Essex Property Trust (NYSE:ESS) was upgraded by equities research analysts at Citigroup from a “neutral” rating to a “buy” rating in a note issued to investors on Thursday, MarketBeat.com reports. The brokerage currently has a $280.00 price objective on the real estate investment trust’s stock. Citigroup’s price target suggests a potential upside of 12.45% from the stock’s current price.

A number of other brokerages also recently weighed in on ESS. Zacks Investment Research upgraded Essex Property Trust from a “hold” rating to a “buy” rating and set a $289.00 target price for the company in a research note on Tuesday, October 10th. Cantor Fitzgerald restated a “buy” rating and issued a $280.00 target price on shares of Essex Property Trust in a research note on Wednesday, September 13th. Robert W. Baird restated a “buy” rating and issued a $273.00 target price on shares of Essex Property Trust in a research note on Tuesday, September 12th. Stifel Nicolaus initiated coverage on Essex Property Trust in a research note on Friday, September 1st. They issued a “buy” rating and a $294.00 target price for the company. Finally, Royal Bank of Canada restated a “buy” rating and issued a $276.00 target price on shares of Essex Property Trust in a research note on Friday, October 20th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $271.19.

Shares of Essex Property Trust (NYSE:ESS) traded up $1.02 during trading on Thursday, reaching $249.00. The company’s stock had a trading volume of 426,184 shares, compared to its average volume of 348,004. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.83 and a current ratio of 0.83. Essex Property Trust has a 52-week low of $218.08 and a 52-week high of $270.04. The firm has a market cap of $16,453.13, a P/E ratio of 21.30, a P/E/G ratio of 3.36 and a beta of 0.50.

In other Essex Property Trust news, EVP John D. Eudy sold 1,700 shares of Essex Property Trust stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $247.24, for a total transaction of $420,308.00. Following the completion of the transaction, the executive vice president now owns 10,130 shares in the company, valued at approximately $2,504,541.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Craig K. Zimmerman sold 1,001 shares of Essex Property Trust stock in a transaction dated Monday, December 11th. The shares were sold at an average price of $247.24, for a total value of $247,487.24. Following the transaction, the insider now owns 11,284 shares of the company’s stock, valued at approximately $2,789,856.16. The disclosure for this sale can be found here. Insiders have sold a total of 10,269 shares of company stock valued at $2,558,882 in the last quarter. Company insiders own 3.30% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC boosted its stake in Essex Property Trust by 145.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 471 shares of the real estate investment trust’s stock valued at $121,000 after purchasing an additional 279 shares during the last quarter. Sun Life Financial INC lifted its position in shares of Essex Property Trust by 5,900.0% during the 2nd quarter. Sun Life Financial INC now owns 480 shares of the real estate investment trust’s stock worth $123,000 after buying an additional 472 shares in the last quarter. Wetherby Asset Management Inc. bought a new position in shares of Essex Property Trust during the 2nd quarter worth approximately $203,000. Breton Hill Capital Ltd. bought a new position in shares of Essex Property Trust during the 3rd quarter worth approximately $200,000. Finally, Beacon Investment Advisory Services Inc. bought a new position in shares of Essex Property Trust during the 3rd quarter worth approximately $200,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

COPYRIGHT VIOLATION WARNING: This article was posted by American Banking News and is the property of of American Banking News. If you are reading this article on another publication, it was copied illegally and republished in violation of United States & international trademark & copyright law. The original version of this article can be viewed at https://www.americanbankingnews.com/2017/12/14/essex-property-trust-ess-upgraded-to-buy-by-citigroup.html.

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.

Analyst Recommendations for Essex Property Trust (NYSE:ESS)

Receive News & Ratings for Essex Property Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Essex Property Trust and related companies with MarketBeat.com's FREE daily email newsletter.