Citigroup Increases Essex Property Trust (NYSE:ESS) Price Target to $300.00

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Essex Property Trust (NYSE:ESS) had its price objective lifted by Citigroup from $280.00 to $300.00 in a report released on Tuesday, July 30th, BenzingaRatingsTable reports. They currently have a neutral rating on the real estate investment trust’s stock.

Other equities research analysts have also issued reports about the stock. 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. KeyCorp increased their target price on shares of Essex Property Trust from $301.00 to $311.00 and gave the stock an overweight rating in a report on Wednesday, July 10th. Barclays increased their price objective on shares of Essex Property Trust from $310.00 to $328.00 and gave the company an overweight rating in a report on Tuesday, July 16th. Zacks Investment Research lowered shares of Essex Property Trust from a buy rating to a hold rating in a report on Thursday, May 16th. Finally, Morgan Stanley increased their target price on Essex Property Trust from $292.00 to $320.00 and gave the company an overweight rating in a research report on Thursday, June 27th. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Essex Property Trust currently has an average rating of Buy and a consensus target price of $296.73.

Shares of ESS stock opened at $312.63 on Tuesday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.92. The stock has a market cap of $20.53 billion, a PE ratio of 24.87, a price-to-earnings-growth ratio of 3.79 and a beta of 0.37. The company’s fifty day moving average price is $301.71 and its 200-day moving average price is $289.89. Essex Property Trust has a 12 month low of $235.51 and a 12 month high of $313.43.

Essex Property Trust (NYSE:ESS) last posted 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). Essex Property Trust had a net margin of 28.83% and a return on equity of 6.43%. The company had revenue of $361.64 million for the quarter, compared to the consensus estimate of $358.15 million. During the same quarter in the prior year, the company posted $3.14 EPS. On average, sell-side analysts forecast that Essex Property Trust will post 13.28 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently bought and sold shares of the business. Krane Funds Advisors LLC purchased a new position in Essex Property Trust in the second quarter valued at about $25,000. Front Row Advisors LLC grew its stake in Essex Property Trust by 1,055.6% in the first quarter. Front Row Advisors LLC now owns 104 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 95 shares during the last quarter. Shine Investment Advisory Services Inc. purchased a new position in Essex Property Trust in the first quarter valued at about $32,000. Zions Bancorporation N.A. purchased a new position in Essex Property Trust in the first quarter valued at about $33,000. Finally, Dubuque Bank & Trust Co. acquired a new stake in Essex Property Trust in the first quarter worth about $33,000. Institutional investors own 97.65% of the company’s stock.

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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