Essex Property Trust (NYSE:ESS) Stock Rating Lowered by Wall Street Zen

Essex Property Trust (NYSE:ESS - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Friday.

ESS has been the subject of several other research reports. Truist Financial raised their price objective on shares of Essex Property Trust from $292.00 to $304.00 and gave the stock a "hold" rating in a research report on Monday, March 10th. Scotiabank restated an "outperform" rating on shares of Essex Property Trust in a report on Friday, June 13th. Barclays lifted their price target 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. Mizuho cut their price objective on shares of 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. Finally, Royal Bank Of Canada reduced their target price on Essex Property Trust from $311.00 to $309.00 and set an "outperform" rating for the company in a research note on Thursday, May 1st. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Essex Property Trust presently has an average rating of "Hold" and a consensus target price of $310.28.

Essex Property Trust Trading Down 0.9%

ESS stock traded down $2.68 during midday trading on Friday, hitting $285.04. The stock had a trading volume of 579,734 shares, compared to its average volume of 421,090. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.18. The firm has a market cap of $18.35 billion, a P/E ratio of 27.28, a price-to-earnings-growth ratio of 6.00 and a beta of 0.78. The business has a fifty day moving average price of $281.98 and a two-hundred day moving average price of $286.14. 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 announced its quarterly earnings data 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 company had revenue of $464.58 million for the quarter, compared to the consensus estimate of $458.03 million. During the same period in the previous year, the business earned $3.83 EPS. On average, sell-side analysts predict that Essex Property Trust will post 15.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Essex Property Trust

A number of hedge funds have recently bought and sold shares of the company. Assetmark Inc. boosted its holdings in Essex Property Trust by 124.0% during the fourth quarter. Assetmark Inc. now owns 224 shares of the real estate investment trust's stock worth $64,000 after purchasing an additional 124 shares during the last quarter. QRG Capital Management Inc. bought a new position in shares of Essex Property Trust during the 1st quarter worth approximately $653,000. CWA Asset Management Group LLC lifted its position in shares of Essex Property Trust by 10.0% during the 1st quarter. CWA Asset Management Group LLC now owns 883 shares of the real estate investment trust's stock worth $271,000 after buying an additional 80 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Essex Property Trust in the 4th quarter worth approximately $7,027,000. Finally, Intact Investment Management Inc. bought a new position in shares of Essex Property Trust in the first quarter valued at approximately $705,000. 96.51% of the stock is owned by hedge funds and other institutional investors.

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.

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