BTIG Research downgraded shares of Essex Property Trust, Inc. (NYSE:ESS) from a buy rating to a neutral rating in a report published on Friday, June 30th, MarketBeat reports.
Several other research analysts have also recently weighed in on ESS. Zacks Investment Research cut shares of Essex Property Trust from a hold rating to a sell rating in a research report on Tuesday, April 18th. Royal Bank Of Canada restated an outperform rating and issued a $267.00 price objective (up from $248.00) on shares of Essex Property Trust in a research report on Tuesday, May 16th. Mizuho raised Essex Property Trust from a neutral rating to a buy rating and upped their target price for the stock from $199.00 to $212.00 in a research note on Monday, May 1st. Barclays PLC reaffirmed an overweight rating and issued a $262.00 target price (up previously from $255.00) on shares of Essex Property Trust in a research note on Wednesday, April 19th. Finally, BidaskClub raised Essex Property Trust from a buy rating to a strong-buy rating in a research note on Tuesday, June 20th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $255.75.
Shares of Essex Property Trust (ESS) traded up 0.23% during mid-day trading on Friday, reaching $264.66. 441,977 shares of the company were exchanged. Essex Property Trust has a 12 month low of $200.01 and a 12 month high of $268.97. The firm has a 50-day moving average price of $261.25 and a 200 day moving average price of $243.34. The stock has a market capitalization of $17.35 billion, a P/E ratio of 33.97 and a beta of 0.52.
Essex Property Trust (NYSE:ESS) last announced its quarterly earnings results on Thursday, July 27th. The real estate investment trust reported $2.97 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.92 by $0.05. Essex Property Trust had a return on equity of 8.07% and a net margin of 38.33%. The firm had revenue of $339.06 million for the quarter, compared to analysts’ expectations of $336.17 million. During the same period in the prior year, the business posted $2.74 earnings per share. Equities research analysts anticipate that Essex Property Trust will post $6.04 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, June 30th were given a $1.75 dividend. The ex-dividend date was Wednesday, June 28th. This represents a $7.00 annualized dividend and a yield of 2.64%. Essex Property Trust’s payout ratio is 89.97%.
In related news, insider Angela L. Kleiman sold 3,417 shares of Essex Property Trust stock in a transaction that occurred on Wednesday, May 10th. The stock was sold at an average price of $252.35, for a total transaction of $862,279.95. Following the sale, the insider now owns 10,594 shares of the company’s stock, valued at approximately $2,673,395.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John F. Burkart sold 6,667 shares of Essex Property Trust stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $248.71, for a total value of $1,658,149.57. Following the completion of the sale, the insider now directly owns 11,152 shares in the company, valued at approximately $2,773,613.92. The disclosure for this sale can be found here. Insiders sold 32,826 shares of company stock worth $8,272,799 over the last three months. Insiders own 3.30% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Gulf International Bank UK Ltd increased its position in Essex Property Trust by 1.5% in the first quarter. Gulf International Bank UK Ltd now owns 20,350 shares of the real estate investment trust’s stock valued at $4,711,000 after buying an additional 300 shares in the last quarter. Creative Planning increased its position in Essex Property Trust by 2.1% in the first quarter. Creative Planning now owns 4,507 shares of the real estate investment trust’s stock valued at $1,044,000 after buying an additional 94 shares in the last quarter. Chevy Chase Trust Holdings Inc. increased its position in Essex Property Trust by 3.2% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 56,508 shares of the real estate investment trust’s stock valued at $13,083,000 after buying an additional 1,761 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund bought a new position in Essex Property Trust during the fourth quarter valued at $493,000. Finally, Kentucky Retirement Systems bought a new position in Essex Property Trust during the fourth quarter valued at $1,105,000. 99.96% 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. 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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