Citigroup Upgrades Essex Property Trust (NYSE:ESS) to “Overweight”

Essex Property Trust (NYSE:ESS) was upgraded by equities researchers at Citigroup to an “overweight” rating in a research note issued to investors on Wednesday, January 3rd, The Fly reports. The brokerage currently has a $278.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $253.00. Citigroup’s target price indicates a potential upside of 22.41% from the company’s previous close. The analysts noted that the move was a valuation call.

ESS has been the subject of a number of other research reports. Zacks Investment Research upgraded shares of Essex Property Trust from a “hold” rating to a “buy” rating and set a $289.00 price objective for the company in a report on Tuesday, October 10th. Mitsubishi UFJ Financial Group restated a “neutral” rating on shares of Essex Property Trust in a research report on Friday, November 3rd. Evercore ISI upgraded shares of Essex Property Trust from an “in-line” rating to an “outperform” rating and set a $274.00 price objective for the company in a research report on Monday, December 11th. Robert W. Baird reiterated a “buy” rating and issued a $273.00 price target on shares of Essex Property Trust in a research report on Tuesday, September 12th. Finally, Royal Bank of Canada reiterated a “buy” rating and issued a $276.00 price target on shares of Essex Property Trust in a research report on Friday, October 20th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Essex Property Trust currently has an average rating of “Hold” and an average price target of $269.41.

Shares of Essex Property Trust (NYSE ESS) opened at $227.10 on Wednesday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a market cap of $14,990.00, a PE ratio of 28.46, a price-to-earnings-growth ratio of 3.00 and a beta of 0.50. Essex Property Trust has a 12-month low of $218.41 and a 12-month high of $270.04.

In other Essex Property Trust news, insider Craig K. Zimmerman sold 167 shares of the stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $255.50, for a total value of $42,668.50. Following the completion of the sale, the insider now owns 10,450 shares of the company’s stock, valued at $2,669,975. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael J. Schall sold 334 shares of the stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $255.50, for a total transaction of $85,337.00. Following the completion of the sale, the chief executive officer now directly owns 45,097 shares of the company’s stock, valued at approximately $11,522,283.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,687 shares of company stock worth $2,408,772. Insiders own 3.30% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. grew its position in shares of Essex Property Trust by 1.0% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 4,821 shares of the real estate investment trust’s stock worth $1,240,000 after buying an additional 49 shares in the last quarter. Lazard Asset Management LLC lifted its stake in Essex Property Trust by 0.8% during the second quarter. Lazard Asset Management LLC now owns 11,436 shares of the real estate investment trust’s stock worth $2,942,000 after purchasing an additional 88 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in Essex Property Trust by 5.4% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 1,843 shares of the real estate investment trust’s stock worth $474,000 after purchasing an additional 95 shares during the last quarter. Kemper Corp Master Retirement Trust lifted its stake in Essex Property Trust by 5.3% during the second quarter. Kemper Corp Master Retirement Trust now owns 1,998 shares of the real estate investment trust’s stock worth $514,000 after purchasing an additional 100 shares during the last quarter. Finally, Pacer Advisors Inc. lifted its stake in Essex Property Trust by 7.9% during the second quarter. Pacer Advisors Inc. now owns 1,583 shares of the real estate investment trust’s stock worth $407,000 after purchasing an additional 116 shares during the last quarter. 97.14% of the stock is owned by institutional investors and hedge funds.

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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.

The Fly

Analyst Recommendations for Essex Property Trust (NYSE:ESS)

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