, Citizens Jmp raised shares of Essex Property Trust from a "market perform" rating to an "outperform" rating and set a $330.00 price target for the company in a report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Essex Property Trust presently has a consensus rating of "Moderate Buy" and an average price target of $297.52.

Essex Property Trust Trading Down 0.8%

Shares of Essex Property Trust stock traded down $2.14 during trading on Wednesday, reaching $273.61. 96,465 shares of the company were exchanged, compared to its average volume of 514,885. The business has a 50-day moving average price of $272.22 and a 200-day moving average price of $270.25. The firm has a market capitalization of $17.60 billion, a price-to-earnings ratio of 50.77, a P/E/G ratio of 9.74 and a beta of 0.69. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.21. Essex Property Trust has a twelve month low of $238.46 and a twelve month high of $303.35.

Essex Property Trust (NYSE:ESS - Get Free Report) last released its earnings results on Tuesday, October 27th. The real estate investment trust reported $1.52 earnings per share for the quarter, missing the consensus estimate of $4.01 by ($2.49). Essex Property Trust had a net margin of 17.84% and a return on equity of 6.24%. The company had revenue of $492.69 million during the quarter, compared to analyst estimates of $491.01 million. During the same period in the previous year, the company posted $3.97 EPS. Sell-side analysts anticipate that Essex Property Trust will post 16.17 EPS for the current fiscal year.

Institutional Trading of Essex Property Trust

Large investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in Essex Property Trust during the 2nd quarter worth approximately $2,166,555,000. Dimensional Fund Advisors LP boosted its holdings in shares of Essex Property Trust by 6.1% in the first quarter. Dimensional Fund Advisors LP now owns 995,810 shares of the real estate investment trust's stock valued at $240,989,000 after buying an additional 57,173 shares during the period. Legal & General Group Plc bought a new stake in shares of Essex Property Trust during the second quarter worth $260,252,000. Rush Island Management LP increased its position in shares of Essex Property Trust by 26.8% during the first quarter. Rush Island Management LP now owns 807,893 shares of the real estate investment trust's stock worth $195,510,000 after acquiring an additional 170,682 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Essex Property Trust by 23,177.2% during the second 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 worth $220,862,000 after acquiring an additional 754,185 shares in the last quarter. 96.51% of the stock is owned by institutional investors.

Essex Property Trust Company Profile

Essex Property Trust, Inc. is a real estate investment trust focused on owning, operating, acquiring, developing and redeveloping apartment communities. Its portfolio serves renters in major coastal markets in Southern California, Northern California and the Seattle metropolitan area. Founded in 1971, the company became publicly traded in 1994. Essex's primary business is providing rental housing, with property operations and development activities supporting its apartment portfolio.

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