Streetbeat News

ESS

Essex Property Trust, Inc.

https://www.essexapartmenthomes.com

Industry

REIT - Residential

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 246 apartment communities comprising approximately 60,000 apartment homes with an additional 6 properties in various stages of active development.

Open

302.67

Mkt cap

19B

Volume

329K

High

303.56

P/E Ratio

35.21

52-wk high

317.73

Low

299.67

Div yield

0.03

52-wk low

209.17

Essex Property Trust (NYSE:ESS) has received various analyst ratings in the last quarter, with 1 bullish, 2 somewhat bullish, 4 indifferent, and 1 somewhat bearish. The average price target is $241.69, slightly below the current price of $242.02, implying a potential downside. This represents a 0.36% decrease from the previous average price target of $242.56.

Portfolio Pulse from Benzinga Insights

July 19, 2023 | 3:01 pm

Morgan Stanley analyst Chandni Luthra has maintained an Equal-Weight rating on Essex Property Trust (NYSE:ESS) and raised the price target from $228.5 to $244.

Portfolio Pulse from Benzinga Newsdesk

July 19, 2023 | 2:49 pm

Stifel analyst Simon Yarmak has downgraded Essex Property Trust Inc (NYSE:ESS) to Hold from Buy, citing below-average FFO growth and market challenges. Despite ESS being one of the top-performing REITs this year, Yarmak believes the shares have had their run. He also reduced FFO estimates for 2023 and 2024. ESS shares are currently trading lower by 1.76% at $238.27.

Portfolio Pulse from Lekha Gupta

July 18, 2023 | 5:48 pm

Stifel analyst Simon Yarmak has downgraded Essex Property Trust (NYSE:ESS) from Buy to Hold, while raising the price target from $245 to $250.

Portfolio Pulse from richadhand@benzinga.com

July 18, 2023 | 8:44 am

Goldman Sachs predicts a larger-than-expected drop in core inflation for June and a continued downward trend in the consumer price index (CPI) inflation. The firm forecasts a decrease in used car prices, a decline in travel-related categories due to negative residual seasonality, and a moderate slowdown in shelter inflation. Companies operating in the used car market and house rental market may be impacted.

Portfolio Pulse from Piero Cingari

July 11, 2023 | 12:46 pm

A 'golden cross' has formed on the chart of Essex Property Trust (NYSE:ESS), which could indicate a bullish trend for the stock. The golden cross occurs when the 50-day moving average crosses above the 200-day moving average, suggesting a potential change in the long-term trend. The company's past earnings have been consistently meeting or exceeding estimates. However, seasoned investors are advised to consider other factors such as price levels and company fundamentals before making investment decisions.

Portfolio Pulse from Benzinga Insights

July 05, 2023 | 2:48 pm

REIT stocks are trading higher due to a decline in Treasury yields and Prologis' acquisition of a $3.1 billion industrial property portfolio from Blackstone, potentially lifting industrial property stocks.

Portfolio Pulse from Benzinga Newsdesk

June 26, 2023 | 7:40 pm

REITs and real estate companies' shares are trading higher due to overall market strength after the Senate passed a debt limit bill.

Portfolio Pulse from Benzinga Newsdesk

June 02, 2023 | 4:23 pm

Essex Property Trust (NYSE:ESS) has received a mix of analyst ratings in the last quarter, with an average price target of $234.41, implying an upside from the current price of $215.8. The average price target has decreased by 4.13% from the previous average of $244.50.

Portfolio Pulse from Benzinga Insights

May 31, 2023 | 7:03 pm

Barclays analyst Anthony Powell maintains an Underweight rating on Essex Property Trust (NYSE:ESS) and lowers the price target from $226 to $224.

Portfolio Pulse from Benzinga Newsdesk

May 31, 2023 | 9:40 am

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