Truist Financial Lowers Essex Property Trust (NYSE:ESS) Price Target to $283.00

Key Points

• Truist Financial has reduced its price target for Essex Property Trust from $295.00 to $283.00, maintaining a "hold" rating, which implies an upside potential of approximately 11.93% based on current prices.
• Several other analysts, including Evercore ISI and Piper Sandler, have also lowered their target prices and adjusted ratings, reflecting a cautious outlook on the stock.
• Essex Property Trust's recent earnings report showed an EPS of $4.03, slightly exceeding expectations, and the company currently has a market capitalization of $16.28 billion.

Essex Property Trust (NYSE:ESS - Get Free Report) had its target price lowered by research analysts at Truist Financial from $295.00 to $283.00 in a report released on Tuesday, MarketBeat reports. The firm currently has a "hold" rating on the real estate investment trust's stock. Truist Financial's price objective would suggest a potential upside of 9.43% from the company's previous close.

Several other research analysts have also recently commented on ESS. UBS Group lowered their target price on Essex Property Trust from $297.00 to $295.00 and set a "neutral" rating for the company in a research note on Tuesday, July 15th. Raymond James Financial raised Essex Property Trust from a "market perform" rating to an "outperform" rating and set a $315.00 target price for the company in a research note on Tuesday, June 24th. Royal Bank Of Canada boosted their target price on Essex Property Trust from $306.00 to $307.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. Stifel Nicolaus boosted their target price on Essex Property Trust from $301.50 to $305.50 and gave the stock a "hold" rating in a research note on Wednesday, July 30th. Finally, Evercore ISI lowered their target price on Essex Property Trust from $285.00 to $279.00 and set an "in-line" rating for the company in a research note on Tuesday. One analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, Essex Property Trust currently has an average rating of "Hold" and a consensus price target of $302.86.

Essex Property Trust Stock Up 1.8%

Shares of NYSE:ESS opened at $258.62 on Tuesday. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.09 and a quick ratio of 1.09. The firm has a market capitalization of $16.66 billion, a PE ratio of 20.79, a price-to-earnings-growth ratio of 6.53 and a beta of 0.80. The firm's 50-day moving average is $279.21 and its two-hundred day moving average is $284.44. Essex Property Trust has a 1 year low of $243.85 and a 1 year high of $317.73.

Essex Property Trust (NYSE:ESS - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $4.03 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.99 by $0.04. The company had revenue of $465.84 million for the quarter, compared to analyst estimates 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 period in the prior year, the firm earned $3.94 earnings per share. Analysts predict that Essex Property Trust will post 15.96 EPS for the current year.

Institutional Trading of Essex Property Trust

Large investors have recently made changes to their positions in the company. WPG Advisers LLC acquired a new stake in shares of Essex Property Trust in the 1st quarter valued at about $31,000. Ransom Advisory Ltd purchased a new stake in Essex Property Trust during the 1st quarter valued at approximately $31,000. Richardson Financial Services Inc. raised its stake in Essex Property Trust by 300.0% during the 2nd quarter. Richardson Financial Services Inc. now owns 100 shares of the real estate investment trust's stock valued at $28,000 after acquiring an additional 75 shares during the last quarter. Zions Bancorporation National Association UT purchased a new stake in Essex Property Trust during the 1st quarter valued at approximately $34,000. Finally, GKV Capital Management Co. Inc. purchased a new stake in Essex Property Trust during the 1st quarter valued at approximately $35,000. 96.51% of the stock is owned by institutional investors and hedge funds.

Essex Property Trust Company Profile

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.