Essex Property Trust Inc. (ESS) Given Average Recommendation of “Hold” by Analysts
Shares of Essex Property Trust Inc. (NYSE:ESS) have earned a consensus rating of “Hold” from the twenty-three research firms that are presently covering the company. Fourteen research analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $244.90.
Several equities analysts have recently commented on ESS shares. Evercore ISI downgraded shares of Essex Property Trust from a “buy” rating to a “hold” rating and lowered their price objective for the company from $244.00 to $243.00 in a research note on Friday, July 15th. Jefferies Group boosted their price target on shares of Essex Property Trust from $209.00 to $210.00 and gave the company a “hold” rating in a research report on Wednesday, August 10th. Canaccord Genuity reiterated a “hold” rating on shares of Essex Property Trust in a research report on Tuesday, June 28th. 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 target on the stock. Finally, Evercore Partners Inc. reiterated a “hold” rating on shares of Essex Property Trust in a research report on Friday, July 15th.
In other news, Director Keith R. Guericke sold 5,000 shares of the stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $233.49, for a total transaction of $1,167,450.00. Following the sale, the director now owns 63,750 shares in the company, valued at $14,884,987.50. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider John D. Eudy sold 2,500 shares of the stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $226.41, for a total transaction of $566,025.00. Following the sale, the insider now owns 9,268 shares in the company, valued at approximately $2,098,367.88. The disclosure for this sale can be found here. Insiders own 3.50% of the company’s stock.
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Several large investors have recently bought and sold shares of the stock. Washington Trust Bank boosted its stake in Essex Property Trust by 1.3% in the third quarter. Washington Trust Bank now owns 472 shares of the real estate investment trust’s stock worth $105,000 after buying an additional 6 shares during the last quarter. Hanson McClain Inc. boosted its stake in 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 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 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. Finally, First Allied Advisory Services Inc. purchased a new stake in Essex Property Trust during the second quarter worth approximately $211,000. Hedge funds and other institutional investors own 98.99% of the company’s stock.
Shares of Essex Property Trust (NYSE:ESS) traded down 1.85% during trading on Thursday, reaching $207.72. 391,883 shares of the company traded hands. The firm’s 50 day moving average is $222.96 and its 200-day moving average is $224.88. Essex Property Trust has a 12-month low of $191.25 and a 12-month high of $244.71. The stock has a market capitalization of $13.60 billion, a P/E ratio of 49.94 and a beta of 0.72.
Essex Property Trust (NYSE:ESS) last issued its quarterly earnings data on Friday, July 29th. The real estate investment trust reported $2.74 EPS for the quarter, beating the consensus estimate 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 in the prior year, the business earned $2.40 earnings per share. On average, equities research analysts anticipate that Essex Property Trust will post $11.01 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date is Wednesday, September 28th. Essex Property Trust’s payout ratio is 153.85%.
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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