Essex Property Trust (NYSE:ESS) Price Target Raised to $355.00 at Piper Sandler

Essex Property Trust (NYSE:ESS) had its price target boosted by Piper Sandler from $315.00 to $355.00 in a research report released on Monday, Benzinga reports. Piper Sandler currently has an overweight rating on the real estate investment trust’s stock.

A number of other brokerages also recently issued reports on ESS. UBS Group increased their price target on shares of Essex Property Trust from $261.00 to $283.00 and gave the company a neutral rating in a report on Thursday, July 18th. Mizuho upped their price target on Essex Property Trust from $250.00 to $266.00 and gave the stock a buy rating in a report on Thursday, May 30th. Scotiabank lifted their price objective on Essex Property Trust from $290.00 to $309.00 and gave the stock a sector outperform rating in a report on Monday. Wells Fargo & Company raised their price target on Essex Property Trust from $269.00 to $314.00 and gave the company an equal weight rating in a research report on Monday. Finally, Stifel Nicolaus increased their price objective on shares of Essex Property Trust from $267.00 to $268.00 and gave the company a hold rating in a research note on Wednesday, July 31st. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $276.70.

Essex Property Trust Stock Performance

NYSE:ESS opened at $298.05 on Monday. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.62 and a quick ratio of 3.19. The firm has a market cap of $19.14 billion, a price-to-earnings ratio of 36.44, a price-to-earnings-growth ratio of 3.96 and a beta of 0.86. The firm’s fifty day moving average price is $281.45 and its 200 day moving average price is $259.77. Essex Property Trust has a 1-year low of $203.85 and a 1-year high of $299.71.

Essex Property Trust (NYSE:ESS) last posted 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). Essex Property Trust had a net margin of 30.31% and a return on equity of 9.14%. The business had revenue of $442.36 million during the quarter, compared to analyst estimates of $433.26 million. During the same period in the prior year, the business earned $3.77 earnings per share. On average, sell-side analysts expect that Essex Property Trust will post 15.53 EPS for the current year.

Insider Activity

In related news, Director Keith R. Guericke sold 10,000 shares of the firm’s stock in a transaction that occurred 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 sale, the director now directly owns 16,118 shares of the company’s stock, valued at $4,425,519.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Angela L. Kleiman sold 3,780 shares of the 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 directly owns 9,494 shares of the company’s stock, valued at approximately $2,641,895.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Keith R. Guericke sold 10,000 shares of Essex Property Trust 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 transaction, the director now owns 16,118 shares in the company, valued at approximately $4,425,519.26. The disclosure for this sale can be found here. Corporate insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Essex Property Trust

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Continuum Advisory LLC grew its holdings in shares of Essex Property Trust by 214.3% during the 2nd quarter. Continuum Advisory LLC now owns 110 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 75 shares during the period. UMB Bank n.a. grew its stake 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 buying an additional 96 shares during the period. Family Firm Inc. purchased a new stake in Essex Property Trust during the second quarter worth approximately $31,000. Venturi Wealth Management LLC increased 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 worth $34,000 after acquiring an additional 73 shares in the last quarter. Finally, Vima LLC purchased a new position in shares of Essex Property Trust in the 4th quarter valued at $40,000. 96.51% of the stock is currently 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.