Essex Property Trust (NYSE:ESS) PT Lowered to $225.00 at Stifel Nicolaus

Essex Property Trust (NYSE:ESS) had its price target cut by equities research analysts at Stifel Nicolaus from $226.00 to $225.00 in a research report issued on Friday, Benzinga reports. The firm presently has a “hold” rating on the real estate investment trust’s stock. Stifel Nicolaus’ price target indicates a potential upside of 6.95% from the company’s current price.

ESS has been the topic of several other research reports. Wedbush began coverage on Essex Property Trust in a report on Tuesday, October 3rd. They set a “neutral” rating and a $225.00 target price on the stock. Citigroup downgraded Essex Property Trust from a “buy” rating to a “neutral” rating and cut their price objective for the company from $280.00 to $260.00 in a report on Thursday, September 7th. Truist Financial downgraded shares of Essex Property Trust from a “buy” rating to a “hold” rating and boosted their target price for the stock from $255.00 to $266.00 in a report on Monday, August 28th. Royal Bank of Canada cut their price target on shares of Essex Property Trust from $241.00 to $235.00 and set an “outperform” rating for the company in a research note on Monday, October 30th. Finally, Mizuho lowered their price objective on shares of Essex Property Trust from $221.00 to $219.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 26th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $238.44.

Essex Property Trust Stock Down 0.6 %

ESS stock traded down $1.19 during midday trading on Friday, hitting $210.38. The company’s stock had a trading volume of 120,012 shares, compared to its average volume of 443,811. The company’s fifty day moving average price is $215.14 and its 200 day moving average price is $225.53. Essex Property Trust has a twelve month low of $195.03 and a twelve month high of $248.80. The company has a debt-to-equity ratio of 1.09, a current ratio of 2.63 and a quick ratio of 2.63. The stock has a market capitalization of $13.50 billion, a P/E ratio of 25.82, a PEG ratio of 2.49 and a beta of 0.82.

Hedge Funds Weigh In On Essex Property Trust

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cambridge Investment Research Advisors Inc. lifted its position in Essex Property Trust by 24.8% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 2,261 shares of the real estate investment trust’s stock worth $781,000 after purchasing an additional 450 shares during the period. Allianz Asset Management GmbH boosted its position in shares of Essex Property Trust by 1.2% during the 1st quarter. Allianz Asset Management GmbH now owns 88,915 shares of the real estate investment trust’s stock worth $30,718,000 after acquiring an additional 1,050 shares in the last quarter. Prudential PLC acquired a new stake in shares of Essex Property Trust during the 1st quarter worth approximately $475,000. Vanguard Group Inc. increased its stake in Essex Property Trust by 1.8% in the first quarter. Vanguard Group Inc. now owns 10,614,782 shares of the real estate investment trust’s stock valued at $3,667,195,000 after acquiring an additional 184,047 shares during the last quarter. Finally, Baird Financial Group Inc. raised its position in Essex Property Trust by 3.6% during the first quarter. Baird Financial Group Inc. now owns 53,635 shares of the real estate investment trust’s stock valued at $18,530,000 after purchasing an additional 1,847 shares in the last quarter. 92.93% 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.