Essex Property Trust (ESS) Lifted to “Neutral” at Mizuho

Essex Property Trust (NYSE:ESS) was upgraded by investment analysts at Mizuho from an “underperform” rating to a “neutral” rating in a note issued to investors on Friday, MarketBeat.com reports. The brokerage currently has a $223.00 price objective on the real estate investment trust’s stock. Mizuho’s price target suggests a potential downside of 2.17% from the stock’s previous close. The analysts noted that the move was a valuation call.

A number of other brokerages have also recently issued reports on ESS. Raymond James Financial restated an “underperform” rating on shares of Essex Property Trust in a report on Monday, January 8th. Barclays decreased their target price on Essex Property Trust from $277.00 to $271.00 and set an “overweight” rating on the stock in a report on Tuesday, January 30th. BMO Capital Markets restated a “hold” rating and issued a $257.00 target price on shares of Essex Property Trust in a report on Monday, November 27th. Stifel Nicolaus cut Essex Property Trust from a “buy” rating to a “hold” rating and decreased their target price for the stock from $280.00 to $235.00 in a report on Friday, January 19th. Finally, Mitsubishi UFJ Financial Group restated a “neutral” rating on shares of Essex Property Trust in a report on Friday, November 3rd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $262.76.

Shares of Essex Property Trust (NYSE:ESS) traded up $9.66 during mid-day trading on Friday, hitting $227.94. The stock had a trading volume of 764,544 shares, compared to its average volume of 450,414. Essex Property Trust has a one year low of $214.03 and a one year high of $270.04. The firm has a market cap of $14,418.27, a PE ratio of 34.64, a PEG ratio of 2.81 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 0.89.

Essex Property Trust (NYSE:ESS) last issued its quarterly earnings results on Wednesday, February 7th. The real estate investment trust reported $3.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.00 by $0.01. Essex Property Trust had a return on equity of 6.76% and a net margin of 31.75%. The company had revenue of $345.06 million for the quarter, compared to analysts’ expectations of $346.50 million. During the same period last year, the firm earned $2.85 EPS. sell-side analysts predict that Essex Property Trust will post 12.45 EPS for the current year.

In other news, EVP John D. Eudy sold 1,700 shares of the firm’s stock in a transaction on Monday, December 11th. The stock was sold at an average price of $247.24, for a total value of $420,308.00. Following the completion of the sale, the executive vice president now owns 10,130 shares of the company’s stock, valued at $2,504,541.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Craig K. Zimmerman sold 1,001 shares of the firm’s stock in a transaction on Monday, December 11th. The stock was sold at an average price of $247.24, for a total value of $247,487.24. Following the completion of the sale, the insider now directly 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 ninety days, insiders sold 8,102 shares of company stock valued at $2,003,715. 3.30% of the stock is currently owned by insiders.

Several institutional investors have recently modified their holdings of the company. Norinchukin Bank The boosted its position in shares of Essex Property Trust by 7.5% in the fourth quarter. Norinchukin Bank The now owns 5,280 shares of the real estate investment trust’s stock worth $1,274,000 after buying an additional 369 shares during the period. American International Group Inc. boosted its position in shares of Essex Property Trust by 12.1% in the fourth quarter. American International Group Inc. now owns 22,958 shares of the real estate investment trust’s stock worth $5,541,000 after buying an additional 2,484 shares during the period. Crewe Advisors LLC acquired a new stake in shares of Essex Property Trust in the fourth quarter worth $969,000. Tower Research Capital LLC TRC acquired a new stake in shares of Essex Property Trust in the fourth quarter worth $100,000. Finally, UBS Asset Management Americas Inc. boosted its position in shares of Essex Property Trust by 7.6% in the fourth quarter. UBS Asset Management Americas Inc. now owns 319,604 shares of the real estate investment trust’s stock worth $77,143,000 after buying an additional 22,494 shares during the period. 96.82% of the stock is owned by institutional investors and hedge funds.

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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)

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