Essex Property Trust Inc. (NYSE:ESS) – SunTrust Banks boosted their FY2016 earnings per share estimates for Essex Property Trust in a note issued to investors on Sunday. SunTrust Banks analyst M. Lewis now expects that the brokerage will earn $11.04 per share for the year, up from their previous estimate of $11.02.

Essex Property Trust (NYSE:ESS) last announced its quarterly earnings data on Friday, July 29th. The real estate investment trust reported $2.74 earnings per share 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 quarter last year, the business posted $2.40 earnings per share.

A number of other equities analysts have also recently weighed in on ESS. Barclays PLC upped their price objective on shares of Essex Property Trust from $242.00 to $243.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 19th. Evercore ISI cut shares of Essex Property Trust from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $244.00 to $243.00 in a research report on Friday, July 15th. Jefferies Group cut shares of Essex Property Trust from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $265.00 to $230.00 in a research report on Wednesday, June 8th. Canaccord Genuity restated a “hold” rating and set a $239.00 price objective (down from $246.00) on shares of Essex Property Trust in a research report on Monday, August 1st. Finally, BTIG Research began coverage on shares of Essex Property Trust in a research report on Thursday, August 25th. They set a “buy” rating and a $260.00 price objective for the company. Fourteen research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $245.97.

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Shares of Essex Property Trust (NYSE:ESS) traded up 0.75% during midday trading on Tuesday, reaching $226.72. 104,304 shares of the company were exchanged. The firm has a 50-day moving average of $227.05 and a 200 day moving average of $225.25. The firm has a market capitalization of $14.85 billion, a P/E ratio of 54.51 and a beta of 0.85. Essex Property Trust has a 52 week low of $191.25 and a 52 week high of $244.71.

Several hedge funds have recently modified their holdings of ESS. Vanguard Group Inc. boosted its stake in shares of Essex Property Trust by 1.6% in the second quarter. Vanguard Group Inc. now owns 10,985,794 shares of the real estate investment trust’s stock valued at $2,505,750,000 after buying an additional 175,189 shares in the last quarter. Cohen & Steers Inc. boosted its stake in shares of Essex Property Trust by 10.9% in the second quarter. Cohen & Steers Inc. now owns 5,562,780 shares of the real estate investment trust’s stock valued at $1,268,814,000 after buying an additional 547,566 shares in the last quarter. State Street Corp boosted its stake in shares of Essex Property Trust by 3.9% in the second quarter. State Street Corp now owns 4,471,369 shares of the real estate investment trust’s stock valued at $1,019,881,000 after buying an additional 168,531 shares in the last quarter. FMR LLC boosted its stake in shares of Essex Property Trust by 3.4% in the second quarter. FMR LLC now owns 3,418,761 shares of the real estate investment trust’s stock valued at $779,785,000 after buying an additional 113,693 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in shares of Essex Property Trust by 1.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,720,897 shares of the real estate investment trust’s stock valued at $620,609,000 after buying an additional 35,747 shares in the last quarter. 99.24% of the stock is currently owned by institutional investors and hedge funds.

In other Essex Property Trust news, CEO Michael J. Schall sold 10,000 shares of the stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $222.23, for a total transaction of $2,222,300.00. Following the completion of the transaction, the chief executive officer now owns 47,954 shares of the company’s stock, valued at $10,656,817.42. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Keith R. Guericke sold 5,000 shares of the stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $233.49, for a total transaction of $1,167,450.00. Following the sale, the director now directly owns 63,750 shares in the company, valued at approximately $14,884,987.50. The disclosure for this sale can be found here. Company insiders own 3.50% of the company’s stock.

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.

5 Day Chart for NYSE:ESS

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