Essex Property Trust (NYSE:ESS) PT Set at $309.00 by Scotiabank

Key Points

• Scotiabank has lowered its price target for Essex Property Trust from $320.00 to $309.00, indicating a potential upside of 19.46% from the current stock price.
• Essex Property Trust's stock is currently rated as a "Hold" with a consensus average price target of $307.86 from various brokerages.
• Recently, Essex Property Trust reported earnings of $4.03 per share, slightly above analysts' estimates, with a net margin of 43.51% for the latest quarter.

Essex Property Trust (NYSE:ESS - Get Free Report) received a $309.00 price objective from equities researchers at Scotiabank in a report released on Tuesday, MarketBeat reports. The firm currently has a "sector outperform" rating on the real estate investment trust's stock. Scotiabank's price objective suggests a potential upside of 20.85% from the company's current price.

Several other equities research analysts have also issued reports on ESS. Mizuho lowered their target price on shares of Essex Property Trust from $314.00 to $293.00 and set an "outperform" rating on the stock in a research note on Friday, May 23rd. Raymond James Financial raised Essex Property Trust from a "market perform" rating to an "outperform" rating and set a $315.00 target price on the stock in a research note on Tuesday, June 24th. Royal Bank Of Canada upped their price objective on Essex Property Trust from $306.00 to $307.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. BMO Capital Markets raised their price target on Essex Property Trust from $315.00 to $317.00 and gave the company an "outperform" rating in a research note on Wednesday, May 28th. Finally, UBS Group dropped their price target on shares of Essex Property Trust from $297.00 to $295.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 15th. One investment 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's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $308.26.

Essex Property Trust Trading Down 0.5%

ESS stock traded down $1.34 on Tuesday, reaching $255.69. The company's stock had a trading volume of 108,711 shares, compared to its average volume of 493,545. Essex Property Trust has a 12-month low of $243.85 and a 12-month high of $317.73. The business has a fifty day simple moving average of $281.49 and a two-hundred day simple moving average of $285.14. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.09 and a current ratio of 1.09. The firm has a market cap of $16.47 billion, a PE ratio of 20.56, a PEG ratio of 6.54 and a beta of 0.80.

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

Institutional Trading of Essex Property Trust

Several institutional investors have recently made changes to their positions in ESS. Valeo Financial Advisors LLC increased its holdings in shares of Essex Property Trust by 151,452.8% during the second quarter. Valeo Financial Advisors LLC now owns 2,978,012 shares of the real estate investment trust's stock valued at $843,969,000 after acquiring an additional 2,976,047 shares in the last quarter. Wealthquest Corp bought a new position in Essex Property Trust in the 1st quarter worth $384,606,000. Price T Rowe Associates Inc. MD lifted its stake in 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 purchasing an additional 1,096,619 shares in the last quarter. GAMMA Investing LLC increased its stake in 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 acquiring an additional 446,946 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of Essex Property Trust by 56.0% during the 4th quarter. Northern Trust Corp now owns 1,127,830 shares of the real estate investment trust's stock valued at $321,928,000 after purchasing an additional 404,892 shares during the last quarter. Institutional investors own 96.51% 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 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.