Essex Property Trust (NYSE:ESS) Upgraded by Raymond James Financial to "Outperform" Rating

Essex Property Trust (NYSE:ESS - Get Free Report) was upgraded by Raymond James Financial from a "market perform" rating to an "outperform" rating in a research report issued on Tuesday, MarketBeat.com reports. The firm presently has a $315.00 price objective on the real estate investment trust's stock. Raymond James Financial's target price would indicate a potential upside of 10.83% from the company's current price.

A number of other equities analysts have also issued reports on ESS. Mizuho cut their target price on Essex Property Trust from $314.00 to $293.00 and set an "outperform" rating on the stock in a research report on Friday, May 23rd. Barclays increased their price objective on shares of Essex Property Trust from $303.00 to $328.00 and gave the company an "equal weight" rating in a research note on Friday, May 9th. Royal Bank Of Canada cut their target price on shares of Essex Property Trust from $311.00 to $309.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. Scotiabank reiterated an "outperform" rating on shares of Essex Property Trust in a research note on Friday, June 13th. Finally, BMO Capital Markets boosted their price objective on Essex Property Trust from $315.00 to $317.00 and gave the company an "outperform" rating in a report on Wednesday, May 28th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $310.28.

Essex Property Trust Stock Down 1.2%

NYSE ESS traded down $3.50 during trading hours on Tuesday, hitting $284.22. The company had a trading volume of 230,595 shares, compared to its average volume of 419,756. The firm's 50 day moving average is $281.78 and its 200 day moving average is $286.23. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.04 and a quick ratio of 1.04. Essex Property Trust has a fifty-two week low of $243.85 and a fifty-two week high of $317.73. The company has a market capitalization of $18.30 billion, a price-to-earnings ratio of 27.19, a P/E/G ratio of 5.88 and a beta of 0.78.

Essex Property Trust (NYSE:ESS - Get Free Report) last posted its earnings results on Tuesday, April 29th. The real estate investment trust reported $3.97 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.92 by $0.05. Essex Property Trust had a return on equity of 11.81% and a net margin of 37.08%. The business had revenue of $464.58 million during the quarter, compared to analyst estimates of $458.03 million. During the same quarter last year, the firm earned $3.83 earnings per share. Sell-side analysts anticipate that Essex Property Trust will post 15.96 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Essex Property Trust

Institutional investors have recently added to or reduced their stakes in the company. Ieq Capital LLC increased its holdings in shares of Essex Property Trust by 20.1% in the fourth quarter. Ieq Capital LLC now owns 4,221 shares of the real estate investment trust's stock valued at $1,205,000 after purchasing an additional 705 shares in the last quarter. Sigma Planning Corp raised its position in shares of Essex Property Trust by 40.3% during the fourth quarter. Sigma Planning Corp now owns 3,988 shares of the real estate investment trust's stock worth $1,138,000 after acquiring an additional 1,145 shares during the last quarter. Y Intercept Hong Kong Ltd lifted its stake in shares of Essex Property Trust by 112.8% during the fourth quarter. Y Intercept Hong Kong Ltd now owns 11,254 shares of the real estate investment trust's stock valued at $3,212,000 after acquiring an additional 5,965 shares during the period. Blackhawk Capital Partners LLC. boosted its holdings in Essex Property Trust by 11.1% in the fourth quarter. Blackhawk Capital Partners LLC. now owns 5,657 shares of the real estate investment trust's stock valued at $1,615,000 after acquiring an additional 563 shares during the last quarter. Finally, Proficio Capital Partners LLC acquired a new stake in Essex Property Trust in the fourth quarter worth about $16,703,000. 96.51% of the stock is owned by institutional investors and hedge funds.

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.