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Essex Property Trust (NYSE:ESS) was downgraded by investment analysts at Cantor Fitzgerald from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday, TheFlyOnTheWall.com reports. They currently have a $5.00 price objective on the stock, down from their previous price objective of $171.00. Cantor Fitzgerald’s target price suggests a potential downside of 97.00% from the company’s current price.

Essex Property Trust (NYSE:ESS) traded up 0.24% on Wednesday, hitting $166.94. 120,406 shares of the company’s stock traded hands. Essex Property Trust has a 1-year low of $137.53 and a 1-year high of $172.16. The stock has a 50-day moving average of $155.6 and a 200-day moving average of $153.0. The company has a market cap of $6.247 billion and a P/E ratio of 199.69.

Essex Property Trust (NYSE:ESS) last issued its quarterly earnings data on Friday, January 31st. The company reported $1.94 earnings per share for the quarter, missing the analysts’ consensus estimate of $1.95 by $0.01. On average, analysts predict that Essex Property Trust will post $8.32 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which is scheduled for Monday, March 31st. Investors of record on Friday, March 14th will be given a dividend of $1.21 per share. This represents a $4.84 dividend on an annualized basis and a yield of 2.91%. The ex-dividend date of this dividend is Wednesday, March 12th.

ESS has been the subject of a number of other recent research reports. Analysts at Stifel Nicolaus upgraded shares of Essex Property Trust from a “hold” rating to a “buy” rating in a research note on Thursday, January 2nd. They now have a $165.00 price target on the stock. Separately, analysts at MLV Capital cut their price target on shares of Essex Property Trust from $173.00 to $161.00 in a research note on Friday, December 20th. They now have a “hold” rating on the stock. Finally, analysts at Jefferies Group cut their price target on shares of Essex Property Trust from $170.00 to $160.00 in a research note on Friday, December 20th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $169.30.

In other Essex Property Trust news, Director Gary Martin sold 1,000 shares of Essex Property Trust stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $168.66, for a total value of $168,660.00. Following the sale, the director now directly owns 5,000 shares of the company’s stock, valued at approximately $843,300. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Essex Property Trust, Inc (NYSE:ESS) operates as a self-administered and self-managed real estate investment trust (REIT).

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