Essex Property Trust (NYSE:ESS) Price Target Raised to $316.00 at Cantor Fitzgerald

Essex Property Trust (NYSE:ESS) had its target price upped by stock analysts at Cantor Fitzgerald from $291.00 to $316.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the real estate investment trust’s stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 11.00% from the company’s previous close.

ESS has been the topic of several other reports. Evercore reissued an “outperform” rating and issued a $303.00 target price on shares of Essex Property Trust in a research report on Thursday. Scotiabank increased their price objective on shares of Essex Property Trust from $290.00 to $307.00 and gave the stock an “outperform” rating in a research note on Thursday, July 9th. Sanford C. Bernstein began coverage on shares of Essex Property Trust in a report on Friday, June 26th. They issued an “outperform” rating and a $320.00 price objective on the stock. Raymond James Financial raised shares of Essex Property Trust from a “market perform” rating to an “outperform” rating and set a $320.00 price objective on the stock in a report on Friday, June 26th. Finally, UBS Group set a $290.00 target price on shares of Essex Property Trust in a research report on Thursday, June 18th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Essex Property Trust currently has an average rating of “Moderate Buy” and a consensus target price of $303.99.

Essex Property Trust Stock Performance

ESS stock opened at $284.68 on Monday. The company has a market cap of $18.29 billion, a P/E ratio of 44.27, a price-to-earnings-growth ratio of 12.23 and a beta of 0.70. Essex Property Trust has a 1 year low of $238.46 and a 1 year high of $303.35. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.60 and a quick ratio of 0.60. The stock’s fifty day moving average price is $286.95 and its 200-day moving average price is $266.31.

Insider Activity at Essex Property Trust

In related news, Director Mary Kasaris sold 600 shares of the company’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $279.45, for a total transaction of $167,670.00. Following the completion of the transaction, the director owned 2,394 shares in the company, valued at approximately $669,003.30. This represents a 20.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 3.47% of the company’s stock.

Institutional Trading of Essex Property Trust

Several hedge funds have recently bought and sold shares of ESS. Nomura Asset Management Co. Ltd. boosted its stake in Essex Property Trust by 2.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 255,533 shares of the real estate investment trust’s stock valued at $66,868,000 after buying an additional 6,422 shares during the last quarter. Norges Bank purchased a new stake in shares of Essex Property Trust during the 4th quarter worth approximately $230,690,000. BNP Paribas Financial Markets raised its holdings in shares of Essex Property Trust by 29.3% during the 4th quarter. BNP Paribas Financial Markets now owns 160,122 shares of the real estate investment trust’s stock worth $41,901,000 after acquiring an additional 36,293 shares in the last quarter. Centersquare Investment Management LLC boosted its position in shares of Essex Property Trust by 6.0% during the 4th quarter. Centersquare Investment Management LLC now owns 548,017 shares of the real estate investment trust’s stock valued at $143,405,000 after acquiring an additional 31,261 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of Essex Property Trust by 21.9% in the fourth quarter. Principal Financial Group Inc. now owns 1,679,607 shares of the real estate investment trust’s stock valued at $439,520,000 after purchasing an additional 301,349 shares in the last quarter. Hedge funds and other institutional investors own 96.51% of the company’s stock.

About Essex Property Trust

Essex Property Trust, Inc (NYSE: ESS) is a publicly traded real estate investment trust that acquires, develops, owns and operates multifamily residential properties. The company focuses on market-rate apartment communities and delivers a full suite of property services including leasing, resident services, asset management, and capital improvement programs designed to preserve and enhance long‑term property values.

Essex concentrates its portfolio in West Coast markets, with a significant presence in California and the Pacific Northwest.