Essex Property Trust (NYSE:ESS) Sets New 52-Week High at $294.97

Essex Property Trust, Inc. (NYSE:ESS)’s share price reached a new 52-week high on Friday . The stock traded as high as $294.97 and last traded at $294.97, with a volume of 32836 shares traded. The stock had previously closed at $290.34.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on ESS shares. Mizuho boosted their price target on shares of Essex Property Trust from $250.00 to $266.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Truist Financial increased their target price on Essex Property Trust from $255.00 to $282.00 and gave the company a “hold” rating in a report on Monday, June 24th. UBS Group raised their target price on Essex Property Trust from $261.00 to $283.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. Piper Sandler reissued an “overweight” rating and set a $315.00 price target on shares of Essex Property Trust in a research report on Friday, June 28th. Finally, Evercore ISI raised their price objective on Essex Property Trust from $254.00 to $260.00 and gave the stock an “in-line” rating in a research report on Tuesday, July 9th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $266.75.

Essex Property Trust Price Performance

The company has a debt-to-equity ratio of 1.11, a current ratio of 1.62 and a quick ratio of 3.19. The stock has a market capitalization of $19.01 billion, a P/E ratio of 36.20, a PEG ratio of 3.96 and a beta of 0.86. The stock’s fifty day moving average is $280.73 and its 200-day moving average is $258.39.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.85 by ($2.40). The company had revenue of $442.36 million for the quarter, compared to the consensus estimate of $433.26 million. Essex Property Trust had a return on equity of 9.14% and a net margin of 30.31%. During the same quarter last year, the company posted $3.77 EPS. On average, equities analysts anticipate that Essex Property Trust, Inc. will post 15.53 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Keith R. Guericke sold 10,000 shares of Essex Property Trust stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $274.57, for a total value of $2,745,700.00. Following the transaction, the director now owns 16,118 shares of the company’s stock, valued at $4,425,519.26. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Angela L. Kleiman sold 3,780 shares of the stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $278.27, for a total transaction of $1,051,860.60. Following the completion of the sale, the chief executive officer now owns 9,494 shares in the company, valued at approximately $2,641,895.38. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Keith R. Guericke sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $274.57, for a total value of $2,745,700.00. Following the completion of the sale, the director now directly owns 16,118 shares in the company, valued at approximately $4,425,519.26. The disclosure for this sale can be found here. Company insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Essex Property Trust

Several hedge funds have recently modified their holdings of the business. Lindbrook Capital LLC raised its stake in Essex Property Trust by 111.5% during the 4th quarter. Lindbrook Capital LLC now owns 110 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 58 shares during the last quarter. Continuum Advisory LLC lifted its stake in shares of Essex Property Trust by 214.3% in the second quarter. Continuum Advisory LLC now owns 110 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 75 shares during the period. UMB Bank n.a. lifted its stake in shares of Essex Property Trust by 600.0% in the second quarter. UMB Bank n.a. now owns 112 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 96 shares during the period. Family Firm Inc. acquired a new stake in Essex Property Trust during the second quarter worth about $31,000. Finally, Venturi Wealth Management LLC increased its stake in Essex Property Trust by 112.3% during the first quarter. Venturi Wealth Management LLC now owns 138 shares of the real estate investment trust’s stock valued at $34,000 after acquiring an additional 73 shares during the period. 96.51% of the stock is 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 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.