Essex Property Trust (ESS) Price Target Increased to $297.00 by Analysts at Jefferies Financial Group

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Essex Property Trust (NYSE:ESS) had its target price hoisted by equities research analysts at Jefferies Financial Group from $262.00 to $297.00 in a note issued to investors on Sunday. Jefferies Financial Group’s price objective indicates a potential upside of 12.65% from the stock’s current price.

Several other research firms have also issued reports on ESS. Scotiabank initiated coverage on shares of Essex Property Trust in a research report on Tuesday, October 16th. They issued an “outperform” rating on the stock. Citigroup lowered shares of Essex Property Trust from a “buy” rating to a “neutral” rating and lowered their price target for the company from $280.00 to $260.00 in a research report on Friday, September 14th. Zacks Investment Research lowered shares of Essex Property Trust from a “buy” rating to a “hold” rating in a research report on Thursday, October 4th. Mizuho reissued a “hold” rating and issued a $265.00 price target on shares of Essex Property Trust in a research report on Monday, November 5th. Finally, Royal Bank of Canada reissued a “buy” rating and issued a $269.00 price target on shares of Essex Property Trust in a research report on Thursday, August 30th. Eleven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $266.68.

ESS stock traded down $2.02 during mid-day trading on Friday, hitting $263.66. The company had a trading volume of 329,366 shares, compared to its average volume of 310,904. The firm has a market cap of $17.42 billion, a price-to-earnings ratio of 22.14, a P/E/G ratio of 3.47 and a beta of 0.23. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.31 and a current ratio of 1.31. Essex Property Trust has a 12 month low of $214.03 and a 12 month high of $267.41.

Essex Property Trust (NYSE:ESS) last announced its quarterly earnings data on Monday, October 29th. The real estate investment trust reported $1.22 EPS for the quarter, missing the consensus estimate of $3.14 by ($1.92). Essex Property Trust had a return on equity of 5.52% and a net margin of 27.01%. The company had revenue of $350.92 million during the quarter, compared to the consensus estimate of $351.58 million. During the same period in the prior year, the firm posted $2.98 EPS. Analysts forecast that Essex Property Trust will post 12.56 earnings per share for the current year.

In related news, insider John D. Eudy sold 1,834 shares of the business’s stock in a transaction that occurred on Wednesday, October 24th. The shares were sold at an average price of $252.13, for a total transaction of $462,406.42. Following the completion of the transaction, the insider now owns 11,486 shares of the company’s stock, valued at $2,895,965.18. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Michael J. Schall sold 3,012 shares of the business’s stock in a transaction that occurred on Wednesday, October 24th. The shares were sold at an average price of $252.63, for a total transaction of $760,921.56. Following the transaction, the chief executive officer now directly owns 47,997 shares of the company’s stock, valued at approximately $12,125,482.11. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 6,429 shares of company stock valued at $1,626,398. 3.30% of the stock is owned by corporate insiders.

A number of large investors have recently modified their holdings of the stock. Bbva Compass Bancshares Inc. grew its stake in Essex Property Trust by 20.7% during the second quarter. Bbva Compass Bancshares Inc. now owns 1,354 shares of the real estate investment trust’s stock valued at $324,000 after acquiring an additional 232 shares in the last quarter. Mackenzie Financial Corp grew its stake in Essex Property Trust by 23.8% during the third quarter. Mackenzie Financial Corp now owns 1,493 shares of the real estate investment trust’s stock valued at $368,000 after acquiring an additional 287 shares in the last quarter. Nissay Asset Management Corp Japan ADV grew its stake in Essex Property Trust by 3.3% during the second quarter. Nissay Asset Management Corp Japan ADV now owns 9,417 shares of the real estate investment trust’s stock valued at $2,251,000 after acquiring an additional 298 shares in the last quarter. Utah Retirement Systems grew its stake in Essex Property Trust by 2.1% during the third quarter. Utah Retirement Systems now owns 14,505 shares of the real estate investment trust’s stock valued at $3,578,000 after acquiring an additional 300 shares in the last quarter. Finally, Parallel Advisors LLC grew its stake in Essex Property Trust by 14.3% during the third quarter. Parallel Advisors LLC now owns 2,402 shares of the real estate investment trust’s stock valued at $593,000 after acquiring an additional 301 shares in the last quarter. 96.93% of the stock is owned by 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. The Company currently has ownership interests in 248 apartment communities comprising approximately 60,000 apartment homes, excluding six properties in various stages of active development, one commercial building, preferred equity co-investments, and loan investments.

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Analyst Recommendations for Essex Property Trust (NYSE:ESS)

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