Shares of Essex Property Trust, Inc. (NYSE:ESS) have received an average recommendation of “Hold” from the sixteen analysts that are currently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, eight have issued a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $266.10.

Several equities analysts recently weighed in on the company. Mizuho downgraded Essex Property Trust from a “buy” rating to a “neutral” rating and set a $283.00 target price on the stock. in a research report on Monday, July 31st. Canaccord Genuity set a $270.00 target price on Essex Property Trust and gave the stock a “hold” rating in a research report on Monday, July 31st. Cantor Fitzgerald reiterated a “buy” rating and set a $278.00 target price on shares of Essex Property Trust in a research report on Thursday, July 27th. BMO Capital Markets set a $255.00 target price on Essex Property Trust and gave the stock a “hold” rating in a research report on Thursday, May 25th. Finally, Jefferies Group LLC reiterated a “neutral” rating on shares of Essex Property Trust in a research report on Monday, July 17th.

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In other news, insider Angela L. Kleiman sold 3,417 shares of the firm’s stock in a transaction dated Wednesday, May 10th. The stock was sold at an average price of $252.35, for a total value of $862,279.95. Following the transaction, the insider now directly owns 10,594 shares in the company, valued at approximately $2,673,395.90. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider John F. Burkart sold 333 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $261.84, for a total value of $87,192.72. Following the completion of the transaction, the insider now owns 4,818 shares in the company, valued at $1,261,545.12. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,492 shares of company stock worth $6,963,783. Company insiders own 3.30% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Legal & General Group Plc increased its stake in shares of Essex Property Trust by 7.1% in the first quarter. Legal & General Group Plc now owns 495,852 shares of the real estate investment trust’s stock valued at $114,806,000 after buying an additional 33,007 shares during the last quarter. Comerica Bank increased its stake in shares of Essex Property Trust by 3.0% in the first quarter. Comerica Bank now owns 18,878 shares of the real estate investment trust’s stock valued at $4,558,000 after buying an additional 555 shares during the last quarter. BlueCrest Capital Management Ltd bought a new stake in shares of Essex Property Trust during the first quarter valued at approximately $438,000. NN Investment Partners Holdings N.V. increased its stake in shares of Essex Property Trust by 4.0% in the second quarter. NN Investment Partners Holdings N.V. now owns 240,093 shares of the real estate investment trust’s stock valued at $61,769,000 after buying an additional 9,300 shares during the last quarter. Finally, Sei Investments Co. increased its stake in shares of Essex Property Trust by 46.2% in the first quarter. Sei Investments Co. now owns 88,306 shares of the real estate investment trust’s stock valued at $20,446,000 after buying an additional 27,900 shares during the last quarter. Institutional investors and hedge funds own 98.88% of the company’s stock.

Shares of Essex Property Trust (NYSE ESS) traded down 0.19% during mid-day trading on Friday, reaching $261.51. 322,379 shares of the company traded hands. Essex Property Trust has a 52-week low of $200.01 and a 52-week high of $268.97. The stock has a market capitalization of $17.26 billion, a price-to-earnings ratio of 33.63 and a beta of 0.52. The company’s 50 day moving average is $261.14 and its 200 day moving average is $244.06.

Essex Property Trust (NYSE:ESS) last released its earnings results on Thursday, July 27th. The real estate investment trust reported $2.97 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.92 by $0.05. Essex Property Trust had a return on equity of 8.03% and a net margin of 38.33%. The firm had revenue of $339.06 million for the quarter, compared to the consensus estimate of $336.17 million. During the same period in the prior year, the business posted $2.74 earnings per share. On average, equities analysts forecast that Essex Property Trust will post $6.05 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Friday, June 30th were issued a $1.75 dividend. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $7.00 dividend on an annualized basis and a dividend yield of 2.68%. Essex Property Trust’s dividend payout ratio (DPR) is 89.97%.

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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