Essex Property Trust (NYSE:ESS) had its price objective increased by equities research analysts at Morgan Stanley from $279.00 to $283.00 in a research note issued to investors on Thursday. The brokerage presently has an "equal weight" rating on the real estate investment trust's stock. Morgan Stanley's price target would suggest a potential upside of 5.83% from the stock's previous close.
Several other brokerages have also commented on ESS. BMO Capital Markets raised shares of Essex Property Trust from an "underperform" rating to a "market perform" rating and lifted their price objective for the stock from $245.00 to $255.00 in a research report on Thursday, December 3rd. Smith Barney Citigroup boosted their target price on shares of Essex Property Trust from $235.00 to $250.00 in a research note on Tuesday, December 15th. Raymond James reiterated a "sell" rating on shares of Essex Property Trust in a research note on Tuesday. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upped their price target on shares of Essex Property Trust from $235.00 to $250.00 in a research note on Tuesday, December 15th. Finally, Evercore ISI upgraded shares of Essex Property Trust from an "in-line" rating to an "outperform" rating in a research note on Wednesday, January 20th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the stock. Essex Property Trust presently has a consensus rating of "Hold" and an average price target of $253.50.
Shares of ESS traded down $2.71 during trading hours on Thursday, reaching $267.42. The stock had a trading volume of 3,948 shares, compared to its average volume of 461,517. Essex Property Trust has a 12 month low of $175.81 and a 12 month high of $326.59. The firm has a 50-day simple moving average of $249.36 and a 200 day simple moving average of $231.36. The company has a current ratio of 3.14, a quick ratio of 3.14 and a debt-to-equity ratio of 1.05. The company has a market capitalization of $17.38 billion, a price-to-earnings ratio of 29.52, a P/E/G ratio of 7.69 and a beta of 0.79.
Essex Property Trust (NYSE:ESS) last released its quarterly earnings results on Thursday, February 4th. The real estate investment trust reported $1.47 EPS for the quarter, missing analysts' consensus estimates of $3.12 by ($1.65). Essex Property Trust had a net margin of 39.89% and a return on equity of 9.46%. During the same period in the previous year, the business earned $1.95 earnings per share. On average, equities analysts forecast that Essex Property Trust will post 12.91 EPS for the current year.
Hedge funds have recently bought and sold shares of the business. Perigon Wealth Management LLC bought a new position in Essex Property Trust during the 4th quarter valued at approximately $29,000. NEXT Financial Group Inc purchased a new position in Essex Property Trust during the third quarter valued at $40,000. Private Capital Group LLC raised its stake in Essex Property Trust by 26.7% during the fourth quarter. Private Capital Group LLC now owns 242 shares of the real estate investment trust's stock valued at $58,000 after buying an additional 51 shares during the last quarter. Vantage Consulting Group Inc purchased a new position in Essex Property Trust during the fourth quarter valued at $66,000. Finally, Planned Solutions Inc. purchased a new position in shares of Essex Property Trust in the fourth quarter worth $71,000. Hedge funds and other institutional investors own 95.40% of the company's stock.
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 246 apartment communities comprising approximately 60,000 apartment homes with an additional 6 properties in various stages of active development.
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