Essex Property Trust, Inc. (NYSE:ESS) – Jefferies Group cut their FY2017 EPS estimates for shares of Essex Property Trust in a research report issued on Monday. Jefferies Group analyst O. Okusanya now forecasts that the real estate investment trust will post earnings of $11.77 per share for the year, down from their previous estimate of $11.88. Jefferies Group currently has a “Neutral” rating on the stock. Jefferies Group also issued estimates for Essex Property Trust’s FY2018 earnings at $12.26 EPS.

ESS has been the topic of several other reports. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $278.00 price target on shares of Essex Property Trust in a research report on Thursday, July 27th. Barclays PLC lifted their price target on Essex Property Trust from $267.00 to $269.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 18th. Raymond James Financial, Inc. downgraded Essex Property Trust from an “outperform” rating to a “hold” rating and set a $270.00 price target on the stock. in a research report on Wednesday, August 9th. Zacks Investment Research raised Essex Property Trust from a “hold” rating to a “buy” rating and set a $289.00 price target on the stock in a research report on Tuesday, July 18th. Finally, BTIG Research downgraded Essex Property Trust from a “buy” rating to a “neutral” rating in a research report on Friday, June 30th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $268.07.

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Essex Property Trust (ESS) opened at 261.54 on Wednesday. The stock’s 50 day moving average price is $259.94 and its 200 day moving average price is $256.02. Essex Property Trust has a 1-year low of $200.01 and a 1-year high of $270.04. The stock has a market capitalization of $17.26 billion, a PE ratio of 33.63 and a beta of 0.53.

Essex Property Trust (NYSE:ESS) last released its earnings results on Thursday, July 27th. The real estate investment trust reported $2.97 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.92 by $0.05. The company had revenue of $339.06 million during the quarter, compared to analysts’ expectations of $336.17 million. Essex Property Trust had a return on equity of 8.03% and a net margin of 38.33%. During the same period in the prior year, the business posted $2.74 EPS.

The business also recently declared a quarterly dividend, which was paid on Monday, October 16th. Investors of record on Friday, September 29th were given a dividend of $1.75 per share. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $7.00 annualized dividend and a yield of 2.68%. Essex Property Trust’s dividend payout ratio (DPR) is presently 89.97%.

In other news, insider John D. Eudy sold 166 shares of the firm’s stock in a transaction that occurred on Tuesday, October 10th. The stock was sold at an average price of $257.92, for a total value of $42,814.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John F. Burkart sold 333 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $261.84, for a total value of $87,192.72. Following the completion of the sale, the insider now directly owns 4,818 shares of the company’s stock, valued at $1,261,545.12. The disclosure for this sale can be found here. Insiders have sold 11,397 shares of company stock valued at $3,022,662 over the last three months. Insiders own 3.30% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in ESS. Tower Research Capital LLC TRC increased its stake in shares of Essex Property Trust by 145.3% during the second quarter. Tower Research Capital LLC TRC now owns 471 shares of the real estate investment trust’s stock worth $121,000 after purchasing an additional 279 shares during the period. Sun Life Financial INC increased its stake in shares of Essex Property Trust by 5,900.0% during the second quarter. Sun Life Financial INC now owns 480 shares of the real estate investment trust’s stock worth $123,000 after purchasing an additional 472 shares during the period. FNY Partners Fund LP bought a new position in shares of Essex Property Trust during the first quarter worth approximately $165,000. Perigon Wealth Management LLC increased its stake in shares of Essex Property Trust by 835.2% during the first quarter. Perigon Wealth Management LLC now owns 823 shares of the real estate investment trust’s stock worth $192,000 after purchasing an additional 735 shares during the period. Finally, Wetherby Asset Management Inc. bought a new position in shares of Essex Property Trust during the second quarter worth approximately $203,000. Institutional investors own 99.45% 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.

Earnings History and Estimates for Essex Property Trust (NYSE:ESS)

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