Evercore ISI Increases Essex Property Trust (NYSE:ESS) Price Target to $260.00

Essex Property Trust (NYSE:ESS) had its price objective upped by analysts at Evercore ISI from $254.00 to $260.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “in-line” rating on the real estate investment trust’s stock. Evercore ISI’s price target indicates a potential downside of 5.93% from the stock’s previous close.

ESS has been the topic of a number of other reports. Wells Fargo & Company increased their price target on Essex Property Trust from $232.00 to $269.00 and gave the stock an “equal weight” rating in a research report on Friday, May 31st. Scotiabank boosted their price target on shares of Essex Property Trust from $283.00 to $285.00 and gave the company a “sector outperform” rating in a report on Friday, June 14th. Truist Financial upped their price target on shares of Essex Property Trust from $255.00 to $282.00 and gave the stock a “hold” rating in a research report on Monday, June 24th. UBS Group lifted their price objective on shares of Essex Property Trust from $250.00 to $261.00 and gave the company a “neutral” rating in a research report on Tuesday, May 14th. Finally, Mizuho upped their target price on shares of Essex Property Trust from $250.00 to $266.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Essex Property Trust currently has an average rating of “Hold” and a consensus price target of $261.05.

Essex Property Trust Price Performance

Shares of NYSE:ESS opened at $276.38 on Tuesday. The company has a market cap of $17.75 billion, a PE ratio of 33.79, a P/E/G ratio of 3.82 and a beta of 0.86. Essex Property Trust has a fifty-two week low of $203.85 and a fifty-two week high of $284.77. The firm has a 50-day simple moving average of $267.12 and a 200 day simple moving average of $249.19. The company has a quick ratio of 3.19, a current ratio of 3.19 and a debt-to-equity ratio of 1.14.

Insider Buying and Selling

In other news, Director Keith R. Guericke sold 10,000 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $274.57, for a total transaction of $2,745,700.00. Following the completion of the sale, the director now directly owns 16,118 shares of the company’s stock, valued at $4,425,519.26. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Essex Property Trust news, CEO Angela L. Kleiman sold 3,780 shares of Essex Property Trust stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $278.27, for a total transaction of $1,051,860.60. Following the transaction, the chief executive officer now directly owns 9,494 shares in the company, valued at approximately $2,641,895.38. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Keith R. Guericke sold 10,000 shares of the stock in a transaction on Friday, June 14th. The shares were sold at an average price of $274.57, for a total value of $2,745,700.00. Following the completion of the sale, the director now owns 16,118 shares of the company’s stock, valued at approximately $4,425,519.26. The disclosure for this sale can be found here. Insiders own 3.90% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ESS. EP Wealth Advisors LLC boosted its position in Essex Property Trust by 3.7% during the 1st quarter. EP Wealth Advisors LLC now owns 1,228 shares of the real estate investment trust’s stock worth $301,000 after acquiring an additional 44 shares during the period. Cornercap Investment Counsel Inc. boosted its holdings in shares of Essex Property Trust by 2.4% during the fourth quarter. Cornercap Investment Counsel Inc. now owns 1,913 shares of the real estate investment trust’s stock worth $474,000 after purchasing an additional 45 shares during the period. Commerzbank Aktiengesellschaft FI grew its position in Essex Property Trust by 1.8% during the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 2,552 shares of the real estate investment trust’s stock valued at $633,000 after purchasing an additional 45 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. increased its stake in Essex Property Trust by 2.8% in the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 1,866 shares of the real estate investment trust’s stock valued at $463,000 after buying an additional 51 shares during the period. Finally, M&R Capital Management Inc. lifted its position in Essex Property Trust by 5.4% in the 2nd quarter. M&R Capital Management Inc. now owns 1,014 shares of the real estate investment trust’s stock worth $276,000 after buying an additional 52 shares in the last quarter. 96.51% of the stock is owned by institutional investors and hedge funds.

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.