Barclays Increases Essex Property Trust (NYSE:ESS) Price Target to $297.00

Essex Property Trust (NYSE:ESS) had its target price boosted by Barclays from $296.00 to $297.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the real estate investment trust’s stock. Barclays‘s target price indicates a potential upside of 3.96% from the stock’s current price.

A number of other analysts also recently commented on the company. Wells Fargo & Company boosted their price objective on Essex Property Trust from $280.00 to $297.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 22nd. Citigroup raised Essex Property Trust from a “buy” rating to an “outperform” rating in a report on Friday, July 31st. Evercore reiterated an “outperform” rating and issued a $303.00 price target on shares of Essex Property Trust in a research report on Thursday, July 30th. Royal Bank Of Canada boosted their target price on shares of Essex Property Trust from $306.00 to $312.00 and gave the stock an “outperform” rating in a report on Friday, July 31st. Finally, Weiss Ratings lowered shares of Essex Property Trust from a “buy (b-)” rating to a “hold (c)” rating in a research note on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $305.04.

Essex Property Trust Price Performance

NYSE:ESS traded down $1.84 during midday trading on Monday, hitting $285.68. 4,622 shares of the stock were exchanged, compared to its average volume of 500,411. Essex Property Trust has a one year low of $238.46 and a one year high of $303.35. The company has a market capitalization of $18.36 billion, a price-to-earnings ratio of 44.36, a P/E/G ratio of 10.54 and a beta of 0.69. The business has a 50-day moving average price of $288.37 and a two-hundred day moving average price of $268.49. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.22.

Insider Activity at Essex Property Trust

In other Essex Property Trust news, Director Mary Kasaris sold 600 shares of the business’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $279.45, for a total transaction of $167,670.00. Following the sale, the director directly owned 2,394 shares of the company’s stock, valued at $669,003.30. The trade was a 20.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 3.47% of the company’s stock.

Hedge Funds Weigh In On Essex Property Trust

Several institutional investors and hedge funds have recently modified their holdings of ESS. Nomura Asset Management Co. Ltd. raised its holdings in shares of Essex Property Trust by 2.6% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 255,533 shares of the real estate investment trust’s stock valued at $66,868,000 after purchasing an additional 6,422 shares in the last quarter. Norges Bank bought a new stake in Essex Property Trust in the fourth quarter worth $230,690,000. Centersquare Investment Management LLC increased its position in Essex Property Trust by 6.0% during the fourth quarter. Centersquare Investment Management LLC now owns 548,017 shares of the real estate investment trust’s stock worth $143,405,000 after buying an additional 31,261 shares during the last quarter. BNP Paribas Financial Markets increased its position in Essex Property Trust by 29.3% during the fourth quarter. BNP Paribas Financial Markets now owns 160,122 shares of the real estate investment trust’s stock worth $41,901,000 after buying an additional 36,293 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Essex Property Trust by 21.9% during the fourth quarter. Principal Financial Group Inc. now owns 1,679,607 shares of the real estate investment trust’s stock valued at $439,520,000 after buying an additional 301,349 shares in the last quarter. 96.51% of the stock is currently owned by hedge funds and other institutional investors.

Essex Property Trust Company Profile

Essex Property Trust, Inc (NYSE: ESS) is a publicly traded real estate investment trust that acquires, develops, owns and operates multifamily residential properties. The company focuses on market-rate apartment communities and delivers a full suite of property services including leasing, resident services, asset management, and capital improvement programs designed to preserve and enhance long?term property values.

Essex concentrates its portfolio in West Coast markets, with a significant presence in California and the Pacific Northwest.