Essex Property Trust’s (ESS) Hold Rating Reaffirmed at Jefferies Group

Essex Property Trust (NYSE:ESS)‘s stock had its “hold” rating reaffirmed by Jefferies Group in a research note issued to investors on Tuesday. They presently have a $252.00 price objective on the real estate investment trust’s stock. Jefferies Group’s price target indicates a potential upside of 10.39% from the company’s previous close.

ESS has been the topic of several other research reports. Robert W. Baird restated a “buy” rating and set a $273.00 target price on shares of Essex Property Trust in a research note on Tuesday, October 17th. Mitsubishi UFJ Financial Group upgraded shares of Essex Property Trust from a “neutral” rating to an “overweight” rating in a research note on Wednesday, January 3rd. Mizuho cut shares of Essex Property Trust from a “neutral” rating to an “underperform” rating and set a $250.00 target price on the stock. in a research note on Monday, November 6th. SunTrust Banks reiterated a “hold” rating and issued a $270.00 price objective on shares of Essex Property Trust in a research note on Friday, November 3rd. Finally, Citigroup upgraded shares of Essex Property Trust to an “overweight” rating and increased their price objective for the stock from $253.00 to $278.00 in a research note on Wednesday, January 3rd. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. Essex Property Trust presently has an average rating of “Buy” and an average price target of $264.94.

Essex Property Trust (ESS) traded up $0.43 on Tuesday, reaching $228.28. 478,069 shares of the company’s stock traded hands, compared to its average volume of 470,243. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.89. The company has a market cap of $15,056.35, a PE ratio of 34.83, a P/E/G ratio of 2.93 and a beta of 0.42. 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 posted its earnings results on Wednesday, February 7th. The real estate investment trust reported $3.01 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.00 by $0.01. The business had revenue of $345.06 million for the quarter, compared to analysts’ expectations of $346.50 million. Essex Property Trust had a net margin of 31.75% and a return on equity of 6.76%. During the same quarter in the prior year, the business earned $2.85 EPS. research analysts forecast that Essex Property Trust will post 12.45 earnings per share for the current fiscal year.

In other Essex Property Trust news, CEO Michael J. Schall sold 4,801 shares of the firm’s stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $247.37, for a total transaction of $1,187,623.37. Following the sale, the chief executive officer now owns 49,564 shares in the company, valued at approximately $12,260,646.68. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Angela L. Kleiman sold 600 shares of the firm’s stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $247.16, for a total transaction of $148,296.00. Following the sale, the chief financial officer now owns 7,777 shares in the company, valued at approximately $1,922,163.32. The disclosure for this sale can be found here. Insiders sold a total of 8,102 shares of company stock worth $2,003,715 in the last quarter. Company insiders own 3.30% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Amundi Pioneer Asset Management Inc. bought a new stake in Essex Property Trust during the 4th quarter worth approximately $18,890,000. AXA raised its stake in Essex Property Trust by 195.0% during the 4th quarter. AXA now owns 5,021 shares of the real estate investment trust’s stock worth $1,212,000 after acquiring an additional 3,319 shares during the period. Alliancebernstein L.P. raised its stake in Essex Property Trust by 1.1% during the 4th quarter. Alliancebernstein L.P. now owns 288,251 shares of the real estate investment trust’s stock worth $69,575,000 after acquiring an additional 3,172 shares during the period. WESCAP Management Group Inc. bought a new stake in Essex Property Trust during the 4th quarter worth approximately $359,000. Finally, Geode Capital Management LLC raised its stake in Essex Property Trust by 3.9% during the 4th quarter. Geode Capital Management LLC now owns 826,954 shares of the real estate investment trust’s stock worth $199,254,000 after acquiring an additional 31,378 shares during the period. Institutional investors own 96.31% of the company’s stock.

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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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