Canaccord Genuity Reiterates “$270.00” Price Target for Essex Property Trust, Inc. (NYSE:ESS)
Canaccord Genuity set a $270.00 price target on Essex Property Trust, Inc. (NYSE:ESS) in a report published on Monday. The brokerage currently has a hold rating on the real estate investment trust’s stock.
Several other equities research analysts have also issued reports on the stock. BidaskClub lowered shares of Essex Property Trust from a strong-buy rating to a buy rating in a research report on Friday, June 30th. Cantor Fitzgerald reissued a buy rating and issued a $269.00 price objective on shares of Essex Property Trust in a research report on Wednesday, May 3rd. Mizuho raised shares of Essex Property Trust from a neutral rating to a buy rating and increased their price objective for the stock from $199.00 to $212.00 in a research report on Monday, May 1st. Zacks Investment Research raised shares of Essex Property Trust from a hold rating to a buy rating and set a $283.00 price objective for the company in a research report on Tuesday, July 11th. Finally, Royal Bank Of Canada reissued a buy rating and issued a $267.00 price objective on shares of Essex Property Trust in a research report on Sunday, July 16th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company. The company has an average rating of Hold and an average target price of $262.92.
Shares of Essex Property Trust (ESS) traded down 0.07% during trading on Monday, reaching $263.27. 324,795 shares of the company’s stock traded hands. The company has a market capitalization of $17.37 billion, a price-to-earnings ratio of 33.84 and a beta of 0.52. Essex Property Trust has a 1-year low of $200.01 and a 1-year high of $268.97. The stock has a 50-day moving average of $261.14 and a 200-day moving average of $244.06.
Essex Property Trust (NYSE:ESS) last issued its quarterly earnings results on Thursday, July 27th. The real estate investment trust reported $2.97 EPS for the quarter, topping the consensus estimate of $2.92 by $0.05. Essex Property Trust had a net margin of 38.33% and a return on equity of 8.03%. The firm had revenue of $339.06 million during the quarter, compared to analyst estimates of $336.17 million. During the same quarter in the prior year, the business posted $2.74 earnings per share. On average, equities analysts predict that Essex Property Trust will post $6.05 EPS for the current fiscal year.
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The company also recently declared a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Friday, June 30th were issued a dividend of $1.75 per share. This represents a $7.00 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date of this dividend was Wednesday, June 28th. Essex Property Trust’s payout ratio is 89.97%.
In related news, insider John D. Eudy sold 4,301 shares of the firm’s stock in a transaction on Thursday, May 11th. The shares were sold at an average price of $252.40, for a total transaction of $1,085,572.40. Following the completion of the sale, the insider now directly owns 12,731 shares of the company’s stock, valued at approximately $3,213,304.40. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Michael J. Schall sold 13,668 shares of the firm’s stock in a transaction on Friday, May 12th. The shares were sold at an average price of $252.63, for a total transaction of $3,452,946.84. Following the sale, the insider now directly owns 58,431 shares of the company’s stock, valued at $14,761,423.53. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 34,159 shares of company stock valued at $8,621,932. Company insiders own 3.30% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Muzinich & Co. Inc. increased its position in Essex Property Trust by 246.5% in the first quarter. Muzinich & Co. Inc. now owns 551 shares of the real estate investment trust’s stock worth $128,000 after buying an additional 392 shares during the period. Advisors Asset Management Inc. increased its position in Essex Property Trust by 118.0% in the first quarter. Advisors Asset Management Inc. now owns 654 shares of the real estate investment trust’s stock worth $151,000 after buying an additional 354 shares during the period. FNY Partners Fund LP purchased a new position in Essex Property Trust during the first quarter worth about $165,000. Wetherby Asset Management Inc. purchased a new position in Essex Property Trust during the second quarter worth about $203,000. Finally, Perigon Wealth Management LLC increased its position in Essex Property Trust by 835.2% in the first quarter. Perigon Wealth Management LLC now owns 823 shares of the real estate investment trust’s stock worth $192,000 after buying an additional 735 shares during the period. 99.78% of the stock is 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. 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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