Essex Property Trust (NYSE:ESS) Upgraded at Citizens Jmp

Key Points

• Citizens JMP upgraded Essex Property Trust from “market perform” to “market outperform” and set a $330 price target, implying 17.22% upside from the previous close.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $303.49; targets from several firms range up to $330.
• Essex shares opened at $281.51, while the REIT reported quarterly revenue of $484.76 million but earnings per share of $1.65, well below the $3.96 consensus estimate.

Essex Property Trust (NYSE:ESS - Get Free Report) was upgraded by investment analysts at Citizens Jmp from a "market perform" rating to a "market outperform" rating in a research report issued on Friday,Benzinga reports. The firm presently has a $330.00 price objective on the real estate investment trust's stock. Citizens Jmp's price objective would suggest a potential upside of 17.22% from the company's previous close.

Several other equities research analysts also recently weighed in on the stock. UBS Group set a $290.00 target price on shares of Essex Property Trust in a research note on Thursday, June 18th. Cantor Fitzgerald set a $330.00 price target on Essex Property Trust in a research note on Friday. Mizuho increased 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. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $330.00 price target on shares of Essex Property Trust in a research note on Monday, July 20th. Finally, Truist Financial lifted their price target on shares of Essex Property Trust from $273.00 to $286.00 and gave the company a "hold" rating in a research note on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $303.49.

Essex Property Trust Price Performance

Essex Property Trust stock opened at $281.51 on Friday. Essex Property Trust has a 52-week low of $238.46 and a 52-week high of $303.35. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.22. The firm's fifty day moving average is $286.80 and its 200 day moving average is $266.07. The company has a market cap of $18.09 billion, a price-to-earnings ratio of 43.78, a PEG ratio of 12.80 and a beta of 0.70.

Essex Property Trust (NYSE:ESS - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The real estate investment trust reported $1.65 earnings per share for the quarter, missing the consensus estimate of $3.96 by ($2.31). The company had revenue of $484.76 million for the quarter, compared to the consensus estimate of $479.89 million. Essex Property Trust had a return on equity of 7.26% and a net margin of 21.48%.During the same period in the previous year, the firm earned $3.97 earnings per share. Sell-side analysts forecast that Essex Property Trust will post 16.11 EPS for the current fiscal year.

Insider Transactions at Essex Property Trust

In other news, Director Mary Kasaris sold 600 shares of the company's stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $279.45, for a total transaction of $167,670.00. Following the transaction, the director directly owned 2,394 shares of the company's stock, valued at approximately $669,003.30. This represents a 20.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.47% of the company's stock.

Institutional Trading of Essex Property Trust

A number of institutional investors have recently made changes to their positions in ESS. Nemes Rush Group LLC purchased a new stake in Essex Property Trust in the fourth quarter valued at about $27,000. Generali Asset Management SPA SGR purchased a new stake in shares of Essex Property Trust during the fourth quarter worth about $29,000. Cassaday & Co Wealth Management LLC acquired a new position in shares of Essex Property Trust during the first quarter valued at about $38,000. Western Wealth Management LLC acquired a new position in shares of Essex Property Trust during the first quarter valued at about $44,000. Finally, Elevation Wealth Partners LLC raised its position in shares of Essex Property Trust by 523.1% in the 2nd quarter. Elevation Wealth Partners LLC now owns 162 shares of the real estate investment trust's stock valued at $47,000 after purchasing an additional 136 shares during the last quarter. Institutional investors and hedge funds own 96.51% of the company's stock.

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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