Trade Report: Today: Essex Property Trust Inc. (ESS) Upgrade at Evercore ISI

Today: Essex Property Trust Inc. (ESS) Upgrade at Evercore ISI

Essex Property Trust Inc. (NYSE:ESS) was upgraded by equities research analysts at Evercore ISI from a “hold” rating to a “buy” rating in a research note issued on Monday.

A number of other research firms have also commented on ESS. Canaccord Genuity reduced their target price on Essex Property Trust from $246.00 to $219.00 and set a “hold” rating for the company in a report on Monday, October 31st. Jefferies Group lifted their target price on Essex Property Trust from $209.00 to $210.00 and gave the stock a “hold” rating in a report on Wednesday, August 10th. BTIG Research initiated coverage on Essex Property Trust in a report on Thursday, August 25th. They issued a “buy” rating and a $260.00 target price for the company. Barclays PLC reissued a “hold” rating and issued a $232.00 target price on shares of Essex Property Trust in a report on Tuesday, November 8th. Finally, Bank of America Corp. lowered Essex Property Trust from a “buy” rating to a “neutral” rating and set a $232.00 target price for the company. in a report on Wednesday, November 23rd. Thirteen research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $242.25.

Shares of Essex Property Trust (NYSE:ESS) opened at 212.83 on Monday. Essex Property Trust has a one year low of $191.25 and a one year high of $244.71. The company has a market capitalization of $13.94 billion, a P/E ratio of 47.23 and a beta of 0.54. The firm has a 50-day moving average price of $212.24 and a 200-day moving average price of $221.49.

Essex Property Trust (NYSE:ESS) last posted its quarterly earnings data on Thursday, October 27th. The real estate investment trust reported $2.81 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.76 by $0.05. Essex Property Trust had a return on equity of 4.76% and a net margin of 23.54%. The company earned $329.17 million during the quarter, compared to analyst estimates of $325.44 million. During the same quarter last year, the company earned $2.49 EPS. The firm’s revenue for the quarter was up 8.1% on a year-over-year basis. Equities analysts forecast that Essex Property Trust will post $11.04 earnings per share for the current year.

In other news, insider John D. Eudy sold 2,500 shares of Essex Property Trust stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $226.41, for a total value of $566,025.00. Following the sale, the insider now directly owns 9,268 shares of the company’s stock, valued at $2,098,367.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.50% of the stock is owned by insiders.

Several large investors have recently modified their holdings of ESS. IBM Retirement Fund boosted its stake in shares of Essex Property Trust by 0.4% in the second quarter. IBM Retirement Fund now owns 7,727 shares of the real estate investment trust’s stock valued at $1,840,000 after buying an additional 32 shares during the period. Millie Capital Management LLC bought a new stake in shares of Essex Property Trust during the second quarter valued at $1,129,000. Fox Run Management L.L.C. boosted its stake in shares of Essex Property Trust by 60.0% in the second quarter. Fox Run Management L.L.C. now owns 2,400 shares of the real estate investment trust’s stock valued at $547,000 after buying an additional 900 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt boosted its stake in shares of Essex Property Trust by 47.9% in the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 7,100 shares of the real estate investment trust’s stock valued at $1,619,000 after buying an additional 2,300 shares during the last quarter. Finally, Sarasin & Partners LLP boosted its stake in shares of Essex Property Trust by 3.0% in the second quarter. Sarasin & Partners LLP now owns 47,518 shares of the real estate investment trust’s stock valued at $10,838,000 after buying an additional 1,402 shares during the last quarter. 98.05% of the stock is currently owned by hedge funds and other institutional investors.

Essex Property Trust Company Profile

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