Essex Property Trust (NYSE:ESS) Price Target Raised to $297.00 at Barclays

Key Points

• Barclays raised Essex Property Trust’s price target from $296 to $297 while maintaining an “equal weight” rating, implying approximately 3.96% upside from the prior close.
• Analyst sentiment is broadly positive: Essex has a consensus “Moderate Buy” rating and an average price target of $305.04, despite ratings ranging from Strong Buy to Sell.
• Shares fell 0.6% to $285.68 during Monday trading. Institutional investors own approximately 96.51% of the stock, while an Essex director recently sold 600 shares.

Essex Property Trust (NYSE:ESS - Get Free Report) had its price target boosted by equities researchers at Barclays from $296.00 to $297.00 in a research report issued on Monday,Benzinga reports. The firm presently has an "equal weight" rating on the real estate investment trust's stock. Barclays's price objective would indicate a potential upside of 3.96% from the company's previous close.

ESS has been the subject of several other reports. Citizens Jmp raised Essex Property Trust from a "market perform" rating to an "outperform" rating and set a $330.00 price objective for the company in a research report on Friday, July 31st. Mizuho boosted their target price on Essex Property Trust from $285.00 to $308.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 10th. Scotiabank upped their price target on Essex Property Trust from $290.00 to $307.00 and gave the company an "outperform" rating in a report on Thursday, July 9th. JPMorgan Chase & Co. increased their price target on shares of Essex Property Trust from $275.00 to $295.00 and gave the company an "underweight" rating in a research note on Friday. Finally, Wall Street Zen cut shares of Essex Property Trust from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $305.04.

Essex Property Trust Stock Down 0.6%

NYSE:ESS traded down $1.84 during trading hours on Monday, hitting $285.68. The company's stock had a trading volume of 4,622 shares, compared to its average volume of 500,411. The stock has a market capitalization of $18.36 billion, a P/E ratio of 44.36, a price-to-earnings-growth ratio of 10.54 and a beta of 0.69. The stock has a fifty day moving average of $288.37 and a 200-day moving average of $268.49. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.22. Essex Property Trust has a 52-week low of $238.46 and a 52-week high of $303.35.

Insider Activity at Essex Property Trust

In other news, Director Mary Kasaris sold 600 shares of Essex Property Trust stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $279.45, for a total transaction of $167,670.00. Following the sale, the director owned 2,394 shares in the company, valued at approximately $669,003.30. The trade was a 20.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.47% of the company's stock.

Institutional Trading of Essex Property Trust

Large investors have recently made changes to their positions in the company. Dorsey & Whitney Trust CO LLC grew its stake in shares of Essex Property Trust by 5.2% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 814 shares of the real estate investment trust's stock worth $213,000 after purchasing an additional 40 shares in the last quarter. Norinchukin Bank The increased its holdings in shares of Essex Property Trust by 0.6% during the third quarter. Norinchukin Bank The now owns 6,957 shares of the real estate investment trust's stock valued at $1,862,000 after purchasing an additional 44 shares during the period. Segment Wealth Management LLC raised its stake in shares of Essex Property Trust by 5.1% during the fourth quarter. Segment Wealth Management LLC now owns 913 shares of the real estate investment trust's stock valued at $239,000 after purchasing an additional 44 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. lifted its holdings in Essex Property Trust by 2.0% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 2,537 shares of the real estate investment trust's stock worth $664,000 after purchasing an additional 50 shares during the period. Finally, Kestra Private Wealth Services LLC lifted its holdings in Essex Property Trust by 1.7% in the first quarter. Kestra Private Wealth Services LLC now owns 3,047 shares of the real estate investment trust's stock worth $737,000 after purchasing an additional 50 shares during the period. 96.51% of the stock is owned by institutional investors and hedge funds.

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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