Essex Property Trust (NYSE:ESS) Price Target Cut to $298.00 by Analysts at Barclays

Essex Property Trust (NYSE:ESS) had its price target lowered by Barclays from $335.00 to $298.00 in a research note released on Tuesday,Benzinga reports. Barclays currently has an equal weight rating on the real estate investment trust’s stock.

A number of other research analysts also recently issued reports on ESS. Royal Bank Of Canada raised their price target on shares of Essex Property Trust from $306.00 to $307.00 and gave the stock an “outperform” rating in a research report on Thursday, July 31st. Piper Sandler downgraded shares of Essex Property Trust from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $355.00 to $275.00 in a research report on Monday, August 4th. Mizuho reduced their price target on shares of Essex Property Trust from $314.00 to $293.00 and set an “outperform” rating on the stock in a research report on Friday, May 23rd. Raymond James Financial upgraded shares of Essex Property Trust from a “market perform” rating to an “outperform” rating and set a $315.00 price target on the stock in a research report on Tuesday, June 24th. Finally, Evercore ISI reduced their price target on shares of Essex Property Trust from $285.00 to $279.00 and set an “in-line” rating on the stock in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $302.86.

Essex Property Trust Stock Performance

NYSE:ESS opened at $256.33 on Tuesday. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 1.16. The company has a market cap of $16.51 billion, a P/E ratio of 20.61, a P/E/G ratio of 6.65 and a beta of 0.80. Essex Property Trust has a fifty-two week low of $243.85 and a fifty-two week high of $317.73. The firm’s 50 day moving average is $278.77 and its two-hundred day moving average is $284.26.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $4.03 earnings per share for the quarter, beating analysts’ consensus estimates of $3.99 by $0.04. The business had revenue of $465.84 million during the quarter, compared to analyst estimates of $466.47 million. Essex Property Trust had a net margin of 43.51% and a return on equity of 13.98%. During the same period last year, the business earned $3.94 EPS. Analysts expect that Essex Property Trust will post 15.96 EPS for the current year.

Hedge Funds Weigh In On Essex Property Trust

Several institutional investors have recently added to or reduced their stakes in the business. QRG Capital Management Inc. purchased a new stake in Essex Property Trust in the 1st quarter valued at $653,000. CWA Asset Management Group LLC raised its position in Essex Property Trust by 10.0% in the 1st quarter. CWA Asset Management Group LLC now owns 883 shares of the real estate investment trust’s stock valued at $271,000 after buying an additional 80 shares during the last quarter. Intact Investment Management Inc. purchased a new stake in Essex Property Trust in the 1st quarter valued at $705,000. Asset Management One Co. Ltd. raised its position in Essex Property Trust by 1.2% in the 1st quarter. Asset Management One Co. Ltd. now owns 133,886 shares of the real estate investment trust’s stock valued at $41,045,000 after buying an additional 1,569 shares during the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in Essex Property Trust in the 1st quarter valued at $569,000. 96.51% of the stock is owned by institutional investors and hedge funds.

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.