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

Essex Property Trust (NYSE:ESS - Get Free Report) was upgraded by analysts at Raymond James Financial from a "market perform" rating to an "outperform" rating in a research note issued to investors on Tuesday, MarketBeat reports. The brokerage currently has a $315.00 price objective on the real estate investment trust's stock. Raymond James Financial's price target suggests a potential upside of 10.00% from the stock's previous close.

A number of other equities analysts also recently issued reports on ESS. Scotiabank reiterated an "outperform" rating on shares of Essex Property Trust in a research note on Friday, June 13th. Royal Bank Of Canada dropped their target price on Essex Property Trust from $311.00 to $309.00 and set an "outperform" rating on the stock in a research report on Thursday, May 1st. BMO Capital Markets lifted their price target on Essex Property Trust from $315.00 to $317.00 and gave the company an "outperform" rating in a report on Wednesday, May 28th. Truist Financial upped their price objective on Essex Property Trust from $292.00 to $304.00 and gave the stock a "hold" rating in a research note on Monday, March 10th. Finally, Mizuho dropped their price objective 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. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $310.28.

Essex Property Trust Trading Up 0.2%

Shares of NYSE:ESS traded up $0.55 during trading on Tuesday, reaching $286.35. 486,229 shares of the company were exchanged, compared to its average volume of 474,130. The business's fifty day simple moving average is $281.09 and its 200-day simple moving average is $286.35. 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 12-month low of $243.85 and a 12-month high of $317.73. The firm has a market capitalization of $18.44 billion, a PE ratio of 27.40, a P/E/G ratio of 5.93 and a beta of 0.78.

Essex Property Trust (NYSE:ESS - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $3.97 EPS for the quarter, topping the consensus estimate of $3.92 by $0.05. The company had revenue of $464.58 million for the quarter, compared to the consensus estimate of $458.03 million. Essex Property Trust had a return on equity of 11.81% and a net margin of 37.08%. During the same period last year, the business posted $3.83 EPS. On average, research analysts anticipate that Essex Property Trust will post 15.96 EPS for the current year.

Institutional Investors Weigh In On Essex Property Trust

Hedge funds have recently added to or reduced their stakes in the business. WPG Advisers LLC purchased a new stake in shares of Essex Property Trust during the 1st quarter worth about $31,000. Ransom Advisory Ltd purchased a new position in Essex Property Trust during the first quarter worth approximately $31,000. Zions Bancorporation National Association UT acquired a new stake in Essex Property Trust in the first quarter valued at approximately $34,000. GKV Capital Management Co. Inc. purchased a new stake in shares of Essex Property Trust in the first quarter valued at approximately $35,000. Finally, Capital Analysts LLC increased its position in shares of Essex Property Trust by 56.3% in the first quarter. Capital Analysts LLC now owns 136 shares of the real estate investment trust's stock valued at $42,000 after buying an additional 49 shares in the last quarter. 96.51% of the stock is owned by hedge funds and other 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.