Essex Property Trust (NYSE:ESS) Rating Increased to Buy at Bank of America

Essex Property Trust (NYSE:ESSGet Free Report) was upgraded by investment analysts at Bank of America from a “neutral” rating to a “buy” rating in a report released on Monday, Marketbeat Ratings reports. The firm currently has a $275.00 target price on the real estate investment trust’s stock, up from their prior target price of $250.00. Bank of America‘s price target would suggest a potential upside of 16.78% from the stock’s previous close.

ESS has been the subject of several other research reports. Mizuho upgraded shares of Essex Property Trust from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $255.00 to $250.00 in a research note on Wednesday, February 28th. StockNews.com downgraded shares of Essex Property Trust from a “hold” rating to a “sell” rating in a research note on Tuesday, February 27th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Essex Property Trust in a research note on Tuesday, January 30th. They issued a “hold” rating and a $240.00 target price for the company. Morgan Stanley lifted their target price on shares of Essex Property Trust from $227.00 to $230.00 and gave the stock an “equal weight” rating in a research note on Monday, February 26th. Finally, Truist Financial reduced their target price on shares of Essex Property Trust from $276.00 to $259.00 and set a “hold” rating for the company in a research note on Thursday, March 28th. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Essex Property Trust has an average rating of “Hold” and an average price target of $245.30.

View Our Latest Stock Analysis on Essex Property Trust

Essex Property Trust Price Performance

ESS opened at $235.49 on Monday. The firm has a market cap of $15.12 billion, a P/E ratio of 37.32, a PEG ratio of 3.19 and a beta of 0.80. The firm has a 50-day moving average of $236.12 and a 200 day moving average of $228.76. The company has a debt-to-equity ratio of 1.11, a quick ratio of 3.26 and a current ratio of 3.26. Essex Property Trust has a fifty-two week low of $203.85 and a fifty-two week high of $252.85.

Institutional Investors Weigh In On Essex Property Trust

A number of hedge funds have recently made changes to their positions in ESS. Steward Partners Investment Advisory LLC lifted its holdings in shares of Essex Property Trust by 100.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 120 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 60 shares during the last quarter. Clear Street Markets LLC bought a new stake in shares of Essex Property Trust in the 4th quarter worth approximately $25,000. Lindbrook Capital LLC increased its stake 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 buying an additional 58 shares during the period. Pacific Center for Financial Services purchased a new position in shares of Essex Property Trust in the first quarter worth $30,000. Finally, Advisory Services Network LLC purchased a new position in shares of Essex Property Trust in the first quarter worth $32,000. 96.51% of the stock is currently owned by institutional investors.

Essex Property Trust Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Essex Property Trust (NYSE:ESS)

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