Essex Property Trust (NYSE:ESS) Earns Neutral Rating from Wedbush

Essex Property Trust (NYSE:ESS)‘s stock had its “neutral” rating restated by stock analysts at Wedbush in a note issued to investors on Monday, Benzinga reports. They currently have a $240.00 target price on the real estate investment trust’s stock. Wedbush’s target price suggests a potential downside of 3.19% from the company’s current price.

Other equities analysts have also recently issued research reports about the company. Royal Bank of Canada upped their price target on Essex Property Trust from $237.00 to $239.00 and gave the stock an “outperform” rating in a report on Thursday, February 8th. Truist Financial reduced their price target on Essex Property Trust from $259.00 to $255.00 and set a “hold” rating for the company in a report on Tuesday, April 9th. Piper Sandler reaffirmed an “overweight” rating and issued a $291.00 price target on shares of Essex Property Trust in a report on Tuesday, March 26th. Barclays upped their price target on Essex Property Trust from $224.00 to $225.00 and gave the stock an “underweight” rating in a report on Tuesday, February 20th. Finally, Raymond James raised Essex Property Trust from a “market perform” rating to an “outperform” rating and set a $265.00 price target for the company in a report on Monday, March 18th. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $246.16.

Essex Property Trust Stock Performance

Shares of ESS stock traded up $0.98 on Monday, hitting $247.90. The company had a trading volume of 81,650 shares, compared to its average volume of 395,440. The firm has a market cap of $15.92 billion, a P/E ratio of 39.33, a price-to-earnings-growth ratio of 3.65 and a beta of 0.80. The company has a 50-day moving average price of $238.81 and a 200-day moving average price of $231.97. The company has a quick ratio of 3.26, a current ratio of 3.26 and a debt-to-equity ratio of 1.11. Essex Property Trust has a twelve month low of $203.85 and a twelve month high of $252.85.

Institutional Investors Weigh In On Essex Property Trust

Large investors have recently made changes to their positions in the stock. Lindbrook Capital LLC grew its position in shares of Essex Property Trust by 111.5% in the fourth quarter. Lindbrook Capital LLC now owns 110 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 58 shares in the last quarter. Venturi Wealth Management LLC grew its position in shares of Essex Property Trust by 112.3% in the first quarter. Venturi Wealth Management LLC now owns 138 shares of the real estate investment trust’s stock valued at $34,000 after purchasing an additional 73 shares in the last quarter. Vima LLC purchased a new stake in shares of Essex Property Trust in the fourth quarter valued at approximately $40,000. Bruce G. Allen Investments LLC purchased a new stake in shares of Essex Property Trust in the fourth quarter valued at approximately $41,000. Finally, Bear Mountain Capital Inc. purchased a new stake in shares of Essex Property Trust in the fourth quarter valued at approximately $55,000. 96.51% of the stock is currently owned by hedge funds and other institutional investors.

Essex Property Trust Company Profile

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.