Traders Sell Shares of Essex Property Trust Inc (ESS) on Strength (ESS)
Traders sold shares of Essex Property Trust Inc (NYSE:ESS) on strength during trading hours on Tuesday. $14.99 million flowed into the stock on the tick-up and $32.77 million flowed out of the stock on the tick-down, for a money net flow of $17.78 million out of the stock. Of all stocks tracked, Essex Property Trust had the 26th highest net out-flow for the day. Essex Property Trust traded up $0.32 for the day and closed at $266.09
A number of research firms have commented on ESS. Royal Bank Of Canada reiterated an “outperform” rating and issued a $267.00 price target (up previously from $248.00) on shares of Essex Property Trust in a research report on Tuesday, May 16th. SunTrust Banks, Inc. lowered Essex Property Trust from a “buy” rating to a “hold” rating and set a $257.00 price target on the stock. in a research report on Thursday, May 18th. They noted that the move was a valuation call. Canaccord Genuity set a $270.00 price target on Essex Property Trust and gave the company a “hold” rating in a research report on Monday, July 31st. Stifel Nicolaus began coverage on Essex Property Trust in a research report on Friday. They issued a “buy” rating and a $294.00 price target on the stock. Finally, Zacks Investment Research lowered Essex Property Trust from a “buy” rating to a “hold” rating in a research report on Monday, July 17th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $267.57.
The stock’s 50-day moving average price is $263.82 and its 200 day moving average price is $250.68. The firm has a market cap of $17.56 billion, a P/E ratio of 34.21 and a beta of 0.53.
Essex Property Trust (NYSE:ESS) last posted its earnings results on Thursday, July 27th. The real estate investment trust reported $2.97 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.92 by $0.05. The company had revenue of $339.06 million for the quarter, compared to analysts’ expectations of $336.17 million. Essex Property Trust had a return on equity of 4.51% and a net margin of 22.35%. During the same period last year, the firm earned $2.74 earnings per share. On average, analysts predict that Essex Property Trust Inc will post $5.95 earnings per share for the current fiscal year.
In other Essex Property Trust news, Director Byron A. Scordelis sold 6,265 shares of Essex Property Trust stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $267.39, for a total transaction of $1,675,198.35. Following the sale, the director now directly owns 4,986 shares of the company’s stock, valued at approximately $1,333,206.54. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Angela L. Kleiman sold 2,466 shares of Essex Property Trust stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $263.37, for a total value of $649,470.42. Following the sale, the insider now directly owns 9,643 shares in the company, valued at $2,539,676.91. The disclosure for this sale can be found here. Insiders sold 11,230 shares of company stock worth $2,977,186 over the last three months. 3.30% of the stock is owned by insiders.
A number of institutional investors have recently bought and sold shares of ESS. Tower Research Capital LLC TRC boosted its position in Essex Property Trust by 145.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 471 shares of the real estate investment trust’s stock valued at $121,000 after acquiring an additional 279 shares in the last quarter. Sun Life Financial INC boosted its position in Essex Property Trust by 5,900.0% during the 2nd quarter. Sun Life Financial INC now owns 480 shares of the real estate investment trust’s stock valued at $123,000 after acquiring an additional 472 shares in the last quarter. Muzinich & Co. Inc. boosted its position in Essex Property Trust by 246.5% during the 1st quarter. Muzinich & Co. Inc. now owns 551 shares of the real estate investment trust’s stock valued at $128,000 after acquiring an additional 392 shares in the last quarter. Advisors Asset Management Inc. boosted its position in Essex Property Trust by 118.0% during the 1st quarter. Advisors Asset Management Inc. now owns 654 shares of the real estate investment trust’s stock valued at $151,000 after acquiring an additional 354 shares in the last quarter. Finally, FNY Partners Fund LP bought a new stake in Essex Property Trust during the 1st quarter valued at approximately $165,000. 99.55% of the stock is currently owned by institutional investors and hedge funds.
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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