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BofA Securities upgrades Essex Property Trust, Inc. (ESS) stock to a Buy

Essex Property Trust, Inc.’s filing revealed that its Director ROBINSON THOMAS E unloaded Company’s shares for reported $0.68 million on Mar 11 ’24. In the deal valued at $243.92 per share,2,781 shares were sold. As a result of this transaction, ROBINSON THOMAS E now holds 3,654 shares worth roughly $0.97 million.

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Then, LYONS IRVING F III sold 2,083 shares, generating $480,965 in total proceeds. Upon selling the shares at $230.90, the Director now owns 8,570 shares.

BofA Securities upgraded its Essex Property Trust, Inc. [ESS] rating to a Buy from a a Neutral in a research note published on April 01, 2024; the price target was increased to $275 from $250. A number of analysts have revised their coverage, including Raymond James’s analysts, who increased its forecast for the stock in mid March from “a Mkt perform” to “an Outperform”. Mizuho also remained covering ESS and has increased its forecast on February 28, 2024 with a “Buy” recommendation from previously “Neutral” rating.

Price Performance Review of ESS

On Tuesday, Essex Property Trust, Inc. [NYSE:ESS] saw its stock jump 1.69% to $264.97. Over the last five days, the stock has gained 2.83%. Essex Property Trust, Inc. shares have risen nearly 6.87% since the year began. Nevertheless, the stocks have risen 23.06% over the past one year. While a 52-week high of $261.71 was reached on 05/14/24, a 52-week low of $203.85 was recorded on 02/13/24. SMA at 50 days reached $243.84, while 200 days put it at $232.45. A total of 0.37 million shares were traded, compared to the trading of 0.25 million shares in the previous session.

Levels Of Support And Resistance For ESS Stock

The 24-hour chart illustrates a support level at 262.17, which if violated will result in even more drops to 259.36. On the upside, there is a resistance level at 266.48. A further resistance level may holdings at 267.98. The Relative Strength Index (RSI) on the 14-day chart is 72.25, which indicates overbought technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 8.23, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 0.85%. Stochastics %K at 95.53% indicates the stock is a selling.

The most recent change occurred on January 30, 2024 when Deutsche Bank began covering the stock and recommended ‘”a Hold”‘ rating along with a $240 price target.

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