Essex Property Trust Inc. (ESS) Upgraded by Evercore ISI to Buy
Evercore ISI upgraded shares of Essex Property Trust Inc. (NYSE:ESS) from a hold rating to a buy rating in a research note published on Monday. They currently have $238.00 price target on the real estate investment trust’s stock, up from their previous price target of $234.00.
Other analysts have also recently issued reports about the company. Cantor Fitzgerald reaffirmed a buy rating and set a $252.00 price objective on shares of Essex Property Trust in a research report on Friday, October 28th. BTIG Research initiated coverage on Essex Property Trust in a research note on Thursday, August 25th. They set a buy rating and a $260.00 target price for the company. Jefferies Group increased their target price on Essex Property Trust from $209.00 to $210.00 and gave the stock a hold rating in a research note on Wednesday, August 10th. Canaccord Genuity reissued a hold rating and set a $239.00 target price (down from $246.00) on shares of Essex Property Trust in a research note on Monday, August 1st. Finally, Barclays PLC reissued a hold rating and set a $232.00 target price on shares of Essex Property Trust in a research note on Tuesday, November 8th. Thirteen equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Essex Property Trust currently has an average rating of Hold and a consensus price target of $241.94.
Essex Property Trust (NYSE:ESS) opened at 215.36 on Monday. Essex Property Trust has a 1-year low of $191.25 and a 1-year high of $244.71. The firm’s 50-day moving average price is $212.33 and its 200-day moving average price is $221.21. The firm has a market cap of $14.11 billion, a price-to-earnings ratio of 47.79 and a beta of 0.54.
Essex Property Trust (NYSE:ESS) last posted its quarterly earnings data on Thursday, October 27th. The real estate investment trust reported $2.81 earnings per share for the quarter, topping analysts’ consensus estimates 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 company earned $329.17 million during the quarter, compared to analysts’ expectations of $325.44 million. During the same period last year, the firm earned $2.49 EPS. The firm’s revenue for the quarter was up 8.1% on a year-over-year basis. On average, equities research analysts anticipate that Essex Property Trust will post $11.04 earnings per share for the current year.
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In other news, insider John D. Eudy sold 2,500 shares of the firm’s stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $226.41, for a total transaction of $566,025.00. Following the sale, the insider now owns 9,268 shares in the company, valued at $2,098,367.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 3.50% of the company’s stock.
Several large investors have recently bought and sold shares of ESS. Cohen & Steers Inc. boosted its stake in Essex Property Trust by 10.9% in the second quarter. Cohen & Steers Inc. now owns 5,562,780 shares of the real estate investment trust’s stock valued at $1,268,814,000 after buying an additional 547,566 shares during the period. Long Pond Capital LP boosted its position in shares of Essex Property Trust by 118.0% in the third quarter. Long Pond Capital LP now owns 959,566 shares of the real estate investment trust’s stock worth $213,695,000 after buying an additional 519,308 shares during the last quarter. Brookfield Asset Management Inc. purchased a new position in shares of Essex Property Trust during the third quarter worth $96,802,000. Emerald Acquisition Ltd. purchased a new position in shares of Essex Property Trust during the second quarter worth $87,073,000. Finally, Shinko Asset Management Co. Ltd. boosted its position in shares of Essex Property Trust by 41.5% in the third quarter. Shinko Asset Management Co. Ltd. now owns 1,148,535 shares of the real estate investment trust’s stock worth $255,779,000 after buying an additional 336,937 shares during the last quarter. Institutional investors and hedge funds own 98.05% 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 (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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