Essex Property Trust’s (ESS) Overweight Rating Reiterated at Piper Sandler

Essex Property Trust (NYSE:ESS)‘s stock had its “overweight” rating reissued by stock analysts at Piper Sandler in a report released on Friday, Benzinga reports. They currently have a $315.00 price objective on the real estate investment trust’s stock. Piper Sandler’s price objective would indicate a potential upside of 16.61% from the company’s previous close.

ESS has been the topic of several other research reports. StockNews.com upgraded shares of Essex Property Trust from a “sell” rating to a “hold” rating in a report on Wednesday, May 1st. Wells Fargo & Company raised their target price on shares of Essex Property Trust from $232.00 to $269.00 and gave the company an “equal weight” rating in a research note on Friday, May 31st. UBS Group upped their price target on shares of Essex Property Trust from $250.00 to $261.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 14th. Wedbush increased their price target on Essex Property Trust from $240.00 to $264.00 and gave the company a “neutral” rating in a report on Monday, May 6th. Finally, Morgan Stanley boosted their price objective on Essex Property Trust from $230.00 to $250.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 14th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $258.63.

Essex Property Trust Trading Down 1.2 %

Essex Property Trust stock traded down $3.26 during midday trading on Friday, reaching $270.12. The stock had a trading volume of 124,000 shares, compared to its average volume of 379,059. The stock’s 50-day simple moving average is $261.20 and its 200 day simple moving average is $246.93. Essex Property Trust has a twelve month low of $203.85 and a twelve month high of $284.77. The company has a debt-to-equity ratio of 1.14, a quick ratio of 3.19 and a current ratio of 3.19. The stock has a market capitalization of $17.34 billion, a PE ratio of 33.05, a price-to-earnings-growth ratio of 3.82 and a beta of 0.84.

Insider Buying and Selling at Essex Property Trust

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

Hedge Funds Weigh In On Essex Property Trust

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Lindbrook Capital LLC boosted its holdings in shares of Essex Property Trust by 111.5% during the fourth quarter. Lindbrook Capital LLC now owns 110 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 58 shares during the period. Venturi Wealth Management LLC grew its position in Essex Property Trust by 112.3% in the 1st quarter. Venturi Wealth Management LLC now owns 138 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 73 shares during the last quarter. Vima LLC acquired a new position in Essex Property Trust in the 4th quarter valued at approximately $40,000. Bruce G. Allen Investments LLC bought a new position in shares of Essex Property Trust during the 4th quarter worth about $41,000. Finally, Bear Mountain Capital Inc. bought a new stake in shares of Essex Property Trust in the 4th quarter valued at approximately $55,000. Institutional investors and hedge funds own 96.51% of the company’s stock.

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.