Essex Property Trust (NYSE:ESS) Downgraded by Wall Street Zen to Sell

Essex Property Trust (NYSE:ESS) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Saturday.

Several other research analysts have also recently issued reports on ESS. BMO Capital Markets lifted their target price on Essex Property Trust from $315.00 to $317.00 and gave the company an “outperform” rating in a research report on Wednesday, May 28th. Scotiabank reaffirmed an “outperform” rating on shares of Essex Property Trust in a report on Friday, June 13th. Piper Sandler reiterated an “overweight” rating and issued a $355.00 target price (down previously from $370.00) on shares of Essex Property Trust in a research note on Friday, May 23rd. Barclays increased their target price on shares of Essex Property Trust from $303.00 to $328.00 and gave the company an “equal weight” rating in a report on Friday, May 9th. Finally, Royal Bank Of Canada cut their price target on shares of Essex Property Trust from $311.00 to $309.00 and set an “outperform” rating on the stock in a report on Thursday, May 1st. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $310.28.

Essex Property Trust Price Performance

Shares of NYSE:ESS opened at $284.20 on Friday. Essex Property Trust has a twelve month low of $243.85 and a twelve month high of $317.73. The stock’s 50 day moving average is $282.82 and its 200-day moving average is $285.64. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.18. The firm has a market capitalization of $18.30 billion, a price-to-earnings ratio of 27.20, a PEG ratio of 5.93 and a beta of 0.78.

Essex Property Trust (NYSE:ESS) last issued its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $3.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.92 by $0.05. Essex Property Trust had a net margin of 37.08% and a return on equity of 11.81%. The firm had revenue of $464.58 million during the quarter, compared to analysts’ expectations of $458.03 million. During the same period last year, the company earned $3.83 earnings per share. Sell-side analysts forecast that Essex Property Trust will post 15.96 EPS for the current fiscal year.

Institutional Investors Weigh In On Essex Property Trust

Several institutional investors have recently added to or reduced their stakes in ESS. WPG Advisers LLC bought a new stake in shares of Essex Property Trust in the first quarter valued at approximately $31,000. Ransom Advisory Ltd bought a new position in Essex Property Trust in the 1st quarter worth approximately $31,000. Zions Bancorporation National Association UT purchased a new position in Essex Property Trust in the 1st quarter valued at approximately $34,000. GKV Capital Management Co. Inc. bought a new stake in Essex Property Trust during the 1st quarter valued at $35,000. Finally, Capital Analysts LLC lifted its position in shares of Essex Property Trust by 56.3% during the first quarter. Capital Analysts LLC now owns 136 shares of the real estate investment trust’s stock worth $42,000 after acquiring an additional 49 shares in the last quarter. 96.51% of the stock is owned by hedge funds and other 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.