Shares of Essex Property Trust, Inc. (NYSE:ESS) have been given a consensus recommendation of “Hold” by the eighteen research firms that are currently covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, nine have issued a hold recommendation, six have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $268.17.

Several research firms have commented on ESS. Mizuho raised shares of Essex Property Trust from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $199.00 to $212.00 in a research note on Monday, May 1st. Royal Bank Of Canada reissued an “outperform” rating and set a $267.00 price target (up from $248.00) on shares of Essex Property Trust in a research note on Tuesday, May 16th. Zacks Investment Research raised shares of Essex Property Trust from a “hold” rating to a “buy” rating and set a $283.00 price target on the stock in a research note on Tuesday, July 11th. SunTrust Banks, Inc. downgraded shares of Essex Property Trust from a “buy” rating to a “hold” rating and set a $257.00 price target on the stock. in a research note on Thursday, May 18th. They noted that the move was a valuation call. Finally, Canaccord Genuity set a $270.00 price target on shares of Essex Property Trust and gave the stock a “hold” rating in a research note on Monday, July 31st.

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Shares of Essex Property Trust (ESS) opened at 266.07 on Tuesday. The firm’s 50-day moving average is $261.58 and its 200 day moving average is $248.50. The company has a market capitalization of $17.56 billion, a PE ratio of 34.21 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 results on Thursday, July 27th. The real estate investment trust reported $2.97 EPS for the quarter, topping the consensus estimate of $2.92 by $0.05. The firm had revenue of $339.06 million for the quarter, compared to the consensus estimate of $336.17 million. Essex Property Trust had a net margin of 38.33% and a return on equity of 8.03%. During the same period last year, the firm posted $2.74 earnings per share. On average, analysts anticipate that Essex Property Trust will post $5.95 earnings per share for the current fiscal year.

In related news, insider John D. Eudy sold 166 shares of Essex Property Trust stock in a transaction 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 sale, the insider now owns 8,596 shares in the company, valued at $2,181,578.84. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Angela L. Kleiman sold 2,466 shares of Essex Property Trust stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $263.37, for a total transaction of $649,470.42. Following the completion of the sale, the insider now owns 9,643 shares in the company, valued at approximately $2,539,676.91. The disclosure for this sale can be found here. Insiders sold 11,230 shares of company stock worth $2,977,186 in the last 90 days. Company insiders own 3.30% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in ESS. Tower Research Capital LLC TRC boosted its stake in Essex Property Trust by 145.3% in the second quarter. Tower Research Capital LLC TRC now owns 471 shares of the real estate investment trust’s stock valued at $121,000 after buying an additional 279 shares during the period. Sun Life Financial INC boosted its stake in Essex Property Trust by 5,900.0% in the second quarter. Sun Life Financial INC now owns 480 shares of the real estate investment trust’s stock valued at $123,000 after buying an additional 472 shares during the period. Muzinich & Co. Inc. boosted its stake in Essex Property Trust by 246.5% in the first quarter. Muzinich & Co. Inc. now owns 551 shares of the real estate investment trust’s stock valued at $128,000 after buying an additional 392 shares during the period. Advisors Asset Management Inc. boosted its stake in Essex Property Trust by 118.0% in the first quarter. Advisors Asset Management Inc. now owns 654 shares of the real estate investment trust’s stock valued at $151,000 after buying an additional 354 shares during the period. Finally, FNY Partners Fund LP bought a new stake in Essex Property Trust during the first quarter valued at $165,000. Institutional investors and hedge funds own 99.55% of the company’s stock.

About Essex Property Trust

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.

Analyst Recommendations for Essex Property Trust (NYSE:ESS)

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