Essex Property Trust Given “Hold” Rating at Jefferies Group (ESS)
Essex Property Trust (NYSE:ESS)‘s stock had its “hold” rating restated by analysts at Jefferies Group in a research report issued to clients and investors on Friday, StockRatingsNetwork.com reports. They currently have a $165.00 price target on the stock, down from their previous price target of $180.00. Jefferies Group’s price target indicates a potential upside of 10.08% from the stock’s previous close.
The analysts wrote, “With: 1) several REITs lowering the high end of 2013 guidance during 2Q13 earnings season; 2) rising supply concerns; 3) rising risk of a reduction in GSE funding; and 4) continued risk of rising interest rates, we may have been early in our move to a more constructive view of sector in July. That said, the apartment sector has declined 9% since July 18, and valuation looks more reasonable; thus we maintain our neutral stance.”
Shares of Essex Property Trust (NYSE:ESS) traded up 0.28% during mid-day trading on Friday, hitting $150.315. 42,880 shares of the company’s stock traded hands. Essex Property Trust has a 52-week low of $136.38 and a 52-week high of $172.16. The stock’s 50-day moving average is $151. and its 200-day moving average is $155.6. The company has a market cap of $5.717 billion and a price-to-earnings ratio of 49.70.
Essex Property Trust (NYSE:ESS) last released its earnings data on Wednesday, July 31st. The company reported $1.88 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.87 by $0.01. During the same quarter last year, the company posted $1.66 earnings per share. On average, analysts predict that Essex Property Trust will post $7.77 earnings per share for the current fiscal year.
ESS has been the subject of a number of other recent research reports. Analysts at Cowen and Company cut their price target on shares of Essex Property Trust (NYSE:ESS) from $185.00 to $165.00 in a research note to investors on Thursday. They now have an “outperform” rating on the stock. Separately, analysts at RBC Capital raised their price target on shares of Essex Property Trust (NYSE:ESS) from $158.00 to $168.00 in a research note to investors on Monday, August 12th. They now have a “sector perform” rating on the stock. Finally, analysts at MLV Capital raised their price target on shares of Essex Property Trust (NYSE:ESS) from $165.00 to $173.00 in a research note to investors on Friday, August 2nd.
Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $165.67.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a dividend of $1.21 per share. This represents a $4.84 annualized dividend and a dividend yield of 3.23%. The ex-dividend date is Thursday, September 26th.
Essex Property Trust, Inc (NYSE:ESS) operates as a self-administered and self-managed real estate investment trust (REIT).
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