Essex Property Trust (NYSE:ESS) Given New $300.00 Price Target at Mizuho

Essex Property Trust (NYSE:ESS) had its price objective cut by equities researchers at Mizuho from $325.00 to $300.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “outperform” rating on the real estate investment trust’s stock. Mizuho’s price target would suggest a potential upside of 5.54% from the company’s previous close.

Several other analysts have also recently commented on the company. Barclays began coverage on Essex Property Trust in a research report on Tuesday, December 17th. They set an “equal weight” rating and a $316.00 price target for the company. Raymond James cut shares of Essex Property Trust from an “outperform” rating to a “market perform” rating in a research report on Monday, October 21st. Scotiabank boosted their price target on shares of Essex Property Trust from $309.00 to $329.00 and gave the stock a “sector outperform” rating in a research report on Monday, September 16th. Evercore ISI boosted their target price on Essex Property Trust from $283.00 to $287.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on Essex Property Trust from $240.00 to $308.00 and gave the company a “hold” rating in a report on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Essex Property Trust presently has a consensus rating of “Hold” and a consensus price target of $305.17.

Essex Property Trust Stock Performance

NYSE:ESS opened at $284.25 on Monday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.14 and a current ratio of 1.14. The stock has a market capitalization of $18.27 billion, a PE ratio of 33.21, a P/E/G ratio of 5.86 and a beta of 0.92. Essex Property Trust has a fifty-two week low of $223.06 and a fifty-two week high of $317.73. The company has a fifty day moving average of $295.98 and a two-hundred day moving average of $291.73.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $1.84 earnings per share for the quarter, missing the consensus estimate of $3.88 by ($2.04). Essex Property Trust had a return on equity of 9.72% and a net margin of 31.55%. The company had revenue of $450.70 million for the quarter, compared to analyst estimates of $445.88 million. During the same quarter last year, the company earned $3.78 EPS. As a group, research analysts forecast that Essex Property Trust will post 15.56 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Essex Property Trust

Institutional investors have recently bought and sold shares of the company. Nordea Investment Management AB increased its stake in Essex Property Trust by 6.7% during the 4th quarter. Nordea Investment Management AB now owns 4,675 shares of the real estate investment trust’s stock worth $1,334,000 after buying an additional 294 shares during the period. GAMMA Investing LLC grew its stake in shares of Essex Property Trust by 14.8% in the fourth quarter. GAMMA Investing LLC now owns 1,259 shares of the real estate investment trust’s stock worth $359,000 after acquiring an additional 162 shares in the last quarter. Versant Capital Management Inc increased its position in shares of Essex Property Trust by 39.5% during the fourth quarter. Versant Capital Management Inc now owns 509 shares of the real estate investment trust’s stock worth $145,000 after acquiring an additional 144 shares during the period. Franklin Resources Inc. raised its stake in shares of Essex Property Trust by 7.4% in the third quarter. Franklin Resources Inc. now owns 48,200 shares of the real estate investment trust’s stock valued at $14,043,000 after acquiring an additional 3,316 shares in the last quarter. Finally, Tidal Investments LLC boosted its holdings in Essex Property Trust by 99.9% in the third quarter. Tidal Investments LLC now owns 3,297 shares of the real estate investment trust’s stock valued at $974,000 after purchasing an additional 1,648 shares during the period. 96.51% of the stock is owned by institutional investors and hedge funds.

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.