Shares of Essex Property Trust Inc (NYSE:ESS) have been given an average recommendation of “Buy” by the twenty-one ratings firms that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $261.71.
A number of equities research analysts have recently commented on the company. Mitsubishi UFJ Financial Group raised Essex Property Trust from a “neutral” rating to an “overweight” rating in a research note on Wednesday, January 3rd. Mizuho cut Essex Property Trust from a “neutral” rating to an “underperform” rating and set a $250.00 target price on the stock. in a research note on Monday, November 6th. SunTrust Banks reissued a “hold” rating and issued a $270.00 target price on shares of Essex Property Trust in a research note on Friday, November 3rd. Citigroup raised Essex Property Trust to an “overweight” rating and increased their target price for the stock from $253.00 to $278.00 in a research note on Wednesday, January 3rd. They noted that the move was a valuation call. Finally, BTIG Research raised Essex Property Trust from a “neutral” rating to a “buy” rating and set a $273.00 target price on the stock in a research note on Wednesday, December 13th.
In other news, CEO Michael J. Schall sold 4,801 shares of the company’s stock in a transaction on Monday, December 11th. The stock was sold at an average price of $247.37, for a total transaction of $1,187,623.37. Following the transaction, the chief executive officer now directly owns 49,564 shares of the company’s stock, valued at $12,260,646.68. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP John D. Eudy sold 1,700 shares of the company’s stock in a transaction on Monday, December 11th. The shares were sold at an average price of $247.24, for a total value of $420,308.00. Following the transaction, the executive vice president now directly owns 10,130 shares in the company, valued at $2,504,541.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 8,602 shares of company stock worth $2,115,430. Corporate insiders own 3.30% of the company’s stock.
Several large investors have recently made changes to their positions in ESS. Janus Henderson Group PLC lifted its holdings in shares of Essex Property Trust by 292.6% during the third quarter. Janus Henderson Group PLC now owns 469,858 shares of the real estate investment trust’s stock valued at $119,358,000 after purchasing an additional 350,192 shares in the last quarter. Barings LLC bought a new position in Essex Property Trust in the third quarter valued at about $63,549,000. Canada Pension Plan Investment Board lifted its holdings in Essex Property Trust by 7,265.5% in the third quarter. Canada Pension Plan Investment Board now owns 184,505 shares of the real estate investment trust’s stock valued at $46,870,000 after acquiring an additional 182,000 shares during the period. Deutsche Bank AG lifted its holdings in Essex Property Trust by 17.5% in the fourth quarter. Deutsche Bank AG now owns 847,173 shares of the real estate investment trust’s stock valued at $204,477,000 after acquiring an additional 125,907 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings in Essex Property Trust by 28.7% in the fourth quarter. Renaissance Technologies LLC now owns 464,126 shares of the real estate investment trust’s stock valued at $112,026,000 after acquiring an additional 103,369 shares during the period. 96.57% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Essex Property Trust (ESS) opened at $229.67 on Tuesday. Essex Property Trust has a 12 month low of $214.03 and a 12 month high of $270.04. The company has a market capitalization of $15,170.62, a price-to-earnings ratio of 19.30, a PEG ratio of 3.12 and a beta of 0.42. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.89.
Essex Property Trust (NYSE:ESS) last released its earnings results on Wednesday, February 7th. The real estate investment trust reported $3.01 EPS for the quarter, topping analysts’ consensus estimates of $3.00 by $0.01. Essex Property Trust had a return on equity of 6.76% and a net margin of 31.75%. The firm had revenue of $345.06 million for the quarter, compared to analysts’ expectations of $346.50 million. During the same period in the prior year, the firm posted $2.85 earnings per share. equities research analysts anticipate that Essex Property Trust will post 12.46 EPS for the current year.
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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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