Essex Property Trust (ESS) Given a $279.00 Price Target by Cantor Fitzgerald Analysts

Essex Property Trust (NYSE:ESS) has been assigned a $279.00 price objective by investment analysts at Cantor Fitzgerald in a note issued to investors on Thursday. The brokerage presently has a “buy” rating on the real estate investment trust’s stock. Cantor Fitzgerald’s price objective suggests a potential upside of 25.72% from the company’s previous close.

Several other research analysts have also weighed in on the stock. Barclays dropped their price objective on shares of Essex Property Trust from $277.00 to $271.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 30th. SunTrust Banks upgraded shares of Essex Property Trust from a “hold” rating to a “buy” rating in a research note on Monday, January 22nd. Stifel Nicolaus lowered shares of Essex Property Trust from a “buy” rating to a “hold” rating and dropped their price objective for the company from $280.00 to $235.00 in a research note on Friday, January 19th. Sandler O’Neill set a $250.00 price objective on shares of Essex Property Trust and gave the company a “hold” rating in a research note on Friday, January 12th. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $250.00 price objective on shares of Essex Property Trust in a research note on Tuesday, January 9th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Essex Property Trust currently has a consensus rating of “Hold” and a consensus target price of $265.24.

Essex Property Trust (NYSE ESS) traded up $4.12 during trading on Thursday, reaching $221.93. 520,761 shares of the company’s stock traded hands, compared to its average volume of 428,199. The firm has a market cap of $14,450.22, a price-to-earnings ratio of 27.86, a PEG ratio of 2.83 and a beta of 0.42. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.88. Essex Property Trust has a 1 year low of $214.03 and a 1 year high of $270.04.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings data on Wednesday, February 7th. The real estate investment trust reported $3.01 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $3.00 by $0.01. The firm had revenue of $345.06 million for the quarter, compared to analyst estimates of $346.50 million. Essex Property Trust had a net margin of 38.95% and a return on equity of 8.19%. During the same quarter in the prior year, the business earned $2.85 EPS. research analysts expect that Essex Property Trust will post 11.89 EPS for the current fiscal year.

In related news, 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 of the company’s stock, valued at approximately $11,522,283.50. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Craig K. Zimmerman sold 167 shares of the company’s stock in a transaction on Friday, November 10th. The stock was sold at an average price of $255.50, for a total transaction of $42,668.50. Following the sale, the insider now directly owns 10,450 shares of the company’s stock, valued at $2,669,975. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 8,687 shares of company stock worth $2,153,182. 3.30% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of ESS. Advisor Group Inc. boosted its holdings 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 buying an additional 127 shares during the period. First Allied Advisory Services Inc. bought a new stake in shares of Essex Property Trust during the 2nd quarter worth $210,000. Janus Henderson Group PLC boosted its holdings in shares of Essex Property Trust by 1,333.6% during the 2nd quarter. Janus Henderson Group PLC now owns 119,666 shares of the real estate investment trust’s stock worth $30,787,000 after buying an additional 111,319 shares during the period. Cubist Systematic Strategies LLC boosted its holdings in shares of Essex Property Trust by 178.6% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 3,591 shares of the real estate investment trust’s stock worth $924,000 after buying an additional 2,302 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of Essex Property Trust by 2.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 70,180 shares of the real estate investment trust’s stock worth $18,055,000 after buying an additional 1,979 shares during the period. 96.82% of the stock is owned by institutional investors and hedge funds.

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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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