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 released 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.
A number of other research firms have also weighed in on ESS. Canaccord Genuity reduced their target price on Essex Property Trust from $246.00 to $219.00 and set a hold rating on the stock in a research note on Monday, October 31st. Cantor Fitzgerald reiterated a buy rating and issued a $252.00 target price on shares of Essex Property Trust in a research note on Friday, October 28th. BTIG Research initiated coverage on Essex Property Trust in a research note on Thursday, August 25th. They issued a buy rating and a $260.00 target price on the stock. 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. Finally, Barclays PLC reiterated a hold rating and issued 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 assigned a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $241.94.
Essex Property Trust (NYSE:ESS) opened at 215.36 on Monday. The company has a market cap of $14.11 billion, a PE ratio of 47.79 and a beta of 0.54. Essex Property Trust has a 52 week low of $191.25 and a 52 week high of $244.71. The company has a 50-day moving average of $212.33 and a 200-day moving average of $221.21.
Essex Property Trust (NYSE:ESS) last released its quarterly earnings results on Thursday, October 27th. The real estate investment trust reported $2.81 earnings per share for the quarter, beating the Thomson Reuters’ 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 company had revenue of $329.17 million for the quarter, compared to analyst estimates of $325.44 million. During the same quarter in the prior year, the firm posted $2.49 EPS. Essex Property Trust’s quarterly revenue was up 8.1% compared to the same quarter last year. On average, equities analysts expect that Essex Property Trust will post $11.04 EPS for the current year.
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In other news, insider John D. Eudy sold 2,500 shares of Essex Property Trust stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $226.41, for a total value of $566,025.00. Following the sale, the insider now directly owns 9,268 shares of the company’s stock, valued at $2,098,367.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.50% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of ESS. Vanguard Group Inc. raised its position in Essex Property Trust by 1.6% in the second quarter. Vanguard Group Inc. now owns 10,985,794 shares of the real estate investment trust’s stock worth $2,505,750,000 after buying an additional 175,189 shares during the period. Cohen & Steers Inc. raised its position 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 period. State Street Corp raised its position in Essex Property Trust by 3.9% in the second quarter. State Street Corp now owns 4,471,369 shares of the real estate investment trust’s stock worth $1,019,881,000 after buying an additional 168,531 shares during the period. FMR LLC raised its position in Essex Property Trust by 3.4% in the second quarter. FMR LLC now owns 3,418,761 shares of the real estate investment trust’s stock worth $779,785,000 after buying an additional 113,693 shares during the period. Finally, BlackRock Institutional Trust Company N.A. raised its position in Essex Property Trust by 1.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,720,897 shares of the real estate investment trust’s stock worth $620,609,000 after buying an additional 35,747 shares during the period. 98.05% of the stock is currently owned by hedge funds and other institutional investors.
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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