Essex Property Trust (NYSE:ESS) was downgraded by Stifel Nicolaus from a “buy” rating to a “hold” rating in a research report issued on Friday, MarketBeat reports. They presently have a $235.00 price objective on the real estate investment trust’s stock, down from their prior price objective of $280.00. Stifel Nicolaus’ price objective indicates a potential upside of 5.08% from the stock’s previous close.
Other equities analysts have also recently issued reports about the stock. Citigroup upgraded shares of Essex Property Trust to an “overweight” rating and upped their price objective for the stock from $253.00 to $278.00 in a research report on Wednesday, January 3rd. They noted that the move was a valuation call. BMO Capital Markets reiterated a “hold” rating and set a $250.00 price objective on shares of Essex Property Trust in a research report on Tuesday, January 9th. Mizuho cut shares of Essex Property Trust from a “neutral” rating to an “underperform” rating and set a $250.00 price objective for the company. in a research report on Monday, November 6th. Barclays reiterated a “buy” rating and set a $283.00 price objective on shares of Essex Property Trust in a research report on Thursday, October 19th. Finally, Royal Bank of Canada reiterated a “buy” rating on shares of Essex Property Trust in a research report on Sunday, November 12th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $265.94.
Essex Property Trust (NYSE ESS) traded down $0.97 during mid-day trading on Friday, reaching $223.63. 331,179 shares of the company were exchanged, compared to its average volume of 305,777. The firm has a market cap of $14,831.92, a PE ratio of 27.99, a price-to-earnings-growth ratio of 2.90 and a beta of 0.50. Essex Property Trust has a twelve month low of $218.41 and a twelve month high of $270.04. 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 (NYSE:ESS) last released its quarterly earnings data on Wednesday, November 1st. The real estate investment trust reported $1.22 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.96 by ($1.74). Essex Property Trust had a return on equity of 8.19% and a net margin of 38.95%. analysts predict that Essex Property Trust will post 11.89 EPS for the current fiscal year.
In other news, Director Gary P. Martin sold 1,000 shares of the company’s stock in a transaction on Monday, November 6th. The shares were sold at an average price of $255.59, for a total value of $255,590.00. Following the sale, the director now directly owns 6,236 shares of the company’s stock, valued at approximately $1,593,859.24. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Michael J. Schall sold 334 shares of the company’s stock in a transaction on Friday, November 10th. The shares were sold at an average price of $255.50, for a total transaction of $85,337.00. Following the completion of the sale, the chief executive officer now directly owns 45,097 shares in the company, valued at $11,522,283.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,687 shares of company stock valued at $2,408,772. Corporate insiders own 3.30% of the company’s stock.
Large investors have recently bought and sold shares of the company. Quantitative Systematic Strategies LLC bought a new stake in shares of Essex Property Trust in the 3rd quarter valued at $807,000. Rhumbline Advisers boosted its stake in shares of Essex Property Trust by 6.7% in the 3rd quarter. Rhumbline Advisers now owns 136,981 shares of the real estate investment trust’s stock valued at $34,797,000 after purchasing an additional 8,648 shares during the last quarter. Honeywell International Inc. boosted its stake in shares of Essex Property Trust by 27.8% in the 3rd quarter. Honeywell International Inc. now owns 21,692 shares of the real estate investment trust’s stock valued at $5,510,000 after purchasing an additional 4,712 shares during the last quarter. California Public Employees Retirement System boosted its stake in shares of Essex Property Trust by 5.5% in the 3rd quarter. California Public Employees Retirement System now owns 146,507 shares of the real estate investment trust’s stock valued at $37,217,000 after purchasing an additional 7,573 shares during the last quarter. Finally, Comerica Bank boosted its stake in shares of Essex Property Trust by 32.5% in the 3rd quarter. Comerica Bank now owns 24,482 shares of the real estate investment trust’s stock valued at $6,385,000 after purchasing an additional 6,002 shares during the last quarter. 97.15% 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.