Essex Property Trust (NYSE:ESS) Given New $290.00 Price Target at Scotiabank

Essex Property Trust (NYSE:ESS) had its target price hoisted by stock analysts at Scotiabank from $285.00 to $290.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a “sector outperform” rating on the real estate investment trust’s stock. Scotiabank’s target price would indicate a potential upside of 3.92% from the stock’s current price.

Several other equities analysts also recently commented on the company. StockNews.com raised Essex Property Trust from a “sell” rating to a “hold” rating in a research report on Wednesday, May 1st. Piper Sandler restated an “overweight” rating and issued a $315.00 price target on shares of Essex Property Trust in a report on Friday, June 28th. Royal Bank of Canada lifted their price objective on shares of Essex Property Trust from $284.00 to $288.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. Evercore ISI upped their target price on shares of Essex Property Trust from $254.00 to $260.00 and gave the stock an “in-line” rating in a research note on Tuesday, July 9th. Finally, Mizuho increased their price objective on Essex Property Trust from $250.00 to $266.00 and gave the stock a “buy” rating in a research note 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.com, the stock currently has a consensus rating of “Hold” and an average target price of $266.75.

Essex Property Trust Stock Performance

ESS traded down $1.34 during midday trading on Wednesday, reaching $279.05. The company had a trading volume of 146,242 shares, compared to its average volume of 385,268. The business has a 50-day moving average of $275.72 and a two-hundred day moving average of $254.00. The company has a market cap of $17.92 billion, a P/E ratio of 34.11, a P/E/G ratio of 3.96 and a beta of 0.86. The company has a quick ratio of 3.19, a current ratio of 1.62 and a debt-to-equity ratio of 1.11. Essex Property Trust has a 1 year low of $203.85 and a 1 year high of $292.37.

Essex Property Trust (NYSE:ESS) last announced its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.45 EPS for the quarter, missing the consensus estimate of $3.85 by ($2.40). The company had revenue of $442.36 million during the quarter, compared to analysts’ expectations of $433.26 million. Essex Property Trust had a return on equity of 9.14% and a net margin of 30.31%. During the same quarter in the previous year, the firm earned $3.77 EPS. As a group, equities research analysts predict that Essex Property Trust will post 15.53 earnings per share for the current fiscal year.

Insider Buying and Selling at Essex Property Trust

In other Essex Property Trust news, Director Keith R. Guericke sold 10,000 shares of the company’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $274.57, for a total transaction of $2,745,700.00. Following the completion of the transaction, the director now owns 16,118 shares in the company, valued at approximately $4,425,519.26. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Angela L. Kleiman sold 3,780 shares of Essex Property Trust stock in a transaction on Friday, June 21st. The stock was sold at an average price of $278.27, for a total value of $1,051,860.60. Following the transaction, the chief executive officer now owns 9,494 shares in the company, valued at $2,641,895.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Keith R. Guericke sold 10,000 shares of the company’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $274.57, for a total value of $2,745,700.00. Following the sale, the director now owns 16,118 shares of the company’s stock, valued at $4,425,519.26. The disclosure for this sale can be found here. 3.80% of the stock is owned by company insiders.

Institutional Trading of Essex Property Trust

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Lindbrook Capital LLC increased 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 worth $27,000 after acquiring an additional 58 shares in the last quarter. Continuum Advisory LLC raised its position in Essex Property Trust by 214.3% in the second quarter. Continuum Advisory LLC now owns 110 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 75 shares during the period. UMB Bank n.a. boosted its position in shares of Essex Property Trust by 600.0% in the second quarter. UMB Bank n.a. now owns 112 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 96 shares during the period. Family Firm Inc. acquired a new stake in shares of Essex Property Trust in the second quarter valued at about $31,000. Finally, Venturi Wealth Management LLC boosted its stake 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 during the period. Institutional investors and hedge funds own 96.51% of the company’s stock.

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.