Essex Property Trust (NYSE:ESS) Stock Rating Lowered by JPMorgan Chase & Co.

Essex Property Trust (NYSE:ESS) was downgraded by stock analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. They presently have a $303.00 target price on the real estate investment trust’s stock, up from their previous target price of $297.00. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 6.69% from the stock’s previous close.

ESS has been the subject of several other reports. The Goldman Sachs Group initiated coverage on shares of Essex Property Trust in a report on Wednesday, September 4th. They set a “neutral” rating and a $318.00 price objective for the company. Piper Sandler lifted their price target on Essex Property Trust from $315.00 to $355.00 and gave the stock an “overweight” rating in a research note on Monday, August 26th. Bank of America cut Essex Property Trust from a “buy” rating to a “neutral” rating and upped their price objective for the company from $307.00 to $321.00 in a research note on Tuesday, September 24th. Deutsche Bank Aktiengesellschaft upped their price target on Essex Property Trust from $240.00 to $308.00 and gave the company a “hold” rating in a research report on Tuesday, September 10th. Finally, BNP Paribas started coverage on shares of Essex Property Trust in a research note on Wednesday, September 11th. They set an “outperform” rating and a $333.00 target price for the company. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $302.11.

Essex Property Trust Stock Down 3.4 %

Shares of NYSE ESS opened at $283.99 on Tuesday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.14 and a current ratio of 1.14. Essex Property Trust has a 1 year low of $223.06 and a 1 year high of $317.73. The stock’s 50-day simple moving average is $298.34 and its 200-day simple moving average is $290.60. The firm has a market cap of $18.25 billion, a price-to-earnings ratio of 33.18, a PEG ratio of 5.86 and a beta of 0.90.

Essex Property Trust (NYSE:ESS) last issued its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $1.84 earnings per share for the quarter, missing analysts’ consensus estimates of $3.88 by ($2.04). Essex Property Trust had a net margin of 31.55% and a return on equity of 9.72%. The business had revenue of $450.70 million for the quarter, compared to analyst estimates of $445.88 million. During the same quarter last year, the business earned $3.78 EPS. As a group, equities analysts anticipate that Essex Property Trust will post 15.56 earnings per share for the current fiscal year.

Institutional Trading of Essex Property Trust

A number of hedge funds and other institutional investors have recently modified their holdings of the company. UMB Bank n.a. grew its holdings in Essex Property Trust by 600.0% during the second quarter. UMB Bank n.a. now owns 112 shares of the real estate investment trust’s stock worth $30,000 after acquiring an additional 96 shares during the period. Assetmark Inc. boosted its position in shares of Essex Property Trust by 2,400.0% during the 3rd quarter. Assetmark Inc. now owns 100 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 96 shares in the last quarter. Family Firm Inc. acquired a new position in shares of Essex Property Trust in the 2nd quarter worth approximately $31,000. Brooklyn Investment Group acquired a new position in shares of Essex Property Trust in the 3rd quarter worth approximately $39,000. Finally, Whittier Trust Co. of Nevada Inc. raised its holdings in shares of Essex Property Trust by 121.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 193 shares of the real estate investment trust’s stock worth $53,000 after purchasing an additional 106 shares in 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.