Essex Property Trust Inc (ESS) Given Hold Rating at BMO Capital Markets

Essex Property Trust Inc (NYSE:ESS)‘s stock had its “hold” rating reaffirmed by equities researchers at BMO Capital Markets in a research report issued to clients and investors on Monday. They presently have a $257.00 price target on the real estate investment trust’s stock. BMO Capital Markets’ price objective suggests a potential upside of 3.79% from the company’s current price.

Other equities research analysts have also issued reports about the stock. Zacks Investment Research upgraded shares of Essex Property Trust from a “hold” rating to a “buy” rating and set a $289.00 price target for the company in a report on Tuesday, October 10th. Cantor Fitzgerald restated a “buy” rating and issued a $280.00 price objective on shares of Essex Property Trust in a report on Wednesday, September 13th. Robert W. Baird restated a “buy” rating and issued a $273.00 price objective on shares of Essex Property Trust in a report on Tuesday, September 12th. Stifel Nicolaus assumed coverage on shares of Essex Property Trust in a report on Friday, September 1st. They issued a “buy” rating and a $294.00 price objective for the company. Finally, Barclays PLC restated a “buy” rating and issued a $283.00 price objective on shares of Essex Property Trust in a report on Thursday, October 19th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $269.50.

Essex Property Trust (ESS) traded down $2.76 during trading hours on Monday, reaching $247.61. 362,601 shares of the company were exchanged, compared to its average volume of 343,874. Essex Property Trust has a 52 week low of $211.04 and a 52 week high of $270.04. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.88. The company has a market cap of $16,390.00, a price-to-earnings ratio of 21.40, a P/E/G ratio of 3.38 and a beta of 0.54.

In other news, CEO Michael J. Schall sold 334 shares of the company’s stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $255.50, for a total value of $85,337.00. Following the sale, the chief executive officer now directly owns 45,097 shares of the company’s stock, valued at approximately $11,522,283.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gary P. Martin sold 1,000 shares of the company’s stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $255.59, for a total transaction of $255,590.00. Following the completion of the sale, the director now directly owns 6,236 shares in the company, valued at $1,593,859.24. The disclosure for this sale can be found here. Insiders sold a total of 2,334 shares of company stock worth $599,759 over the last ninety days. Insiders own 3.30% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in Essex Property Trust by 0.8% during the 2nd quarter. Vanguard Group Inc. now owns 11,496,906 shares of the real estate investment trust’s stock valued at $2,957,809,000 after purchasing an additional 92,531 shares during the last quarter. BlackRock Inc. grew its position in Essex Property Trust by 1.5% during the 2nd quarter. BlackRock Inc. now owns 6,573,361 shares of the real estate investment trust’s stock valued at $1,691,128,000 after purchasing an additional 94,331 shares during the last quarter. State Street Corp grew its position in Essex Property Trust by 0.7% during the 2nd quarter. State Street Corp now owns 4,744,926 shares of the real estate investment trust’s stock valued at $1,220,731,000 after purchasing an additional 30,726 shares during the last quarter. Principal Financial Group Inc. grew its position in Essex Property Trust by 3.6% during the 3rd quarter. Principal Financial Group Inc. now owns 2,328,165 shares of the real estate investment trust’s stock valued at $591,424,000 after purchasing an additional 80,573 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in Essex Property Trust by 38.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,488,052 shares of the real estate investment trust’s stock valued at $382,832,000 after purchasing an additional 412,316 shares during the last quarter. 99.90% of the stock is currently owned by institutional investors.

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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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