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 has acquired its JV partner's 49.9% interest in four apartment communities for a total purchase price of $505 million on a gross basis. The portfolio includes 1,480 apartment homes and generated an 11.4% IRR. Essex will recognize approximately $1.5 million in promote income, excluded from Core FFO.

Portfolio Pulse from Benzinga Newsdesk

March 25, 2024 | 1:05 pm

Essex Property Trust (NYSE:ESS) has received mixed analyst ratings over the past three months, with a total of 11 analysts offering views ranging from bullish to bearish. The average 12-month price target for ESS is $246.18, reflecting a 5.3% increase from the previous target of $233.78. Analyst actions include various ratings and price target adjustments, indicating evolving market conditions and company performance. Essex Property Trust, owning over 62,000 units across 252 apartment communities, shows strong market position, revenue growth, and financial health with a notable ROE of 1.19% and ROA of 0.53%.

Portfolio Pulse from Benzinga Insights

March 18, 2024 | 12:00 pm

Raymond James analyst Buck Horne upgraded Essex Property Trust (NYSE:ESS) from Market Perform to Outperform and set a price target of $265.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 9:44 am

Baird analyst Wesley Golladay maintains a Neutral rating on Essex Property Trust (NYSE:ESS) and raises the price target from $229 to $236.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 1:14 pm

Essex Property Trust has announced the pricing of a public offering of $350 million in senior notes with a 5.500% interest rate, due in 2034. This move could impact the company's financial structure and investor sentiment.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 10:27 pm

Top Wall Street analysts have updated their price targets and ratings for several US-listed companies, including Tarsus Pharmaceuticals, Apellis Pharmaceuticals, Axon Enterprise, Essex Property Trust, Integral Ad Science Holding Corp, Sterling Infrastructure, LendingTree, ICU Medical, Ecolab, and Abercrombie & Fitch. These changes reflect analysts' latest views on these companies, with adjustments made based on various factors such as company performance and market conditions.

Portfolio Pulse from Avi Kapoor

February 28, 2024 | 1:07 pm

Mizuho analyst Vikram Malhorta upgraded Essex Property Trust (NYSE:ESS) from Neutral to Buy, while also lowering the price target from $255 to $250.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 12:11 pm

Essex Property Trust (NYSE:ESS) has received mixed analyst ratings over the past quarter, with a total of 9 analysts offering diverse opinions. The recent assessments show a shift towards a more neutral stance in the last 30 days compared to previous months. Analysts have updated their price targets, with the current average target at $246.33, marking a 4.49% increase from the previous average of $235.75. The company's financial performance indicates strong market confidence, with notable revenue growth, net margin, ROE, and ROA, despite lagging behind industry peers in revenue growth rate.

Portfolio Pulse from Benzinga Insights

February 26, 2024 | 4:00 pm

Morgan Stanley analyst Adam Kramer has maintained an Equal-Weight rating on Essex Property Trust (NYSE:ESS) and increased the price target from $227 to $230.

Portfolio Pulse from Benzinga Newsdesk

February 26, 2024 | 3:52 pm

Essex Property Trust (NYSE:ESS) has seen an 8.9% increase in short interest since its last report, with 1.39 million shares sold short, representing 3.55% of its float. This indicates a bearish market sentiment, although it's not a definitive predictor of stock price movement. Essex's short interest is higher than its peer group average of 2.73%.

Portfolio Pulse from Benzinga Insights

February 23, 2024 | 2:00 pm

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