Analysts Set Essex Property Trust Inc (ESS) Price Target at $263.94

Shares of Essex Property Trust Inc (NYSE:ESS) have received an average rating of “Buy” from the twenty-four analysts that are currently covering the firm, Marketbeat Ratings reports. Twelve research analysts have rated the stock with a hold rating and twelve have issued a buy rating on the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $263.94.

ESS has been the topic of several recent analyst reports. Zacks Investment Research downgraded shares of Essex Property Trust from a “buy” rating to a “hold” rating in a research note on Monday, August 6th. Scotiabank initiated coverage on shares of Essex Property Trust in a research note on Tuesday, October 16th. They set an “outperform” rating on the stock. Citigroup downgraded shares of Essex Property Trust from a “buy” rating to a “neutral” rating and cut their target price for the company from $280.00 to $260.00 in a research note on Friday, September 14th. Stifel Nicolaus raised shares of Essex Property Trust from a “hold” rating to a “buy” rating and boosted their target price for the company from $235.00 to $260.00 in a research note on Thursday, August 2nd. Finally, Mizuho reissued a “hold” rating and set a $265.00 target price on shares of Essex Property Trust in a research note on Monday, November 5th.

Shares of NYSE ESS traded down $2.20 during trading on Thursday, hitting $256.54. The company had a trading volume of 94,178 shares, compared to its average volume of 493,407. The stock has a market capitalization of $16.95 billion, a P/E ratio of 21.54, a P/E/G ratio of 3.36 and a beta of 0.20. Essex Property Trust has a 52 week low of $214.03 and a 52 week high of $262.23. 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 (NYSE:ESS) last posted its quarterly earnings results on Monday, October 29th. The real estate investment trust reported $1.22 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.14 by ($1.92). Essex Property Trust had a net margin of 27.01% and a return on equity of 5.52%. 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 company posted $2.98 EPS. On average, research analysts forecast that Essex Property Trust will post 12.56 earnings per share for the current year.

In other news, insider Michael J. Schall sold 333 shares of the business’s stock in a transaction on Monday, November 12th. The shares were sold at an average price of $254.03, for a total transaction of $84,591.99. Following the transaction, the insider now directly owns 45,318 shares in the company, valued at approximately $11,512,131.54. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider John D. Eudy sold 1,834 shares of the business’s stock in a transaction 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 transaction, the insider now owns 11,486 shares in the company, valued at $2,895,965.18. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,429 shares of company stock worth $1,626,398. 3.30% of the stock is currently owned by corporate insiders.

Institutional investors have recently bought and sold shares of the company. First Hawaiian Bank bought a new stake in Essex Property Trust in the third quarter worth $101,000. Capital Guardian Trust Co. bought a new stake in Essex Property Trust in the third quarter worth $113,000. Girard Partners LTD. bought a new stake in Essex Property Trust in the third quarter worth $184,000. Piedmont Investment Advisors LLC bought a new stake in Essex Property Trust in the second quarter worth $185,000. Finally, Destination Wealth Management bought a new stake in Essex Property Trust in the third quarter worth $202,000. Institutional investors and hedge funds own 96.64% of the company’s stock.

About Essex Property Trust

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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