KeyCorp Increases Essex Property Trust (NYSE:ESS) Price Target to $371.00

Essex Property Trust (NYSE:ESS) had its price objective hoisted by KeyCorp from $363.00 to $371.00 in a research report issued on Thursday, The Fly reports. The firm currently has an “overweight” rating on the real estate investment trust’s stock. KeyCorp’s target price indicates a potential upside of 7.86% from the stock’s current price.

ESS has been the subject of several other reports. Stifel Nicolaus started coverage on Essex Property Trust in a report on Tuesday, December 7th. They issued a “buy” rating and a $390.00 price objective for the company. BTIG Research reissued a “hold” rating on shares of Essex Property Trust in a report on Wednesday, October 27th. Mizuho raised Essex Property Trust from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $333.00 to $360.00 in a report on Wednesday, September 29th. They noted that the move was a valuation call. Scotiabank lowered Essex Property Trust from a “sector perform” rating to a “sector underperform” rating and lowered their price objective for the company from $363.00 to $338.00 in a report on Thursday, December 16th. Finally, Zacks Investment Research raised Essex Property Trust from a “hold” rating to a “buy” rating and set a $355.00 price objective for the company in a report on Monday, October 18th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Essex Property Trust currently has a consensus rating of “Hold” and an average price target of $353.61.

Shares of NYSE ESS opened at $343.96 on Thursday. Essex Property Trust has a 1 year low of $235.19 and a 1 year high of $359.49. The firm has a market cap of $22.39 billion, a price-to-earnings ratio of 49.99, a PEG ratio of 6.09 and a beta of 0.73. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.25 and a current ratio of 1.25. The stock’s 50-day simple moving average is $346.08 and its 200-day simple moving average is $332.76.

Essex Property Trust (NYSE:ESS) last announced its earnings results on Tuesday, October 26th. The real estate investment trust reported $1.82 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $3.10 by ($1.28). Essex Property Trust had a return on equity of 7.08% and a net margin of 31.27%. The business had revenue of $360.62 million for the quarter, compared to analysts’ expectations of $357.54 million. During the same period in the previous year, the firm posted $3.15 earnings per share. The firm’s revenue was down 2.1% compared to the same quarter last year. As a group, research analysts predict that Essex Property Trust will post 12.48 EPS for the current year.

In related news, CAO John Farias sold 5,040 shares of the business’s stock in a transaction that occurred on Wednesday, October 27th. The stock was sold at an average price of $340.61, for a total transaction of $1,716,674.40. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Adam W. Berry sold 11,985 shares of the business’s stock in a transaction that occurred on Wednesday, October 27th. The stock was sold at an average price of $342.39, for a total value of $4,103,544.15. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 78,157 shares of company stock valued at $26,885,395. Insiders own 3.80% of the company’s stock.

A number of large investors have recently made changes to their positions in the stock. Meiji Yasuda Asset Management Co Ltd. increased its holdings in shares of Essex Property Trust by 1.9% in the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 1,590 shares of the real estate investment trust’s stock valued at $508,000 after buying an additional 30 shares in the last quarter. MML Investors Services LLC increased its holdings in shares of Essex Property Trust by 3.3% in the second quarter. MML Investors Services LLC now owns 1,019 shares of the real estate investment trust’s stock valued at $306,000 after buying an additional 33 shares in the last quarter. Golden State Equity Partners increased its holdings in shares of Essex Property Trust by 2.8% in the third quarter. Golden State Equity Partners now owns 1,232 shares of the real estate investment trust’s stock valued at $394,000 after buying an additional 33 shares in the last quarter. WINTON GROUP Ltd increased its holdings in shares of Essex Property Trust by 3.1% in the second quarter. WINTON GROUP Ltd now owns 1,127 shares of the real estate investment trust’s stock valued at $338,000 after buying an additional 34 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. increased its holdings in shares of Essex Property Trust by 1.9% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 1,839 shares of the real estate investment trust’s stock valued at $552,000 after buying an additional 34 shares in the last quarter. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

About Essex Property Trust

Essex Property Trust, Inc operates as a real estate investment trust. It engages in the ownership, operation, management, acquisition, development, and redevelopment of predominantly apartment communities. The company was founded by George M. Marcus in 1971 and is headquartered in San Mateo, CA.

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