Essex Property Trust (NYSE:ESS) Price Target Raised to $295.00 at JPMorgan Chase & Co.

Essex Property Trust (NYSE:ESS) had its price target upped by JPMorgan Chase & Co. from $275.00 to $295.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an “underweight” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 2.55% from the stock’s current price.

Several other research firms also recently commented on ESS. Citizens Jmp raised shares of Essex Property Trust from a “market perform” rating to an “outperform” rating and set a $330.00 price objective for the company in a report on Friday, July 31st. Evercore reissued an “outperform” rating and set a $303.00 target price on shares of Essex Property Trust in a report on Thursday, July 30th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $330.00 target price on shares of Essex Property Trust in a research report on Monday, July 20th. Royal Bank Of Canada lifted their price target on Essex Property Trust from $306.00 to $312.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. Finally, Scotiabank boosted their price objective on Essex Property Trust from $290.00 to $307.00 and gave the company an “outperform” rating in a research note on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $304.99.

Essex Property Trust Stock Performance

Shares of ESS traded up $0.27 during trading hours on Friday, hitting $287.66. The company’s stock had a trading volume of 50,974 shares, compared to its average volume of 501,289. The business has a 50 day simple moving average of $288.34 and a two-hundred day simple moving average of $268.25. Essex Property Trust has a 52-week low of $238.46 and a 52-week high of $303.35. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.60 and a quick ratio of 0.60. The company has a market cap of $18.49 billion, a price-to-earnings ratio of 44.78, a PEG ratio of 10.31 and a beta of 0.69.

Insider Transactions at Essex Property Trust

In related news, Director Mary Kasaris sold 600 shares of the stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $279.45, for a total value of $167,670.00. Following the transaction, the director owned 2,394 shares of the company’s stock, valued at $669,003.30. This represents a 20.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 3.47% of the company’s stock.

Hedge Funds Weigh In On Essex Property Trust

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Nemes Rush Group LLC bought a new position in shares of Essex Property Trust during the 4th quarter valued at about $27,000. Generali Asset Management SPA SGR purchased a new position in shares of Essex Property Trust during the 4th quarter valued at about $29,000. Cassaday & Co Wealth Management LLC bought a new stake in Essex Property Trust in the 1st quarter worth approximately $38,000. Western Wealth Management LLC bought a new stake in Essex Property Trust in the 1st quarter worth approximately $44,000. Finally, Elevation Wealth Partners LLC boosted its stake in Essex Property Trust by 523.1% in the second quarter. Elevation Wealth Partners LLC now owns 162 shares of the real estate investment trust’s stock worth $47,000 after buying an additional 136 shares in the last quarter. 96.51% of the stock is currently owned by hedge funds and other institutional investors.

About Essex Property Trust

Essex Property Trust, Inc (NYSE: ESS) is a publicly traded real estate investment trust that acquires, develops, owns and operates multifamily residential properties. The company focuses on market-rate apartment communities and delivers a full suite of property services including leasing, resident services, asset management, and capital improvement programs designed to preserve and enhance long?term property values.

Essex concentrates its portfolio in West Coast markets, with a significant presence in California and the Pacific Northwest.