Essex Property Trust (ESS) Earns Underperform Rating from Raymond James Financial

Essex Property Trust (NYSE:ESS)‘s stock had its “underperform” rating reaffirmed by investment analysts at Raymond James Financial in a research note issued to investors on Monday, January 8th, Marketbeat.com reports.

Several other brokerages also recently issued reports on ESS. Cantor Fitzgerald reissued a “buy” rating and set a $280.00 price objective on shares of Essex Property Trust in a research report on Wednesday, September 13th. Robert W. Baird reissued a “buy” rating and set a $273.00 price objective on shares of Essex Property Trust in a research report on Tuesday, September 12th. Barclays reissued a “buy” rating and set a $283.00 price objective on shares of Essex Property Trust in a research report on Thursday, October 19th. Zacks Investment Research downgraded shares of Essex Property Trust from a “buy” rating to a “hold” rating in a research report on Friday, October 13th. Finally, Royal Bank of Canada reissued a “buy” rating and set a $276.00 price objective on shares of Essex Property Trust in a research report on Friday, October 20th. Three analysts have rated the stock with a sell rating, seven have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $269.41.

Essex Property Trust (NYSE ESS) traded up $0.50 during midday trading on Monday, hitting $227.60. 379,000 shares of the company were exchanged, compared to its average volume of 378,020. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a market cap of $15,050.00, a P/E ratio of 28.52, a price-to-earnings-growth ratio of 2.93 and a beta of 0.50. Essex Property Trust has a 1 year low of $218.41 and a 1 year high of $270.04.

Essex Property Trust (NYSE:ESS) last posted its earnings results on Wednesday, November 1st. The real estate investment trust reported $1.22 EPS for the quarter, missing the Zacks’ consensus estimate of $2.96 by ($1.74). Essex Property Trust had a net margin of 38.95% and a return on equity of 8.19%. equities analysts expect that Essex Property Trust will post 11.89 earnings per share for the current year.

In related news, Director Gary P. Martin sold 1,000 shares of the firm’s stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $255.59, for a total value of $255,590.00. Following the completion of the sale, the director now owns 6,236 shares in the company, valued at $1,593,859.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Angela L. Kleiman sold 600 shares of the firm’s stock in a transaction dated Monday, December 11th. The shares were sold at an average price of $247.16, for a total transaction of $148,296.00. Following the completion of the sale, the chief financial officer now owns 7,777 shares of the company’s stock, valued at approximately $1,922,163.32. The disclosure for this sale can be found here. Insiders sold a total of 9,687 shares of company stock valued at $2,408,772 in the last 90 days. Company insiders own 3.30% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC lifted its stake in shares of Essex Property Trust by 145.3% in the second quarter. Tower Research Capital LLC TRC now owns 471 shares of the real estate investment trust’s stock valued at $121,000 after purchasing an additional 279 shares during the period. Sun Life Financial INC raised its position in Essex Property Trust by 5,900.0% during the second quarter. Sun Life Financial INC now owns 480 shares of the real estate investment trust’s stock worth $123,000 after acquiring an additional 472 shares during the last quarter. Breton Hill Capital Ltd. acquired a new position in Essex Property Trust during the third quarter worth about $200,000. Beacon Investment Advisory Services Inc. acquired a new position in Essex Property Trust during the third quarter worth about $200,000. Finally, Beaton Management Co. Inc. acquired a new position in Essex Property Trust during the second quarter worth about $207,000. Hedge funds and other institutional investors own 97.15% of the company’s stock.

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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.

Analyst Recommendations for Essex Property Trust (NYSE:ESS)

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