Essex Property Trust (NYSE:ESS) Price Target Lowered to $298.00 at Barclays

Key Points

• Barclays has lowered its price target for Essex Property Trust from $335.00 to $298.00, maintaining an "equal weight" rating, which indicates a potential upside of 18.27% from the stock's previous close.
• Multiple analysts have adjusted their ratings on Essex Property Trust, with Mizuho setting a price target of $293.00 and Piper Sandler lowering theirs to $275.00, reflecting a mixed outlook on the stock's performance.
• Essex Property Trust reported earnings of $4.03 per share for the last quarter, exceeding analysts' expectations, but noted revenues fell short of estimates with $465.84 million compared to forecasts of $466.47 million.

Essex Property Trust (NYSE:ESS - Get Free Report) had its price target dropped by stock analysts at Barclays from $335.00 to $298.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the real estate investment trust's stock. Barclays's price objective would suggest a potential upside of 18.27% from the stock's previous close.

A number of other analysts have also recently commented on the company. Mizuho dropped their price objective on Essex Property Trust from $314.00 to $293.00 and set an "outperform" rating for the company in a research report on Friday, May 23rd. Piper Sandler downgraded Essex Property Trust from an "overweight" rating to a "neutral" rating and lowered their price target for the company from $355.00 to $275.00 in a research report on Monday, August 4th. 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 report on Tuesday, June 24th. UBS Group decreased their price target on shares of Essex Property Trust from $297.00 to $295.00 and set a "neutral" rating for the company in a research report on Tuesday, July 15th. Finally, Royal Bank Of Canada increased their target price on shares of Essex Property Trust from $306.00 to $307.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. One analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Essex Property Trust presently has an average rating of "Hold" and a consensus target price of $305.15.

Essex Property Trust Stock Down 1.0%

ESS opened at $251.96 on Tuesday. The business has a 50 day simple moving average of $280.25 and a 200-day simple moving average of $284.83. Essex Property Trust has a 12 month low of $243.85 and a 12 month high of $317.73. The stock has a market capitalization of $16.23 billion, a P/E ratio of 20.34, a P/E/G ratio of 6.55 and a beta of 0.80. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.09 and a quick ratio of 1.09.

Essex Property Trust (NYSE:ESS - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $4.03 earnings per share for the quarter, topping analysts' consensus estimates of $3.99 by $0.04. Essex Property Trust had a return on equity of 13.98% and a net margin of 43.51%. The business had revenue of $465.84 million for the quarter, compared to analysts' expectations of $466.47 million. During the same quarter in the prior year, the firm posted $3.94 EPS. On average, equities analysts anticipate that Essex Property Trust will post 15.96 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Essex Property Trust by 0.5% during the second quarter. Vanguard Group Inc. now owns 10,493,313 shares of the real estate investment trust's stock valued at $2,973,805,000 after acquiring an additional 53,039 shares in the last quarter. Valeo Financial Advisors LLC raised its position in shares of Essex Property Trust by 151,452.8% during the 2nd quarter. Valeo Financial Advisors LLC now owns 2,978,012 shares of the real estate investment trust's stock valued at $843,969,000 after purchasing an additional 2,976,047 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Essex Property Trust by 66.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,746,242 shares of the real estate investment trust's stock valued at $841,916,000 after buying an additional 1,096,619 shares in the last quarter. Geode Capital Management LLC grew its stake in Essex Property Trust by 1.3% during the second quarter. Geode Capital Management LLC now owns 1,825,007 shares of the real estate investment trust's stock valued at $515,226,000 after acquiring an additional 23,565 shares in the last quarter. Finally, Wealthquest Corp purchased a new stake in Essex Property Trust in the 1st quarter worth $384,606,000. 96.51% of the stock is currently owned by institutional investors.

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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