Essex Property Trust (ESS) Rating Increased to Buy at SunTrust Banks

Essex Property Trust (NYSE:ESS) was upgraded by research analysts at SunTrust Banks from a “hold” rating to a “buy” rating in a report issued on Monday.

Other research analysts have also recently issued research reports about the stock. Citigroup raised shares of Essex Property Trust to an “overweight” rating and raised their price target for the stock from $253.00 to $278.00 in a report on Wednesday, January 3rd. They noted that the move was a valuation call. BMO Capital Markets reaffirmed a “hold” rating and issued a $250.00 price target on shares of Essex Property Trust in a report on Tuesday, January 9th. Barclays reaffirmed a “buy” rating and issued a $283.00 price target on shares of Essex Property Trust in a report on Thursday, October 19th. Mizuho cut shares of Essex Property Trust from a “neutral” rating to an “underperform” rating and set a $250.00 price target for the company. in a report on Monday, November 6th. Finally, Royal Bank of Canada reaffirmed a “buy” rating on shares of Essex Property Trust in a report on Sunday, November 12th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Essex Property Trust currently has a consensus rating of “Hold” and an average target price of $265.94.

Essex Property Trust (ESS) opened at $223.63 on Monday. The stock has a market cap of $14,767.86, a price-to-earnings ratio of 27.99, a price-to-earnings-growth ratio of 2.89 and a beta of 0.50. Essex Property Trust has a fifty-two week low of $218.41 and a fifty-two week high of $270.04. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.88.

Essex Property Trust (NYSE:ESS) last posted its quarterly earnings results on Wednesday, November 1st. The real estate investment trust reported $1.22 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.96 by ($1.74). Essex Property Trust had a return on equity of 8.19% and a net margin of 38.95%. sell-side analysts expect that Essex Property Trust will post 11.89 EPS for the current year.

In other Essex Property Trust news, insider Craig K. Zimmerman sold 167 shares of Essex Property Trust stock in a transaction 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 transaction, the insider now owns 10,450 shares of the company’s stock, valued at $2,669,975. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Craig K. Zimmerman sold 1,001 shares of Essex Property Trust stock in a transaction on Monday, December 11th. The shares were sold at an average price of $247.24, for a total transaction of $247,487.24. Following the completion of the transaction, the insider now directly owns 11,284 shares of the company’s stock, valued at approximately $2,789,856.16. The disclosure for this sale can be found here. Insiders sold 9,687 shares of company stock valued at $2,408,772 in the last ninety days. 3.30% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Schwab Charles Investment Management Inc. increased its holdings in Essex Property Trust by 5.1% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 623,547 shares of the real estate investment trust’s stock valued at $150,506,000 after buying an additional 30,072 shares in the last quarter. National Pension Service increased its holdings in Essex Property Trust by 4.6% in the fourth quarter. National Pension Service now owns 69,363 shares of the real estate investment trust’s stock valued at $16,742,000 after buying an additional 3,039 shares in the last quarter. Bank of Montreal Can increased its holdings in Essex Property Trust by 5.4% in the fourth quarter. Bank of Montreal Can now owns 1,034,873 shares of the real estate investment trust’s stock valued at $249,787,000 after buying an additional 53,102 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in Essex Property Trust by 13.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 20,160 shares of the real estate investment trust’s stock valued at $4,866,000 after buying an additional 2,325 shares in the last quarter. Finally, Parametric Portfolio Associates LLC grew its position in shares of Essex Property Trust by 8.2% in the third quarter. Parametric Portfolio Associates LLC now owns 138,279 shares of the real estate investment trust’s stock valued at $35,127,000 after purchasing an additional 10,465 shares during the period. 97.23% of the stock is owned by institutional investors.

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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.

Analyst Recommendations for Essex Property Trust (NYSE:ESS)

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