Evercore ISI Has Lowered Expectations for Essex Property Trust (NYSE:ESS) Stock Price

Key Points

• Evercore ISI has reduced its price target for Essex Property Trust from $285.00 to $279.00, indicating a potential upside of 10.71% from the current stock price.
• Essex Property Trust reported a quarterly EPS of $4.03, surpassing analyst estimates of $3.99, despite revenues being slightly below projections.
• The stock has received mixed ratings from analysts, with one sell rating, eleven hold ratings, and seven buy ratings, resulting in an average rating of "Hold."

Essex Property Trust (NYSE:ESS - Get Free Report) had its price objective decreased by Evercore ISI from $285.00 to $279.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an "in-line" rating on the real estate investment trust's stock. Evercore ISI's price objective would suggest a potential upside of 10.71% from the stock's previous close.

A number of other research firms have also commented on ESS. Wall Street Zen raised Essex Property Trust from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Barclays upped their price objective on 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 reduced their price objective on Essex Property Trust from $314.00 to $293.00 and set an "outperform" rating for the company in a research note on Friday, May 23rd. Stifel Nicolaus upped their price objective on Essex Property Trust from $301.50 to $305.50 and gave the company a "hold" rating in a research note on Wednesday, July 30th. Finally, Royal Bank Of Canada upped their price objective on Essex Property Trust from $306.00 to $307.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. One analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Essex Property Trust has an average rating of "Hold" and a consensus price target of $306.91.

Essex Property Trust Trading Down 1.0%

NYSE ESS opened at $252.02 on Tuesday. The firm has a market capitalization of $16.23 billion, a P/E ratio of 20.26, a PEG ratio of 6.55 and a beta of 0.80. The business has a fifty day simple moving average of $280.25 and a 200 day simple moving average of $284.83. Essex Property Trust has a 12 month low of $243.85 and a 12 month high of $317.73. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.16.

Essex Property Trust (NYSE:ESS - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $4.03 EPS for the quarter, beating analysts' consensus estimates of $3.99 by $0.04. The business had revenue of $465.84 million during the quarter, compared to analyst estimates of $466.47 million. Essex Property Trust had a return on equity of 13.98% and a net margin of 43.51%. During the same period in the prior year, the firm posted $3.94 EPS. On average, analysts predict that Essex Property Trust will post 15.96 EPS for the current fiscal year.

Hedge Funds Weigh In On Essex Property Trust

A number of large investors have recently modified their holdings of ESS. Valeo Financial Advisors LLC increased its stake in Essex Property Trust by 151,452.8% in the 2nd quarter. Valeo Financial Advisors LLC now owns 2,978,012 shares of the real estate investment trust's stock worth $843,969,000 after purchasing an additional 2,976,047 shares during the period. Wealthquest Corp purchased a new position in Essex Property Trust in the 1st quarter worth approximately $384,606,000. Price T Rowe Associates Inc. MD grew its position in shares of Essex Property Trust by 66.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,746,242 shares of the real estate investment trust's stock worth $841,916,000 after buying an additional 1,096,619 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Essex Property Trust by 35,500.1% in the 1st quarter. GAMMA Investing LLC now owns 448,205 shares of the real estate investment trust's stock worth $137,406,000 after buying an additional 446,946 shares during the last quarter. Finally, Northern Trust Corp grew its position in shares of Essex Property Trust by 56.0% in the 4th quarter. Northern Trust Corp now owns 1,127,830 shares of the real estate investment trust's stock worth $321,928,000 after buying an additional 404,892 shares during 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.

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