Evercore ISI Upgrades Essex Property Trust (NYSE:ESS) to “Outperform”

Evercore ISI upgraded shares of Essex Property Trust (NYSE:ESS) from an in-line rating to an outperform rating in a research report released on Tuesday morning, Briefing.com Automated Import reports. Evercore ISI currently has $341.00 price objective on the real estate investment trust’s stock.

Several other brokerages also recently weighed in on ESS. Goldman Sachs Group assumed coverage on shares of Essex Property Trust in a research note on Friday, November 8th. They issued a buy rating and a $355.00 target price on the stock. Citigroup lifted their price target on shares of Essex Property Trust from $280.00 to $300.00 and gave the stock a neutral rating in a research note on Tuesday, July 30th. Wells Fargo & Co upped their price target on shares of Essex Property Trust from $322.00 to $350.00 and gave the company an outperform rating in a report on Tuesday, October 29th. BTIG Research upgraded shares of Essex Property Trust from a neutral rating to a buy rating and set a $335.00 price target on the stock in a report on Thursday, August 15th. Finally, BMO Capital Markets set a $310.00 price objective on shares of Essex Property Trust and gave the stock a hold rating in a research report on Wednesday, July 24th. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $327.57.

Shares of Essex Property Trust stock traded down $3.78 on Tuesday, reaching $318.71. The company had a trading volume of 426,020 shares, compared to its average volume of 299,770. The firm has a market cap of $21.08 billion, a price-to-earnings ratio of 25.35, a P/E/G ratio of 3.81 and a beta of 0.30. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.59 and a quick ratio of 1.59. The firm’s 50-day moving average price is $324.27 and its two-hundred day moving average price is $308.99. Essex Property Trust has a 1 year low of $235.51 and a 1 year high of $334.17.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.53 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.36 by ($1.83). The company had revenue of $366.93 million for the quarter, compared to analysts’ expectations of $365.49 million. Essex Property Trust had a net margin of 29.78% and a return on equity of 6.73%. During the same quarter in the previous year, the company posted $3.15 EPS. As a group, analysts anticipate that Essex Property Trust will post 13.33 EPS for the current year.

In other Essex Property Trust news, EVP John F. Burkart sold 1,546 shares of the business’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $321.99, for a total value of $497,796.54. Following the completion of the sale, the executive vice president now directly owns 5,465 shares of the company’s stock, valued at approximately $1,759,675.35. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Janice L. Sears sold 2,500 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $324.26, for a total transaction of $810,650.00. Following the completion of the transaction, the director now owns 3,583 shares in the company, valued at $1,161,823.58. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 44,405 shares of company stock worth $14,206,050. Company insiders own 3.60% of the company’s stock.

Several institutional investors have recently bought and sold shares of ESS. First Allied Advisory Services Inc. bought a new position in Essex Property Trust in the third quarter worth approximately $207,000. Harvest Investment Services LLC purchased a new position in Essex Property Trust during the 3rd quarter worth $269,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in Essex Property Trust during the 3rd quarter valued at $224,000. Wealth Enhancement Advisory Services LLC raised its position in Essex Property Trust by 109.0% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 10,324 shares of the real estate investment trust’s stock valued at $3,376,000 after purchasing an additional 5,385 shares in the last quarter. Finally, BBVA USA Bancshares Inc. lifted its holdings in shares of Essex Property Trust by 9.5% in the 3rd quarter. BBVA USA Bancshares Inc. now owns 909 shares of the real estate investment trust’s stock worth $297,000 after buying an additional 79 shares during the period. 93.81% of the stock is owned by hedge funds and other institutional investors.

Essex Property Trust Company Profile

Essex Property Trust, Inc, an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 245 apartment communities with an additional 6 properties in various stages of active development.

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Analyst Recommendations for Essex Property Trust (NYSE:ESS)

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