Essex Property Trust (NYSE:ESS) Cut to "Sell" at Wall Street Zen

Key Points

• Essex Property Trust has been downgraded from a "hold" to a "sell" rating by Wall Street Zen, signaling potential concerns about the company's future performance.
• Amid this downgrade, several research firms have varied opinions on the stock, with a consensus rating of "Hold" and an average target price of $297.09.
• Essex Property Trust reported an earnings per share (EPS) of $4.03 for the last quarter, which slightly exceeded analysts' expectations of $3.99.

Essex Property Trust (NYSE:ESS - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Saturday.

Several other research firms have also issued reports on ESS. Cantor Fitzgerald initiated coverage on shares of Essex Property Trust in a research note on Wednesday, October 1st. They issued an "overweight" rating and a $300.00 target price for the company. Weiss Ratings restated a "hold (c+)" rating on shares of Essex Property Trust in a research report on Wednesday, October 8th. BNP Paribas Exane cut shares of Essex Property Trust from an "outperform" rating to a "neutral" rating in a research report on Monday, September 29th. Stifel Nicolaus raised their target price on shares of Essex Property Trust from $301.50 to $305.50 and gave the stock a "hold" rating in a report on Wednesday, July 30th. Finally, Morgan Stanley dropped their price target on Essex Property Trust from $304.00 to $285.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 13th. Seven equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $297.09.

Essex Property Trust Stock Up 0.4%

Shares of NYSE ESS opened at $264.74 on Friday. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.09 and a current ratio of 1.09. Essex Property Trust has a 52-week low of $243.85 and a 52-week high of $316.29. The company's 50 day moving average price is $264.17 and its 200-day moving average price is $273.40. The company has a market capitalization of $17.05 billion, a P/E ratio of 21.28, a price-to-earnings-growth ratio of 6.40 and a beta of 0.81.

Essex Property Trust (NYSE:ESS - Get Free Report) last released its earnings results on Tuesday, July 29th. The real estate investment trust reported $4.03 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.99 by $0.04. The company had revenue of $465.84 million for the quarter, compared to the consensus estimate of $466.47 million. Essex Property Trust had a net margin of 43.51% and a return on equity of 13.98%. During the same quarter in the previous year, the company earned $3.94 EPS. Essex Property Trust has set its Q3 2025 guidance at 3.890-3.990 EPS. FY 2025 guidance at 15.800-16.020 EPS. Equities analysts forecast that Essex Property Trust will post 15.96 earnings per share for the current year.

Hedge Funds Weigh In On Essex Property Trust

Several large investors have recently modified their holdings of the stock. Legacy Wealth Asset Management LLC raised its position in shares of Essex Property Trust by 3.8% in the 3rd quarter. Legacy Wealth Asset Management LLC now owns 1,054 shares of the real estate investment trust's stock worth $282,000 after purchasing an additional 39 shares during the last quarter. Huntington National Bank lifted its holdings in Essex Property Trust by 16.1% in the 2nd quarter. Huntington National Bank now owns 288 shares of the real estate investment trust's stock worth $82,000 after purchasing an additional 40 shares in the last quarter. Turning Point Benefit Group Inc. raised its holdings in shares of Essex Property Trust by 2.3% during the 2nd quarter. Turning Point Benefit Group Inc. now owns 1,861 shares of the real estate investment trust's stock worth $527,000 after acquiring an additional 42 shares in the last quarter. Stephens Inc. AR raised its holdings in Essex Property Trust by 4.6% during the 1st quarter. Stephens Inc. AR now owns 985 shares of the real estate investment trust's stock valued at $302,000 after buying an additional 43 shares during the period. Finally, Horizon Investments LLC grew its position in Essex Property Trust by 5.0% in the 1st quarter. Horizon Investments LLC now owns 929 shares of the real estate investment trust's stock valued at $285,000 after acquiring an additional 44 shares during the last quarter. Hedge funds and other institutional investors own 96.51% of the company's stock.

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.

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