Essex Property Trust (NYSE:ESS) Given New $295.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan raised Essex Property Trust’s price target to $295 from $275 but maintained an “underweight” rating, implying roughly 2.55% upside from the stock’s recent price.
• Analyst sentiment is mixed, though the overall consensus remains a “Moderate Buy” with an average target of $304.99; recent targets range from $286 to $330.
• ESS shares rose 0.1% to $287.66, while institutional investors own 96.51% of the company and an insider recently sold 600 shares.

Essex Property Trust (NYSE:ESS - Get Free Report) had its target price boosted by stock analysts at JPMorgan Chase & Co. from $275.00 to $295.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an "underweight" rating on the real estate investment trust's stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 2.55% from the stock's current price.

Other research analysts have also recently issued research reports about the company. Cantor Fitzgerald lifted their target price on Essex Property Trust from $291.00 to $316.00 and gave the company an "overweight" rating in a research report on Monday, August 3rd. Truist Financial increased their price target on Essex Property Trust from $273.00 to $286.00 and gave the company a "hold" rating in a research report on Wednesday, May 27th. Citizens Jmp upgraded Essex Property Trust from a "market perform" rating to an "outperform" rating and set a $330.00 price objective on the stock in a research note on Friday, July 31st. Wall Street Zen downgraded shares of Essex Property Trust from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. Finally, Stifel Nicolaus set a $292.75 target price on shares of Essex Property Trust in a research note on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Essex Property Trust presently has a consensus rating of "Moderate Buy" and a consensus target price of $304.99.

Essex Property Trust Stock Up 0.1%

NYSE ESS traded up $0.27 during trading hours on Friday, hitting $287.66. The company's stock had a trading volume of 50,974 shares, compared to its average volume of 501,289. Essex Property Trust has a 52 week low of $238.46 and a 52 week high of $303.35. The company has a market capitalization of $18.49 billion, a PE ratio of 44.78, a price-to-earnings-growth ratio of 10.31 and a beta of 0.69. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.22. The company's 50-day simple moving average is $288.34 and its two-hundred day simple moving average is $268.25.

Insider Buying and Selling at Essex Property Trust

In related news, Director Mary Kasaris sold 600 shares of the stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $279.45, for a total transaction of $167,670.00. Following the completion of the transaction, the director owned 2,394 shares in the company, valued at approximately $669,003.30. This represents a 20.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 3.47% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nemes Rush Group LLC purchased a new stake in shares of Essex Property Trust during the 4th quarter worth approximately $27,000. Generali Asset Management SPA SGR purchased a new position in Essex Property Trust in the fourth quarter valued at approximately $29,000. Cassaday & Co Wealth Management LLC bought a new position in Essex Property Trust during the first quarter valued at $38,000. Western Wealth Management LLC purchased a new stake in Essex Property Trust in the first quarter worth $44,000. Finally, Elevation Wealth Partners LLC raised its stake in shares of Essex Property Trust by 523.1% in the second quarter. Elevation Wealth Partners LLC now owns 162 shares of the real estate investment trust's stock valued at $47,000 after buying an additional 136 shares during the period. 96.51% of the stock is currently owned by hedge funds and other institutional investors.

About Essex Property Trust

Essex Property Trust, Inc NYSE: ESS is a publicly traded real estate investment trust that acquires, develops, owns and operates multifamily residential properties. The company focuses on market-rate apartment communities and delivers a full suite of property services including leasing, resident services, asset management, and capital improvement programs designed to preserve and enhance long‑term property values.

Essex concentrates its portfolio in West Coast markets, with a significant presence in California and the Pacific Northwest.

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