Essex Property Trust Inc. (ESS) Rating Lowered to Neutral at Bank of America Corp.
Essex Property Trust Inc. (NYSE:ESS) was downgraded by Bank of America Corp. from a “buy” rating to a “neutral” rating in a report released on Wednesday.
A number of other equities analysts also recently commented on ESS. Barclays PLC reiterated a “hold” rating and set a $232.00 price objective on shares of Essex Property Trust in a research report on Tuesday, November 8th. Jefferies Group lifted their price objective on Essex Property Trust from $209.00 to $210.00 and gave the stock a “hold” rating in a research report on Wednesday, August 10th. Canaccord Genuity reiterated a “hold” rating and set a $239.00 price objective (down previously from $246.00) on shares of Essex Property Trust in a research report on Monday, August 1st. BTIG Research initiated coverage on Essex Property Trust in a research report on Thursday, August 25th. They set a “buy” rating and a $260.00 price objective on the stock. Finally, Cantor Fitzgerald restated a “buy” rating and issued a $252.00 target price on shares of Essex Property Trust in a research report on Friday, October 28th. Fourteen analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $242.93.
Essex Property Trust (NYSE:ESS) opened at 211.60 on Wednesday. Essex Property Trust has a 52-week low of $191.25 and a 52-week high of $244.71. The company has a market cap of $13.86 billion, a P/E ratio of 46.96 and a beta of 0.54. The stock’s 50 day moving average price is $212.26 and its 200-day moving average price is $221.63.
Essex Property Trust (NYSE:ESS) last announced its quarterly earnings data on Thursday, October 27th. The real estate investment trust reported $2.81 EPS for the quarter, topping the Zacks’ consensus estimate 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 firm had revenue of $329.17 million for the quarter, compared to the consensus estimate of $325.44 million. During the same quarter last year, the business posted $2.49 earnings per share. The firm’s revenue was up 8.1% compared to the same quarter last year. On average, equities analysts predict that Essex Property Trust will post $11.04 earnings per share for the current fiscal year.
In other news, insider John D. Eudy sold 2,500 shares of the company’s stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $226.41, for a total transaction of $566,025.00. Following the completion of the transaction, the insider now directly owns 9,268 shares of the company’s stock, valued at approximately $2,098,367.88. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 3.50% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Globeflex Capital L P acquired a new position in Essex Property Trust during the second quarter valued at about $1,719,000. Bank of Montreal Can acquired a new position in Essex Property Trust during the second quarter valued at about $36,845,000. Boston Private Wealth LLC acquired a new position in Essex Property Trust during the second quarter valued at about $22,823,000. Livforsakringsbolaget Skandia Omsesidigt boosted its position in Essex Property Trust by 47.9% in the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 7,100 shares of the real estate investment trust’s stock valued at $1,619,000 after buying an additional 2,300 shares in the last quarter. Finally, BlackRock Advisors LLC boosted its position in Essex Property Trust by 4.0% in the second quarter. BlackRock Advisors LLC now owns 69,942 shares of the real estate investment trust’s stock valued at $15,954,000 after buying an additional 2,662 shares in the last quarter. 99.11% of the stock is owned by institutional investors and hedge funds.
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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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