Essex Property Trust Inc. (ESS) Downgraded to “Neutral” at Bank of America Corp.
Bank of America Corp. cut shares of Essex Property Trust Inc. (NYSE:ESS) from a buy rating to a neutral rating in a research note released on Wednesday. The firm currently has $232.00 price objective on the real estate investment trust’s stock.
Other equities research analysts also recently issued research reports about the company. Cantor Fitzgerald reissued a buy rating and set a $252.00 target price on shares of Essex Property Trust in a report on Friday, October 28th. BTIG Research initiated coverage on Essex Property Trust in a report on Thursday, August 25th. They set a buy rating and a $260.00 target price for the company. Barclays PLC reissued a hold rating and set a $232.00 target price on shares of Essex Property Trust in a report on Tuesday, November 8th. Canaccord Genuity dropped their target price on Essex Property Trust from $246.00 to $219.00 and set a hold rating for the company in a report on Monday, October 31st. Finally, Jefferies Group lifted their target price on Essex Property Trust from $209.00 to $210.00 and gave the stock a hold rating in a report on Wednesday, August 10th. Thirteen research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Essex Property Trust presently has an average rating of Hold and a consensus target price of $241.94.
Essex Property Trust (NYSE:ESS) opened at 215.36 on Wednesday. The firm has a market cap of $14.11 billion, a P/E ratio of 47.79 and a beta of 0.54. Essex Property Trust has a 12 month low of $191.25 and a 12 month high of $244.71. The company’s 50-day moving average is $212.33 and its 200 day moving average is $221.21.
Essex Property Trust (NYSE:ESS) last announced its quarterly earnings results on Thursday, October 27th. The real estate investment trust reported $2.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.76 by $0.05. Essex Property Trust had a return on equity of 4.76% and a net margin of 23.54%. The business earned $329.17 million during the quarter, compared to the consensus estimate of $325.44 million. During the same quarter last year, the firm posted $2.49 EPS. The company’s quarterly revenue was up 8.1% on a year-over-year basis. Equities research analysts expect that Essex Property Trust will post $11.04 EPS for the current fiscal year.
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In related news, insider John D. Eudy sold 2,500 shares of Essex Property Trust stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $226.41, for a total value of $566,025.00. Following the transaction, the insider now directly owns 9,268 shares of the company’s stock, valued at $2,098,367.88. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 3.50% of the stock is owned by corporate insiders.
Several institutional investors have recently bought and sold shares of the company. NEXT Financial Group Inc raised its position in Essex Property Trust by 9.3% in the third quarter. NEXT Financial Group Inc now owns 469 shares of the real estate investment trust’s stock worth $104,000 after buying an additional 40 shares in the last quarter. Washington Trust Bank raised its position in Essex Property Trust by 1.3% in the third quarter. Washington Trust Bank now owns 472 shares of the real estate investment trust’s stock worth $105,000 after buying an additional 6 shares in the last quarter. TLP Group LLC bought a new position in Essex Property Trust during the third quarter worth approximately $118,000. Hanson McClain Inc. raised its position in Essex Property Trust by 0.5% in the second quarter. Hanson McClain Inc. now owns 608 shares of the real estate investment trust’s stock worth $139,000 after buying an additional 3 shares in the last quarter. Finally, Checchi Capital Advisers LLC raised its position in Essex Property Trust by 19.3% in the second quarter. Checchi Capital Advisers LLC now owns 680 shares of the real estate investment trust’s stock worth $155,000 after buying an additional 110 shares in the last quarter. 98.05% of the stock is currently owned by institutional investors.
About Essex Property Trust
Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns all of its interest in its real estate and other investments directly or indirectly through Essex Portfolio, L.P. (the Operating Partnership). The Company is engaged in the ownership, operation, management, acquisition, development and redevelopment of apartment communities.
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