Essex Property Trust (NYSE:ESS) PT Raised to $320.00

Essex Property Trust (NYSE:ESS) had its price target lifted by equities research analysts at KeyCorp from $311.00 to $320.00 in a research note issued to investors on Wednesday, The Fly reports. The brokerage currently has an “overweight” rating on the real estate investment trust’s stock. KeyCorp’s target price would suggest a potential upside of 4.61% from the stock’s current price. KeyCorp also issued estimates for Essex Property Trust’s Q3 2019 earnings at $3.36 EPS, Q4 2019 earnings at $3.42 EPS, FY2019 earnings at $13.34 EPS, Q1 2020 earnings at $3.43 EPS, Q2 2020 earnings at $3.52 EPS, Q3 2020 earnings at $3.57 EPS, Q4 2020 earnings at $3.64 EPS and FY2020 earnings at $14.15 EPS.

ESS has been the subject of several other research reports. Robert W. Baird lowered shares of Essex Property Trust from an “outperform” rating to a “neutral” rating and raised their target price for the stock from $297.00 to $302.00 in a report on Tuesday, June 18th. Citigroup raised their target price on shares of Essex Property Trust from $280.00 to $300.00 and gave the stock a “neutral” rating in a report on Tuesday. BMO Capital Markets set a $310.00 target price on shares of Essex Property Trust and gave the stock a “hold” rating in a report on Wednesday, July 24th. Zacks Investment Research downgraded shares of Essex Property Trust from a “buy” rating to a “hold” rating in a research note on Thursday, May 16th. Finally, Stifel Nicolaus raised their price target on shares of Essex Property Trust from $300.00 to $325.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Ten investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $294.17.

Shares of Essex Property Trust stock traded up $1.01 during trading on Wednesday, hitting $305.89. The stock had a trading volume of 2,671 shares, compared to its average volume of 242,858. The company has a fifty day simple moving average of $299.92. The firm has a market capitalization of $20.09 billion, a PE ratio of 24.30, a PEG ratio of 4.00 and a beta of 0.36. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.92 and a current ratio of 0.92. Essex Property Trust has a 12 month low of $232.03 and a 12 month high of $310.54.

Essex Property Trust (NYSE:ESS) last released its earnings results on Wednesday, July 24th. The real estate investment trust reported $1.40 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.26 by ($1.86). The firm had revenue of $361.64 million during the quarter, compared to the consensus estimate of $358.15 million. Essex Property Trust had a return on equity of 6.43% and a net margin of 28.83%. During the same quarter last year, the business posted $3.14 EPS. Analysts forecast that Essex Property Trust will post 13.27 earnings per share for the current year.

Hedge funds have recently bought and sold shares of the stock. Front Row Advisors LLC increased its stake in Essex Property Trust by 1,055.6% in the 1st quarter. Front Row Advisors LLC now owns 104 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 95 shares during the period. Shine Investment Advisory Services Inc. purchased a new position in Essex Property Trust during the 1st quarter valued at about $32,000. Zions Bancorporation N.A. purchased a new position in Essex Property Trust during the 1st quarter valued at about $33,000. Dubuque Bank & Trust Co. purchased a new position in Essex Property Trust during the 1st quarter valued at about $33,000. Finally, Pearl River Capital LLC purchased a new position in Essex Property Trust during the 1st quarter valued at about $38,000. 97.63% of the stock is currently owned by institutional investors.

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 245 apartment communities with an additional 6 properties in various stages of active development.

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Analyst Recommendations for Essex Property Trust (NYSE:ESS)

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