Essex Property Trust’s (ESS) Buy Rating Reiterated at Cantor Fitzgerald
Cantor Fitzgerald reissued their buy rating on shares of Essex Property Trust, Inc. (NYSE:ESS) in a report released on Wednesday morning. They currently have a $279.00 target price on the real estate investment trust’s stock.
“Estimate Update. We have lowered our 2017 and 2018 FFO/sh. ests to $11.87 and $12.50 from $11.90 and $12.51. Our 2017 and 2018 core FFO/sh. ests are $11.89 and $12.52 vs. $11.90 and $12.53 prior. Our NAV/sh. est is $265.50 vs. $260.10 prior and is based upon an applied cap rate of 4.42%. Our 2017 and 2018 SSNOI assumptions are 4.1% and 3.5% vs. 4.2% and 4.3% prior. Changes in the ESS’s 2017 market-level forecast include lower economic rent growth (-80bps vs. prior to 2.7%), with declines for all the markets, lower job growth (-40bps to 1.4%) and lower supply (-10bps to 1.2%). According to ESS, market rents in the Q were impacted by supply and decline in job growth leading to higher concessions with limited visibility. ESS expects new deliveries to peak in its markets in the next few months and expects a 5-10% y/y decline in 2018 (25% decline in Northern CA and 5% in Seattle, while 5% increase in southern CA – increases in downtown LA and San Diego, and west LA, declines in Orange County). The company expects 2018 market rent growth to be approx. 3.0% and that revenues could lag market rent growth reflecting loss to lease.”,” Cantor Fitzgerald’s analyst wrote.
ESS has been the subject of several other research reports. Robert W. Baird reiterated a buy rating and issued a $273.00 price target on shares of Essex Property Trust in a report on Tuesday, October 17th. SunTrust Banks, Inc. reiterated a hold rating and issued a $270.00 price target on shares of Essex Property Trust in a report on Friday, November 3rd. Mizuho cut shares of Essex Property Trust from a neutral rating to an underperform rating and set a $250.00 price target for the company. in a report on Monday, November 6th. Royal Bank Of Canada reiterated a buy rating and issued a $267.00 price target on shares of Essex Property Trust in a report on Sunday, July 16th. Finally, Barclays PLC reiterated a buy rating and issued a $283.00 price target on shares of Essex Property Trust in a report on Thursday, October 19th. Three analysts have rated the stock with a sell rating, ten have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $266.87.
Essex Property Trust (NYSE ESS) traded down $0.57 during trading on Wednesday, hitting $256.38. 266,900 shares of the stock traded hands, compared to its average volume of 347,687. The firm has a market capitalization of $16,968.22, a PE ratio of 21.96, a PEG ratio of 3.64 and a beta of 0.54. Essex Property Trust has a 12 month low of $208.92 and a 12 month high of $270.04. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.83 and a quick ratio of 1.83.
The company also recently declared a quarterly dividend, which was paid on Monday, October 16th. Shareholders of record on Friday, September 29th were given a dividend of $1.75 per share. This represents a $7.00 annualized dividend and a yield of 2.73%. The ex-dividend date of this dividend was Thursday, September 28th. Essex Property Trust’s dividend payout ratio (DPR) is currently 87.61%.
In other Essex Property Trust news, insider Angela L. Kleiman sold 2,466 shares of the company’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $263.37, for a total transaction of $649,470.42. Following the sale, the insider now directly owns 9,643 shares of the company’s stock, valued at $2,539,676.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael J. Schall sold 333 shares of the company’s stock in a transaction on Tuesday, October 10th. The stock was sold at an average price of $257.92, for a total transaction of $85,887.36. Following the sale, the chief executive officer now directly owns 45,096 shares in the company, valued at $11,631,160.32. The disclosure for this sale can be found here. Insiders have sold 10,480 shares of company stock worth $2,774,961 over the last ninety days. Insiders own 3.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. IFP Advisors Inc raised its position in Essex Property Trust by 0.3% during the second quarter. IFP Advisors Inc now owns 1,575 shares of the real estate investment trust’s stock worth $405,000 after acquiring an additional 4 shares in the last quarter. BTR Capital Management Inc. raised its position in Essex Property Trust by 0.7% during the second quarter. BTR Capital Management Inc. now owns 1,587 shares of the real estate investment trust’s stock worth $408,000 after acquiring an additional 11 shares in the last quarter. Bbva Compass Bancshares Inc. raised its position in Essex Property Trust by 1.4% during the second quarter. Bbva Compass Bancshares Inc. now owns 1,140 shares of the real estate investment trust’s stock worth $293,000 after acquiring an additional 16 shares in the last quarter. CIBC Asset Management Inc raised its position in Essex Property Trust by 0.3% during the second quarter. CIBC Asset Management Inc now owns 7,065 shares of the real estate investment trust’s stock worth $1,818,000 after acquiring an additional 24 shares in the last quarter. Finally, Alps Advisors Inc. raised its position in shares of Essex Property Trust by 0.5% in the second quarter. Alps Advisors Inc. now owns 5,598 shares of the real estate investment trust’s stock valued at $1,440,000 after purchasing an additional 30 shares during the period. 99.98% of the stock is currently owned by hedge funds and other institutional investors.
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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