Essex Property Trust (NYSE:ESS) had its price objective cut by equities researchers at Barclays from $277.00 to $271.00 in a research note issued to investors on Tuesday. The brokerage currently has an “overweight” rating on the real estate investment trust’s stock. Barclays’ price objective points to a potential upside of 19.51% from the stock’s current price.
A number of other research analysts have also commented on ESS. BMO Capital Markets reaffirmed a “hold” rating and set a $250.00 price target on shares of Essex Property Trust in a research report on Tuesday, January 9th. Stifel Nicolaus lowered Essex Property Trust from a “buy” rating to a “hold” rating and reduced their price objective for the company from $280.00 to $235.00 in a research report on Friday, January 19th. Robert W. Baird reiterated a “buy” rating and set a $273.00 target price on shares of Essex Property Trust in a research note on Tuesday, October 17th. SunTrust Banks upgraded Essex Property Trust from a “hold” rating to a “buy” rating in a research note on Monday, January 22nd. Finally, BTIG Research upgraded Essex Property Trust from a “neutral” rating to a “buy” rating and set a $273.00 price target on the stock in a research note on Wednesday, December 13th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $265.24.
Essex Property Trust (NYSE:ESS) traded down $0.99 during trading on Tuesday, reaching $226.75. The company had a trading volume of 281,406 shares, compared to its average volume of 364,945. 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. The stock has a market capitalization of $15,177.29, a PE ratio of 28.55, a price-to-earnings-growth ratio of 2.97 and a beta of 0.50.
In related news, insider Craig K. Zimmerman sold 167 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 transaction of $42,668.50. Following the completion of the transaction, the insider now owns 10,450 shares in the company, valued at approximately $2,669,975. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Craig K. Zimmerman sold 1,001 shares of the company’s stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $247.24, for a total transaction 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. In the last 90 days, insiders have sold 9,687 shares of company stock valued at $2,408,772. Insiders own 3.30% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Raymond James Financial Services Advisors Inc. raised its position in shares of Essex Property Trust by 1.0% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 4,821 shares of the real estate investment trust’s stock worth $1,240,000 after purchasing an additional 49 shares during the last quarter. Kemper Corp Master Retirement Trust raised its position in shares of Essex Property Trust by 5.3% during the 2nd quarter. Kemper Corp Master Retirement Trust now owns 1,998 shares of the real estate investment trust’s stock worth $514,000 after purchasing an additional 100 shares during the last quarter. Advisor Group Inc. raised its position in shares of Essex Property Trust by 14.2% during the 2nd quarter. Advisor Group Inc. now owns 1,021 shares of the real estate investment trust’s stock worth $262,000 after purchasing an additional 127 shares during the last quarter. Phocas Financial Corp. raised its position in shares of Essex Property Trust by 3.4% during the 2nd quarter. Phocas Financial Corp. now owns 4,252 shares of the real estate investment trust’s stock worth $1,094,000 after purchasing an additional 138 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in shares of Essex Property Trust by 0.9% during the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 21,110 shares of the real estate investment trust’s stock worth $5,363,000 after purchasing an additional 194 shares during the last quarter. Hedge funds and other institutional investors own 97.01% of the company’s stock.
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.
