Evercore ISI Forecasts Strong Price Appreciation for Essex Property Trust (NYSE:ESS) Stock

Essex Property Trust (NYSE:ESS) had its target price boosted by analysts at Evercore ISI from $297.00 to $302.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an “in-line” rating on the real estate investment trust’s stock. Evercore ISI’s target price suggests a potential upside of 3.65% from the company’s current price.

A number of other research analysts have also weighed in on ESS. Royal Bank of Canada raised their price objective on Essex Property Trust from $302.00 to $315.00 and gave the company an “outperform” rating in a research report on Thursday, February 6th. Barclays cut their price target on Essex Property Trust from $316.00 to $302.00 and set an “equal weight” rating for the company in a report on Friday, January 24th. JMP Securities reaffirmed a “market perform” rating on shares of Essex Property Trust in a report on Thursday, February 6th. Mizuho cut their target price on shares of Essex Property Trust from $325.00 to $300.00 and set an “outperform” rating for the company in a report on Monday, January 6th. Finally, Wells Fargo & Company decreased their target price on shares of Essex Property Trust from $314.00 to $305.00 and set an “equal weight” rating on the stock in a research report on Friday, January 24th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Essex Property Trust currently has an average rating of “Hold” and an average price target of $306.53.

Essex Property Trust Stock Up 0.1 %

Shares of ESS opened at $291.36 on Monday. The business’s 50 day moving average is $286.52 and its 200 day moving average is $292.52. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.15. Essex Property Trust has a 12-month low of $223.06 and a 12-month high of $317.73. The company has a market capitalization of $18.72 billion, a PE ratio of 25.25, a price-to-earnings-growth ratio of 6.93 and a beta of 0.92.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings data on Tuesday, February 4th. The real estate investment trust reported $3.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $2.52. Essex Property Trust had a net margin of 41.79% and a return on equity of 13.05%. Research analysts expect that Essex Property Trust will post 15.96 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Nordea Investment Management AB increased its stake in shares of Essex Property Trust by 6.7% during the fourth quarter. Nordea Investment Management AB now owns 4,675 shares of the real estate investment trust’s stock valued at $1,334,000 after buying an additional 294 shares during the period. KBC Group NV grew its holdings in Essex Property Trust by 162.7% during the 3rd quarter. KBC Group NV now owns 74,841 shares of the real estate investment trust’s stock worth $22,109,000 after acquiring an additional 46,354 shares in the last quarter. Quadrature Capital Ltd purchased a new position in Essex Property Trust during the 3rd quarter valued at about $541,000. Sanctuary Advisors LLC raised its holdings in shares of Essex Property Trust by 92.2% in the 3rd quarter. Sanctuary Advisors LLC now owns 2,710 shares of the real estate investment trust’s stock valued at $828,000 after purchasing an additional 1,300 shares in the last quarter. Finally, ING Groep NV lifted its position in shares of Essex Property Trust by 54.2% in the 3rd quarter. ING Groep NV now owns 8,587 shares of the real estate investment trust’s stock worth $2,537,000 after purchasing an additional 3,018 shares during the period. 96.51% of the stock is currently owned by hedge funds and other institutional investors.

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.