Essex Property Trust (NYSE:ESS) Rating Lowered to Neutral at Robert W. Baird

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Essex Property Trust (NYSE:ESS) was downgraded by equities research analysts at Robert W. Baird from an “outperform” rating to a “neutral” rating in a report released on Tuesday, MarketBeat.com reports. They presently have a $302.00 target price on the real estate investment trust’s stock, up from their previous target price of $297.00. Robert W. Baird’s price target would suggest a potential upside of 0.12% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on the stock. Zacks Investment Research cut shares of Essex Property Trust from a “buy” rating to a “hold” rating in a research report on Thursday, May 16th. Barclays restated a “buy” rating and issued a $310.00 price objective on shares of Essex Property Trust in a research report on Tuesday, April 16th. BMO Capital Markets restated a “hold” rating and issued a $295.00 price objective on shares of Essex Property Trust in a research report on Monday, March 25th. BTIG Research cut shares of Essex Property Trust from a “buy” rating to a “neutral” rating in a research report on Monday, March 25th. Finally, KeyCorp boosted their price objective on shares of Essex Property Trust from $268.00 to $301.00 and gave the company an “overweight” rating in a research report on Tuesday, March 19th. Eleven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Essex Property Trust currently has a consensus rating of “Hold” and a consensus price target of $283.84.

Shares of NYSE:ESS opened at $301.65 on Tuesday. The firm has a market capitalization of $19.86 billion, a P/E ratio of 24.00, a price-to-earnings-growth ratio of 4.06 and a beta of 0.39. Essex Property Trust has a 52 week low of $227.05 and a 52 week high of $303.68. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.08 and a current ratio of 1.08.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings data on Wednesday, April 24th. The real estate investment trust reported $3.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.19 by $0.04. Essex Property Trust had a net margin of 29.67% and a return on equity of 6.50%. The firm had revenue of $356.22 million for the quarter, compared to analysts’ expectations of $353.55 million. During the same quarter in the previous year, the company earned $3.09 earnings per share. As a group, equities analysts forecast that Essex Property Trust will post 13.12 earnings per share for the current fiscal year.

In related news, insider John D. Eudy sold 3,000 shares of the business’s stock in a transaction dated Tuesday, March 26th. The shares were sold at an average price of $291.56, for a total transaction of $874,680.00. Following the transaction, the insider now owns 10,642 shares in the company, valued at $3,102,781.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 3.60% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Front Row Advisors LLC increased its position in shares of Essex Property Trust by 1,055.6% during the first quarter. Front Row Advisors LLC now owns 104 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 95 shares during the period. Shine Investment Advisory Services Inc. purchased a new position in shares of Essex Property Trust during the first quarter valued at about $32,000. Zions Bancorporation N.A. purchased a new position in shares of Essex Property Trust during the first quarter valued at about $33,000. Dubuque Bank & Trust Co. purchased a new position in shares of Essex Property Trust during the first quarter valued at about $33,000. Finally, Pearl River Capital LLC purchased a new position in shares of Essex Property Trust during the first quarter valued at about $38,000. Institutional investors own 97.66% of the company’s stock.

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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