Essex Property Trust (NYSE:ESS) Stock Price Target Raised at Truist Financial

Key Points

• Truist Financial raised its price target on Essex Property Trust from $286 to $288, while maintaining a “hold” rating; the new target implies about 5.3% upside from the previous close.
• Analyst views are mixed, but the consensus rating is “Moderate Buy” with an average price target of $297.82. The stock traded down 0.7% to $273.57.
• Essex reported quarterly earnings per share of $1.52, below the $4.01 consensus estimate, while revenue of $492.69 million slightly exceeded expectations.

Essex Property Trust (NYSE:ESS - Get Free Report) had its price objective lifted by stock analysts at Truist Financial from $286.00 to $288.00 in a report issued on Tuesday, Benzinga reports. The firm presently has a "hold" rating on the real estate investment trust's stock. Truist Financial's price objective would indicate a potential upside of 5.28% from the stock's previous close.

Other equities analysts have also issued research reports about the stock. Stifel Nicolaus reduced their target price on shares of Essex Property Trust from $292.75 to $285.50 and set a "hold" rating on the stock in a report on Wednesday, October 28th. JPMorgan Chase & Co. increased their price target on Essex Property Trust from $275.00 to $295.00 and gave the company an "underweight" rating in a report on Friday, August 14th. Wells Fargo & Company lowered their price target on Essex Property Trust from $297.00 to $279.00 and set an "equal weight" rating for the company in a report on Monday, October 19th. Jefferies Financial Group raised Essex Property Trust to a "strong-buy" rating in a research report on Wednesday, July 22nd. Finally, Mizuho cut Essex Property Trust from an "outperform" rating to a "neutral" rating and reduced their price objective for the stock from $308.00 to $295.00 in a research note on Tuesday, September 8th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $297.82.

Essex Property Trust Trading Down 0.7%

ESS traded down $1.97 during midday trading on Tuesday, hitting $273.57. The company's stock had a trading volume of 29,432 shares, compared to its average volume of 514,731. The firm has a market cap of $17.60 billion, a P/E ratio of 50.76, a PEG ratio of 9.60 and a beta of 0.69. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.21. The firm has a 50-day moving average price of $272.36 and a two-hundred day moving average price of $270.14. Essex Property Trust has a 52-week low of $238.46 and a 52-week high of $303.35.

Essex Property Trust (NYSE:ESS - Get Free Report) last issued 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 return on equity of 6.24% and a net margin of 17.84%. The firm had revenue of $492.69 million during the quarter, compared to analysts' expectations of $491.01 million. During the same period last year, the business posted $3.97 earnings per share. On average, research analysts anticipate that Essex Property Trust will post 16.17 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ESS. Cassaday & Co Wealth Management LLC purchased a new stake in Essex Property Trust during the 1st quarter worth $38,000. Pension & Wealth Management Advisors Inc. purchased a new position in Essex Property Trust in the 3rd quarter valued at about $39,000. Western Wealth Management LLC acquired a new stake in shares of Essex Property Trust during the first quarter valued at about $44,000. Elevation Wealth Partners LLC grew its stake in shares of Essex Property Trust by 523.1% during the second quarter. Elevation Wealth Partners LLC now owns 162 shares of the real estate investment trust's stock valued at $47,000 after acquiring an additional 136 shares in the last quarter. Finally, Hantz Financial Services Inc. grew its stake in shares of Essex Property Trust by 35.7% during the third quarter. Hantz Financial Services Inc. now owns 190 shares of the real estate investment trust's stock valued at $51,000 after acquiring an additional 50 shares in the last quarter. 96.51% of the stock is currently owned by hedge funds and other institutional investors.

Essex Property Trust Company Profile

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