Essex Property Trust Inc. (NYSE:ESS) was upgraded by investment analysts at Evercore ISI from a “hold” rating to a “buy” rating in a research report issued on Monday. The brokerage presently has a $238.00 price target on the real estate investment trust’s stock, up from their previous price target of $234.00. Evercore ISI’s target price indicates a potential upside of 10.25% from the stock’s current price.

A number of other research analysts also recently issued reports on ESS. Bank of America Corp. downgraded Essex Property Trust from a “buy” rating to a “neutral” rating and set a $232.00 price target on the stock. in a research note on Wednesday, November 23rd. Barclays PLC restated a “hold” rating and set a $232.00 price target on shares of Essex Property Trust in a research note on Tuesday, November 8th. Jefferies Group lifted their target price on Essex Property Trust from $209.00 to $210.00 and gave the company a “hold” rating in a research note on Wednesday, August 10th. Canaccord Genuity reiterated a “hold” rating and issued a $239.00 target price (down from $246.00) on shares of Essex Property Trust in a research note on Monday, August 1st. Finally, BTIG Research began coverage on Essex Property Trust in a research note on Thursday, August 25th. They issued a “buy” rating and a $260.00 target price on the stock. Thirteen research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Essex Property Trust currently has an average rating of “Hold” and an average target price of $241.94.

Analyst Recommendations for Essex Property Trust (NYSE:ESS)

Shares of Essex Property Trust (NYSE:ESS) opened at 215.87 on Monday. Essex Property Trust has a 52 week low of $191.25 and a 52 week high of $244.71. The stock has a market cap of $14.14 billion, a price-to-earnings ratio of 47.91 and a beta of 0.54. The stock’s 50 day moving average price is $212.33 and its 200-day moving average price is $221.21.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings results on Thursday, October 27th. The real estate investment trust reported $2.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.76 by $0.05. The firm had revenue of $329.17 million for the quarter, compared to the consensus estimate of $325.44 million. Essex Property Trust had a return on equity of 4.76% and a net margin of 23.54%. The firm’s quarterly revenue was up 8.1% compared to the same quarter last year. During the same quarter last year, the business posted $2.49 EPS. Equities analysts anticipate that Essex Property Trust will post $11.04 earnings per share for the current fiscal year.

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In other news, insider John D. Eudy sold 2,500 shares of the business’s stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $226.41, for a total value of $566,025.00. Following the completion of the transaction, the insider now directly owns 9,268 shares of the company’s stock, valued at $2,098,367.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 3.50% of the stock is owned by insiders.

Several institutional investors have recently added to or reduced their stakes in the company. Hanson McClain Inc. increased its stake in shares of Essex Property Trust by 0.5% in the second quarter. Hanson McClain Inc. now owns 608 shares of the real estate investment trust’s stock worth $139,000 after buying an additional 3 shares in the last quarter. Washington Trust Bank increased its stake in shares of Essex Property Trust by 1.3% in the third quarter. Washington Trust Bank now owns 472 shares of the real estate investment trust’s stock worth $105,000 after buying an additional 6 shares in the last quarter. Gerstein Fisher increased its stake in shares of Essex Property Trust by 0.4% in the second quarter. Gerstein Fisher now owns 1,690 shares of the real estate investment trust’s stock worth $385,000 after buying an additional 7 shares in the last quarter. Advisor Partners LLC increased its stake in shares of Essex Property Trust by 0.8% in the second quarter. Advisor Partners LLC now owns 1,148 shares of the real estate investment trust’s stock worth $262,000 after buying an additional 9 shares in the last quarter. Finally, Great Lakes Advisors LLC increased its stake in shares of Essex Property Trust by 0.4% in the third quarter. Great Lakes Advisors LLC now owns 2,118 shares of the real estate investment trust’s stock worth $472,000 after buying an additional 9 shares in the last quarter. 98.05% of the stock is owned by institutional investors.

Essex Property Trust Company Profile

Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns all of its interest in its real estate and other investments directly or indirectly through Essex Portfolio, L.P. (the Operating Partnership). The Company is engaged in the ownership, operation, management, acquisition, development and redevelopment of apartment communities.

5 Day Chart for NYSE:ESS

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