Essex Property Trust, Inc. (ESS) Stock Rating Upgraded by BidaskClub
Essex Property Trust, Inc. (NYSE:ESS) was upgraded by investment analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a research report issued on Tuesday.
Several other research firms have also recently issued reports on ESS. Evercore ISI cut Essex Property Trust from an “in-line” rating to an “underperform” rating and set a $261.00 price objective on the stock. in a report on Monday, June 12th. Mizuho cut Essex Property Trust from a “buy” rating to a “neutral” rating and set a $283.00 price objective on the stock. in a report on Monday, July 31st. Canaccord Genuity set a $270.00 price objective on Essex Property Trust and gave the stock a “hold” rating in a report on Monday, July 31st. Cantor Fitzgerald reiterated a “buy” rating and issued a $278.00 price objective on shares of Essex Property Trust in a report on Thursday, July 27th. Finally, Morgan Stanley lifted their price objective on Essex Property Trust from $260.00 to $267.00 and gave the stock an “overweight” rating in a report on Wednesday, August 16th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $265.14.
Shares of Essex Property Trust (NYSE ESS) traded up 0.39% during trading on Tuesday, reaching $265.23. The company had a trading volume of 288,397 shares. The stock’s 50-day moving average price is $260.79 and its 200-day moving average price is $247.62. The company has a market capitalization of $17.50 billion, a PE ratio of 34.10 and a beta of 0.52. Essex Property Trust has a 52 week low of $200.01 and a 52 week high of $268.97.
Essex Property Trust (NYSE:ESS) last posted its quarterly earnings data on Thursday, July 27th. The real estate investment trust reported $2.97 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.92 by $0.05. Essex Property Trust had a return on equity of 8.03% and a net margin of 38.33%. The company had revenue of $339.06 million for the quarter, compared to analysts’ expectations of $336.17 million. During the same period in the previous year, the firm posted $2.74 EPS. On average, equities analysts expect that Essex Property Trust will post $5.95 EPS for the current fiscal year.
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In related news, insider John D. Eudy sold 167 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $263.97, for a total value of $44,082.99. Following the transaction, the insider now directly owns 8,597 shares in the company, valued at $2,269,350.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John D. Eudy sold 166 shares of the company’s stock in a transaction that occurred on Wednesday, July 12th. The shares were sold at an average price of $253.79, for a total value of $42,129.14. Following the completion of the transaction, the insider now owns 8,596 shares in the company, valued at $2,181,578.84. The disclosure for this sale can be found here. Insiders sold 4,965 shares of company stock worth $1,301,988 over the last quarter. 3.30% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Phocas Financial Corp. boosted its position in Essex Property Trust by 3.4% in the second quarter. Phocas Financial Corp. now owns 4,252 shares of the real estate investment trust’s stock worth $1,094,000 after buying an additional 138 shares in the last quarter. Toronto Dominion Bank boosted its position in Essex Property Trust by 25.6% in the second quarter. Toronto Dominion Bank now owns 22,221 shares of the real estate investment trust’s stock worth $5,715,000 after buying an additional 4,535 shares in the last quarter. Cetera Investment Advisers acquired a new position in Essex Property Trust during the second quarter worth approximately $665,000. Beaton Management Co. Inc. acquired a new position in Essex Property Trust during the second quarter worth approximately $207,000. Finally, WINTON GROUP Ltd acquired a new position in Essex Property Trust during the second quarter worth approximately $784,000. Hedge funds and other institutional investors own 99.74% of the company’s stock.
Essex Property Trust Company Profile
Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust. The Company is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of predominantly apartment communities, located along the West Coast. Its segments include Southern California, Northern California, Seattle Metro and Other real estate assets.
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