Essex Property Trust (NYSE:ESS) Rating Lowered to “Underweight” at JPMorgan Chase & Co.

Essex Property Trust (NYSE:ESS) was downgraded by equities research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a report issued on Tuesday, MarketBeat.com reports. They currently have a $303.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $297.00. JPMorgan Chase & Co.‘s price objective points to a potential upside of 6.69% from the company’s current price.

A number of other equities research analysts have also issued reports on the company. Raymond James lowered Essex Property Trust from an “outperform” rating to a “market perform” rating in a research note on Monday, October 21st. The Goldman Sachs Group assumed coverage on Essex Property Trust in a research report on Wednesday, September 4th. They issued a “neutral” rating and a $318.00 price objective on the stock. Deutsche Bank Aktiengesellschaft lifted their price objective on Essex Property Trust from $240.00 to $308.00 and gave the stock a “hold” rating in a research report on Tuesday, September 10th. Scotiabank upped their target price on shares of Essex Property Trust from $309.00 to $329.00 and gave the company a “sector outperform” rating in a report on Monday, September 16th. Finally, Truist Financial lifted their price target on shares of Essex Property Trust from $282.00 to $294.00 and gave the stock a “hold” rating in a report on Tuesday, August 27th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $302.11.

Essex Property Trust Stock Down 3.4 %

ESS opened at $283.99 on Tuesday. 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 company has a market cap of $18.25 billion, a price-to-earnings ratio of 33.18, a PEG ratio of 5.86 and a beta of 0.90. Essex Property Trust has a one year low of $223.06 and a one year high of $317.73. The business’s fifty day moving average is $298.34 and its two-hundred day moving average is $290.60.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $1.84 EPS for the quarter, missing the consensus estimate of $3.88 by ($2.04). The business had revenue of $450.70 million during the quarter, compared to analysts’ expectations of $445.88 million. Essex Property Trust had a return on equity of 9.72% and a net margin of 31.55%. During the same quarter in the prior year, the firm earned $3.78 earnings per share. Analysts anticipate that Essex Property Trust will post 15.56 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ESS. Legacy Wealth Asset Management LLC lifted its holdings in shares of Essex Property Trust by 4.7% during the 3rd quarter. Legacy Wealth Asset Management LLC now owns 775 shares of the real estate investment trust’s stock valued at $229,000 after acquiring an additional 35 shares in the last quarter. Captrust Financial Advisors raised its position in Essex Property Trust by 3.6% in the third quarter. Captrust Financial Advisors now owns 1,461 shares of the real estate investment trust’s stock valued at $432,000 after purchasing an additional 51 shares during the period. Quilter Plc lifted its stake in shares of Essex Property Trust by 0.6% during the second quarter. Quilter Plc now owns 8,698 shares of the real estate investment trust’s stock worth $2,368,000 after purchasing an additional 52 shares in the last quarter. Mather Group LLC. boosted its position in shares of Essex Property Trust by 7.4% in the third quarter. Mather Group LLC. now owns 781 shares of the real estate investment trust’s stock worth $231,000 after buying an additional 54 shares during the period. Finally, Truist Financial Corp grew its stake in shares of Essex Property Trust by 0.3% in the second quarter. Truist Financial Corp now owns 20,707 shares of the real estate investment trust’s stock valued at $5,636,000 after buying an additional 55 shares in the last quarter. 96.51% of the stock is owned by institutional investors and hedge funds.

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.