Essex Property Trust (ESS) Lifted to Positive at Barclays

Essex Property Trust (NYSE:ESS) was upgraded by research analysts at Barclays from a “neutral” rating to a “positive” rating in a report issued on Monday, February 4th, The Fly reports.

A number of other research firms also recently weighed in on ESS. Scotiabank started coverage on shares of Essex Property Trust in a research report on Tuesday, October 16th. They issued an “outperform” rating on the stock. Zacks Investment Research downgraded Essex Property Trust from a “buy” rating to a “hold” rating in a report on Tuesday, October 16th. Capital One Financial assumed coverage on Essex Property Trust in a research note on Monday, October 22nd. They set an “equal weight” rating and a $255.00 target price on the stock. Mitsubishi UFJ Financial Group lifted their price target on Essex Property Trust from $266.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 31st. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $275.00 price target on shares of Essex Property Trust in a research report on Wednesday, October 31st. Eleven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $269.98.

ESS stock traded down $0.75 during midday trading on Monday, hitting $279.09. 248,908 shares of the stock were exchanged, compared to its average volume of 309,123. Essex Property Trust has a fifty-two week low of $220.32 and a fifty-two week high of $284.21. The stock has a market cap of $18.60 billion, a PE ratio of 22.20, a P/E/G ratio of 3.78 and a beta of 0.49. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.31 and a current ratio of 1.31.

Essex Property Trust (NYSE:ESS) last issued its quarterly earnings results on Wednesday, January 30th. The real estate investment trust reported $3.19 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $3.19. Essex Property Trust had a return on equity of 5.74% and a net margin of 27.87%. The company had revenue of $353.16 million for the quarter, compared to the consensus estimate of $351.76 million. During the same period last year, the business posted $3.01 earnings per share. As a group, equities research analysts predict that Essex Property Trust will post 13.07 earnings per share for the current year.

In related news, insider John D. Eudy sold 3,750 shares of Essex Property Trust stock in a transaction dated Thursday, February 14th. The stock was sold at an average price of $276.06, for a total transaction of $1,035,225.00. Following the sale, the insider now directly owns 14,205 shares of the company’s stock, valued at $3,921,432.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider John D. Eudy sold 5,000 shares of the company’s stock in a transaction on Friday, December 21st. The shares were sold at an average price of $256.98, for a total transaction of $1,284,900.00. Following the completion of the sale, the insider now owns 15,455 shares of the company’s stock, valued at approximately $3,971,625.90. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,986 shares of company stock valued at $3,202,793. Insiders own 3.40% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Dean Investment Associates LLC boosted its position in Essex Property Trust by 1.1% during the 4th quarter. Dean Investment Associates LLC now owns 3,977 shares of the real estate investment trust’s stock valued at $975,000 after buying an additional 42 shares during the period. Bronfman E.L. Rothschild L.P. boosted its stake in Essex Property Trust by 21.7% during the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 258 shares of the real estate investment trust’s stock worth $63,000 after buying an additional 46 shares during the period. Moody National Bank Trust Division lifted its stake in Essex Property Trust by 1.1% in the fourth quarter. Moody National Bank Trust Division now owns 5,324 shares of the real estate investment trust’s stock worth $1,306,000 after acquiring an additional 56 shares during the period. Comerica Bank raised its holdings in Essex Property Trust by 0.3% in the fourth quarter. Comerica Bank now owns 22,468 shares of the real estate investment trust’s stock worth $6,042,000 after purchasing an additional 59 shares in the last quarter. Finally, GWM Advisors LLC raised its holdings in Essex Property Trust by 4.2% in the fourth quarter. GWM Advisors LLC now owns 1,793 shares of the real estate investment trust’s stock worth $440,000 after purchasing an additional 72 shares in the last quarter. Hedge funds and other institutional investors own 96.47% of the company’s stock.

About Essex Property Trust

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. Essex currently has ownership interests in 245 apartment communities with an additional 6 properties in various stages of active development.

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The Fly

Analyst Recommendations for Essex Property Trust (NYSE:ESS)

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