Essex Property Trust Inc (NYSE:ESS) – Equities researchers at Jefferies Group raised their FY2017 earnings per share estimates for Essex Property Trust in a report issued on Thursday, Zacks Investment Research reports. Jefferies Group analyst O. Okusanya now anticipates that the real estate investment trust will post earnings of $11.88 per share for the year, up from their prior estimate of $11.77. Jefferies Group also issued estimates for Essex Property Trust’s Q4 2017 earnings at $2.99 EPS and FY2018 earnings at $12.41 EPS.
Several other analysts have also recently commented on the company. BMO Capital Markets restated a “hold” rating and issued a $250.00 target price on shares of Essex Property Trust in a research report on Tuesday. Raymond James Financial restated an “underperform” rating on shares of Essex Property Trust in a report on Monday. Mitsubishi UFJ Financial Group upgraded Essex Property Trust from a “neutral” rating to an “overweight” rating in a report on Wednesday, January 3rd. Citigroup raised Essex Property Trust to an “overweight” rating and raised their target price for the stock from $253.00 to $278.00 in a research report on Wednesday, January 3rd. They noted that the move was a valuation call. Finally, JMP Securities reaffirmed a “hold” rating on shares of Essex Property Trust in a research report on Wednesday, December 27th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $270.63.
Shares of Essex Property Trust (ESS) traded up $0.22 during midday trading on Monday, hitting $232.44. The company had a trading volume of 359,047 shares, compared to its average volume of 370,693. Essex Property Trust has a 1-year low of $218.41 and a 1-year high of $270.04. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.88. The company has a market cap of $15,340.00, a P/E ratio of 29.13, a price-to-earnings-growth ratio of 3.09 and a beta of 0.50.
Large investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC raised its position in shares of Essex Property Trust by 145.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 471 shares of the real estate investment trust’s stock valued at $121,000 after acquiring an additional 279 shares during the last quarter. Sun Life Financial INC raised its position in shares of Essex Property Trust by 5,900.0% during the 2nd quarter. Sun Life Financial INC now owns 480 shares of the real estate investment trust’s stock valued at $123,000 after acquiring an additional 472 shares during the last quarter. Breton Hill Capital Ltd. bought a new stake in shares of Essex Property Trust during the 3rd quarter valued at $200,000. Beacon Investment Advisory Services Inc. bought a new stake in shares of Essex Property Trust during the 3rd quarter valued at $200,000. Finally, Beaton Management Co. Inc. bought a new stake in shares of Essex Property Trust in the 2nd quarter valued at $207,000. 97.14% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director Gary P. Martin sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, November 6th. The stock was sold at an average price of $255.59, for a total value of $255,590.00. Following the transaction, the director now directly owns 6,236 shares of the company’s stock, valued at approximately $1,593,859.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael J. Schall sold 334 shares of the business’s stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $255.50, for a total value of $85,337.00. Following the completion of the transaction, the chief executive officer now directly owns 45,097 shares in the company, valued at $11,522,283.50. The disclosure for this sale can be found here. Insiders have sold 9,687 shares of company stock worth $2,408,772 over the last 90 days. Corporate insiders own 3.30% of the company’s stock.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Friday, December 29th will be paid a dividend of $1.75 per share. The ex-dividend date is Thursday, December 28th. This represents a $7.00 annualized dividend and a yield of 3.01%. Essex Property Trust’s dividend payout ratio is 87.72%.
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Essex Property Trust Company Profile
Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust. The Company is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of predominantly apartment communities, located along the West Coast. Its segments include Southern California, Northern California, Seattle Metro and Other real estate assets.
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