Essex Property Trust Inc. (ESS) Shares Gap Down to $225.03
Shares of Essex Property Trust Inc. (NYSE:ESS) gapped down before the market opened on Tuesday . The stock had previously closed at $224.75, but opened at $225.03. Essex Property Trust shares last traded at $227.09, with a volume of 117,625 shares changing hands.
Several brokerages have recently commented on ESS. Evercore Partners Inc. restated a “hold” rating on shares of Essex Property Trust in a research note on Friday, July 15th. Cantor Fitzgerald restated a “buy” rating on shares of Essex Property Trust in a research note on Saturday, June 4th. Canaccord Genuity restated a “hold” rating on shares of Essex Property Trust in a research note on Monday, June 20th. BTIG Research began coverage on Essex Property Trust in a research note on Thursday, August 25th. They issued a “buy” rating and a $260.00 target price for the company. Finally, Jefferies Group raised their target price on Essex Property Trust from $209.00 to $210.00 and gave the stock a “hold” rating in a research note on Wednesday, August 10th. Fourteen investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Essex Property Trust has an average rating of “Hold” and an average target price of $245.97.
The stock has a market cap of $14.80 billion, a P/E ratio of 54.35 and a beta of 0.85. The stock has a 50 day moving average of $226.80 and a 200-day moving average of $225.27.
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Essex Property Trust (NYSE:ESS) last announced its earnings results on Friday, July 29th. The real estate investment trust reported $2.74 EPS for the quarter, beating analysts’ consensus estimates of $2.70 by $0.04. Essex Property Trust had a net margin of 22.25% and a return on equity of 4.38%. During the same period in the previous year, the business earned $2.40 earnings per share. On average, equities analysts anticipate that Essex Property Trust Inc. will post $11.01 earnings per share for the current year.
In other news, CEO Michael J. Schall sold 10,000 shares of the company’s stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $222.23, for a total value of $2,222,300.00. Following the completion of the sale, the chief executive officer now directly owns 47,954 shares of the company’s stock, valued at $10,656,817.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider John D. Eudy sold 2,500 shares of the company’s stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $226.41, for a total transaction of $566,025.00. Following the completion of the sale, the insider now directly owns 9,268 shares of the company’s stock, valued at $2,098,367.88. The disclosure for this sale can be found here. 3.50% of the stock is currently owned by insiders.
Several large investors have recently made changes to their positions in the stock. Hanson McClain Inc. boosted its stake in shares of Essex Property Trust by 0.5% in the second quarter. Hanson McClain Inc. now owns 608 shares of the real estate investment trust’s stock worth $139,000 after buying an additional 3 shares during the last quarter. Checchi Capital Advisers LLC boosted its stake in shares of Essex Property Trust by 19.3% in the second quarter. Checchi Capital Advisers LLC now owns 680 shares of the real estate investment trust’s stock worth $155,000 after buying an additional 110 shares during the last quarter. Global X Management Co. LLC boosted its stake in shares of Essex Property Trust by 110.2% in the second quarter. Global X Management Co. LLC now owns 763 shares of the real estate investment trust’s stock worth $174,000 after buying an additional 400 shares during the last quarter. First Allied Advisory Services Inc. acquired a new stake in shares of Essex Property Trust during the second quarter worth approximately $211,000. Finally, Advisor Group Inc. acquired a new stake in shares of Essex Property Trust during the second quarter worth approximately $219,000. 99.24% of the stock is owned by institutional investors and hedge funds.
About Essex Property Trust
Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns all of its interest in its real estate and other investments directly or indirectly through Essex Portfolio, L.P. (the Operating Partnership). The Company is engaged in the ownership, operation, management, acquisition, development and redevelopment of apartment communities.
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