Essex Property Trust, Inc. (ESS) Rating Reiterated by Robert W. Baird
Essex Property Trust, Inc. (NYSE:ESS)‘s stock had its “buy” rating reaffirmed by equities researchers at Robert W. Baird in a research report issued to clients and investors on Tuesday. They currently have a $273.00 price target on the real estate investment trust’s stock. Robert W. Baird’s price target would indicate a potential upside of 4.53% from the company’s previous close.
A number of other research firms also recently commented on ESS. BidaskClub upgraded Essex Property Trust from a “buy” rating to a “strong-buy” rating in a report on Tuesday, June 20th. Evercore ISI downgraded Essex Property Trust from an “in-line” rating to an “underperform” rating and set a $261.00 price objective for the company. in a report on Monday, June 12th. Stifel Nicolaus assumed coverage on Essex Property Trust in a report on Friday, September 1st. They set a “buy” rating and a $294.00 price objective for the company. Mizuho downgraded Essex Property Trust from a “buy” rating to a “neutral” rating and set a $283.00 price objective for the company. in a report on Monday, July 31st. Finally, Canaccord Genuity set a $270.00 price objective on Essex Property Trust and gave the stock a “hold” rating in a report on Monday, July 31st. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Essex Property Trust has an average rating of “Hold” and an average target price of $268.07.
Shares of Essex Property Trust (NYSE ESS) opened at 261.18 on Tuesday. The firm has a market capitalization of $17.24 billion, a PE ratio of 33.58 and a beta of 0.53. The stock has a 50 day moving average price of $264.26 and a 200-day moving average price of $251.80. Essex Property Trust has a 52 week low of $200.01 and a 52 week high of $270.04.
Essex Property Trust (NYSE:ESS) last released its quarterly earnings data on Thursday, July 27th. The real estate investment trust reported $2.97 EPS for the quarter, topping analysts’ consensus estimates of $2.92 by $0.05. The business had revenue of $339.06 million during the quarter, compared to the consensus estimate of $336.17 million. Essex Property Trust had a return on equity of 8.03% and a net margin of 38.33%. During the same period in the prior year, the firm posted $2.74 EPS. Equities analysts anticipate that Essex Property Trust will post $5.89 earnings per share for the current year.
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In other news, insider John D. Eudy sold 166 shares of the firm’s stock in a transaction dated Wednesday, July 12th. The stock was sold at an average price of $253.79, for a total transaction of $42,129.14. Following the completion of the sale, the insider now directly owns 8,596 shares in the company, valued at $2,181,578.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael J. Schall sold 333 shares of the firm’s stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $256.06, for a total value of $85,267.98. Following the sale, the insider now owns 45,096 shares of the company’s stock, valued at $11,547,281.76. The disclosure for this sale can be found here. Insiders have sold 11,314 shares of company stock valued at $2,999,949 over the last 90 days. Insiders own 3.30% of the company’s stock.
Several institutional investors have recently made changes to their positions in ESS. BlackRock Inc. grew its stake in shares of Essex Property Trust by 2,296.8% during the first quarter. BlackRock Inc. now owns 6,479,030 shares of the real estate investment trust’s stock valued at $1,500,090,000 after acquiring an additional 6,208,705 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Essex Property Trust by 38.3% during the second quarter. Bank of New York Mellon Corp now owns 1,488,052 shares of the real estate investment trust’s stock valued at $382,832,000 after acquiring an additional 412,316 shares in the last quarter. Koch Industries Inc. acquired a new stake in shares of Essex Property Trust during the second quarter valued at about $301,000. American Century Companies Inc. acquired a new stake in shares of Essex Property Trust during the second quarter valued at about $61,713,000. Finally, Vanguard Group Inc. grew its stake in shares of Essex Property Trust by 2.1% during the first quarter. Vanguard Group Inc. now owns 11,404,375 shares of the real estate investment trust’s stock valued at $2,640,455,000 after acquiring an additional 229,503 shares in the last quarter. Institutional investors own 99.55% of the company’s stock.
Essex Property Trust Company Profile
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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