Essex Property Trust Inc. (ESS) Receives Average Recommendation of “Hold” from Analysts
Shares of Essex Property Trust Inc. (NYSE:ESS) have received a consensus recommendation of “Hold” from the twenty research firms that are presently covering the company. Thirteen research analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $242.31.
Several equities research analysts have recently weighed in on the company. Cantor Fitzgerald reissued a “buy” rating and issued a $252.00 price objective on shares of Essex Property Trust in a report on Friday, October 28th. Barclays PLC reaffirmed a “hold” rating and set a $232.00 price target on shares of Essex Property Trust in a report on Tuesday, November 8th. Canaccord Genuity reaffirmed a “hold” rating and set a $239.00 price target (down from $246.00) on shares of Essex Property Trust in a report on Monday, August 1st. BTIG Research initiated coverage on Essex Property Trust in a report on Thursday, August 25th. They set a “buy” rating and a $260.00 price target for the company. Finally, Jefferies Group increased their price target on Essex Property Trust from $209.00 to $210.00 and gave the stock a “hold” rating in a report on Wednesday, August 10th.
Essex Property Trust (NYSE:ESS) traded up 0.15% during trading on Thursday, hitting $215.58. 146,437 shares of the stock traded hands. The firm’s 50-day moving average is $213.64 and its 200-day moving average is $222.14. The stock has a market cap of $14.12 billion, a P/E ratio of 47.84 and a beta of 0.54. Essex Property Trust has a 12 month low of $191.25 and a 12 month high of $244.71.
Essex Property Trust (NYSE:ESS) last announced its quarterly earnings results on Thursday, October 27th. The real estate investment trust reported $2.81 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.76 by $0.05. The firm earned $329.17 million during the quarter, compared to the consensus estimate of $325.44 million. Essex Property Trust had a return on equity of 4.76% and a net margin of 23.54%. The firm’s quarterly revenue was up 8.1% compared to the same quarter last year. During the same period in the prior year, the company posted $2.49 earnings per share. On average, analysts forecast that Essex Property Trust will post $11.04 EPS for the current year.
In related news, insider John D. Eudy sold 2,500 shares of the 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 of the company’s stock, valued at $2,098,367.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 3.50% of the stock is owned by insiders.
Several hedge funds have recently bought and sold shares of the stock. Cohen & Steers Inc. raised 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 worth $1,268,814,000 after buying an additional 547,566 shares during the last quarter. Long Pond Capital LP raised its stake in 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. Emerald Acquisition Ltd. bought a new stake in Essex Property Trust during the second quarter worth approximately $87,073,000. Shinko Asset Management Co. Ltd. raised its stake in 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. Finally, PGGM Investments raised its stake in Essex Property Trust by 42.2% in the third quarter. PGGM Investments now owns 866,000 shares of the real estate investment trust’s stock worth $192,858,000 after buying an additional 256,996 shares during the last quarter. 99.17% 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 (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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