BidaskClub upgraded shares of Essex Property Trust, Inc. (NYSE:ESS) from a buy rating to a strong-buy rating in a research note published on Tuesday morning.
A number of other research firms have also weighed in on ESS. Evercore ISI lowered Essex Property Trust from an in-line rating to an underperform rating and set a $261.00 price objective for the company. in a research report on Monday, June 12th. BMO Capital Markets set a $255.00 price objective on Essex Property Trust and gave the company a hold rating in a research report on Thursday, May 25th. Jefferies Group LLC reaffirmed a hold rating and set a $234.00 price objective on shares of Essex Property Trust in a research report on Tuesday, May 30th. Royal Bank Of Canada reaffirmed an outperform rating and set a $267.00 price objective (up previously from $248.00) on shares of Essex Property Trust in a research report on Tuesday, May 16th. Finally, SunTrust Banks, Inc. lowered Essex Property Trust from a buy rating to a hold rating and set a $257.00 price objective for the company. in a research report on Thursday, May 18th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Essex Property Trust currently has an average rating of Hold and a consensus target price of $251.27.
Essex Property Trust (NYSE ESS) traded up 0.40% during midday trading on Tuesday, hitting $264.99. The stock had a trading volume of 49,803 shares. The firm’s 50-day moving average price is $257.47 and its 200 day moving average price is $236.86. The company has a market cap of $17.38 billion, a P/E ratio of 33.95 and a beta of 0.52. Essex Property Trust has a 12 month low of $200.01 and a 12 month high of $268.97.
Essex Property Trust (NYSE:ESS) last posted its quarterly earnings data on Thursday, April 27th. The real estate investment trust reported $2.94 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.89 by $0.05. Essex Property Trust had a return on equity of 8.04% and a net margin of 38.94%. The company had revenue of $335.40 million during the quarter, compared to analyst estimates of $332.80 million. During the same quarter last year, the company earned $2.68 EPS. On average, analysts expect that Essex Property Trust will post $6.04 earnings per share for the current fiscal year.
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The company also recently declared a quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Friday, June 30th will be paid a $1.75 dividend. The ex-dividend date is Wednesday, June 28th. This represents a $7.00 dividend on an annualized basis and a dividend yield of 2.65%. Essex Property Trust’s dividend payout ratio (DPR) is currently 89.74%.
In other news, Director Janice L. Sears sold 3,000 shares of the firm’s stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $253.92, for a total value of $761,760.00. Following the transaction, the director now directly owns 3,698 shares in the company, valued at approximately $938,996.16. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Michael J. Schall sold 17,458 shares of the firm’s stock in a transaction on Friday, March 31st. The stock was sold at an average price of $232.01, for a total value of $4,050,430.58. Following the completion of the transaction, the insider now owns 59,763 shares in the company, valued at $13,865,613.63. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 57,743 shares of company stock worth $14,042,328. Company insiders own 3.30% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Muzinich & Co. Inc. increased its position in Essex Property Trust by 246.5% in the first quarter. Muzinich & Co. Inc. now owns 551 shares of the real estate investment trust’s stock worth $128,000 after buying an additional 392 shares during the period. Advisors Asset Management Inc. increased its position in Essex Property Trust by 118.0% in the first quarter. Advisors Asset Management Inc. now owns 654 shares of the real estate investment trust’s stock worth $151,000 after buying an additional 354 shares during the period. FNY Partners Fund LP purchased a new position in Essex Property Trust during the first quarter worth about $165,000. Perigon Wealth Management LLC increased its position in Essex Property Trust by 835.2% in the first quarter. Perigon Wealth Management LLC now owns 823 shares of the real estate investment trust’s stock worth $192,000 after buying an additional 735 shares during the period. Finally, Warren Averett Asset Management LLC purchased a new position in Essex Property Trust during the first quarter worth about $201,000. Hedge funds and other institutional investors own 98.94% of the company’s stock.
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.
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