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BofA Securities Upgrades Essex Property Trust, Inc. (ESS) to a Buy from a Neutral

In a filing, Essex Property Trust, Inc. revealed its President and CEO Kleiman Angela L. unloaded Company’s shares for reported $1.05 million on Jun 21 ’24. In the deal valued at $278.27 per share,3,780 shares were sold. As a result of this transaction, Kleiman Angela L. now holds 9,494 shares worth roughly $2.59 million.

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Then, GUERICKE KEITH R sold 10,000 shares, generating $2,745,700 in total proceeds. Upon selling the shares at $274.57, the Director now owns 16,118 shares.

Before that, ROBINSON THOMAS E sold 2,781 shares. Essex Property Trust, Inc. shares valued at $678,342 were divested by the Director at a price of $243.92 per share. As a result of the transaction, ROBINSON THOMAS E now holds 3,654 shares, worth roughly $1.0 million.

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 0.06% to $272.99. Over the last five days, the stock has lost -0.95%. Essex Property Trust, Inc. shares have risen nearly 10.10% since the year began. Nevertheless, the stocks have risen 16.51% over the past one year. While a 52-week high of $284.77 was reached on 06/18/24, a 52-week low of $203.85 was recorded on 02/13/24. SMA at 50 days reached $262.77, while 200 days put it at $237.63. A total of 0.23 million shares were traded, compared to the trading of 0.65 million shares in the previous session.

Levels Of Support And Resistance For ESS Stock

The 24-hour chart illustrates a support level at 271.63, which if violated will result in even more drops to 270.28. On the upside, there is a resistance level at 274.65. A further resistance level may holdings at 276.32. The Relative Strength Index (RSI) on the 14-day chart is 54.92, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -3.67, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 75.27%. Stochastics%K at 32.43% indicates the stock is a holding.

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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