Essex Property Trust (NYSE:ESS)‘s stock had its “buy” rating reissued by investment analysts at Stifel Nicolaus in a research note issued to investors on Wednesday. They currently have a $275.00 target price on the real estate investment trust’s stock. Stifel Nicolaus’ target price suggests a potential upside of 8.85% from the stock’s previous close.
A number of other equities research analysts have also issued reports on the stock. Citigroup lowered shares of Essex Property Trust from a “buy” rating to a “neutral” rating and cut their price objective for the company from $280.00 to $260.00 in a report on Friday, September 14th. Mizuho reaffirmed a “hold” rating and set a $263.00 price objective on shares of Essex Property Trust in a report on Monday, August 6th. Zacks Investment Research lowered shares of Essex Property Trust from a “buy” rating to a “hold” rating in a report on Thursday, October 4th. Barclays cut their price objective on shares of Essex Property Trust from $272.00 to $269.00 and set an “overweight” rating for the company in a report on Tuesday, July 17th. Finally, Capital One Financial reaffirmed an “equal weight” rating on shares of Essex Property Trust in a report on Sunday, October 21st. Twelve investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Essex Property Trust has a consensus rating of “Buy” and a consensus target price of $264.05.
Shares of ESS opened at $252.65 on Wednesday. The company has a quick ratio of 1.85, a current ratio of 1.85 and a debt-to-equity ratio of 0.88. Essex Property Trust has a 1 year low of $214.03 and a 1 year high of $263.21. The company has a market cap of $16.89 billion, a price-to-earnings ratio of 21.21, a P/E/G ratio of 3.33 and a beta of 0.29.
Essex Property Trust (NYSE:ESS) last announced its quarterly earnings data on Monday, October 29th. The real estate investment trust reported $1.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.14 by ($1.92). Essex Property Trust had a net margin of 27.01% and a return on equity of 5.52%. The company had revenue of $350.92 million for the quarter, compared to analysts’ expectations of $351.58 million. During the same period last year, the business earned $2.98 earnings per share. Analysts forecast that Essex Property Trust will post 12.56 earnings per share for the current fiscal year.
In related news, CEO Michael J. Schall sold 3,012 shares of the firm’s stock in a transaction on Wednesday, October 24th. The shares were sold at an average price of $252.63, for a total value of $760,921.56. Following the completion of the transaction, the chief executive officer now directly owns 47,997 shares of the company’s stock, valued at $12,125,482.11. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider John F. Burkart sold 834 shares of the firm’s stock in a transaction on Tuesday, October 30th. The shares were sold at an average price of $256.11, for a total transaction of $213,595.74. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,597 shares of company stock valued at $1,659,153. 3.30% of the stock is currently owned by insiders.
Several hedge funds have recently bought and sold shares of ESS. Allianz Asset Management GmbH lifted its position in Essex Property Trust by 6.0% in the first quarter. Allianz Asset Management GmbH now owns 159,799 shares of the real estate investment trust’s stock worth $38,461,000 after buying an additional 9,111 shares during the last quarter. Clinton Group Inc. bought a new stake in Essex Property Trust in the second quarter worth $2,906,000. IFM Investors Pty Ltd lifted its position in Essex Property Trust by 44.9% in the second quarter. IFM Investors Pty Ltd now owns 2,931 shares of the real estate investment trust’s stock worth $701,000 after buying an additional 908 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in Essex Property Trust by 10.9% in the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 20,098 shares of the real estate investment trust’s stock worth $4,805,000 after buying an additional 1,972 shares during the last quarter. Finally, Fox Run Management L.L.C. bought a new stake in Essex Property Trust in the second quarter worth $442,000. 96.22% of the stock is owned by hedge funds and other institutional investors.
Essex Property Trust Company Profile
Essex Property Trust, Inc, an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. The Company currently has ownership interests in 247 apartment communities comprising approximately 60,000 apartment homes, excluding six properties in various stages of active development, one commercial building, preferred equity co-investments, and loan investments.
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