Essex Property Trust (ESS) Sets New 52-Week High at $265.94

Essex Property Trust Inc (NYSE:ESS) shares reached a new 52-week high on Thursday . The company traded as high as $265.94 and last traded at $265.68, with a volume of 439464 shares changing hands. The stock had previously closed at $259.59.

ESS has been the topic of a number of recent research reports. Citigroup lowered shares of Essex Property Trust from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $280.00 to $260.00 in a research note on Friday, September 14th. Capital One Financial reaffirmed an “equal weight” rating on shares of Essex Property Trust in a research note on Sunday, October 21st. Barclays raised their price objective on shares of Essex Property Trust from $258.00 to $262.00 and gave the company an “overweight” rating in a research note on Thursday, November 15th. Zacks Investment Research lowered shares of Essex Property Trust from a “buy” rating to a “hold” rating in a research note on Thursday, October 4th. Finally, BMO Capital Markets lowered shares of Essex Property Trust from an “outperform” rating to a “market perform” rating and raised their price objective for the company from $255.00 to $260.00 in a research note on Friday, November 2nd. Eleven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Essex Property Trust currently has a consensus rating of “Buy” and an average target price of $264.84.

The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.88. The stock has a market cap of $17.55 billion, a price-to-earnings ratio of 22.14, a PEG ratio of 3.49 and a beta of 0.23.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings results on Monday, October 29th. The real estate investment trust reported $1.22 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $350.92 million for the quarter, compared to the consensus estimate of $351.58 million. During the same period in the previous year, the business earned $2.98 earnings per share. On average, equities analysts anticipate that Essex Property Trust Inc will post 12.56 EPS for the current fiscal year.

In related news, insider Michael J. Schall sold 333 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $11,512,131.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael J. Schall sold 3,012 shares of the firm’s stock in a transaction dated 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 in the company, valued at $12,125,482.11. The disclosure for this sale can be found here. Insiders have sold 6,429 shares of company stock worth $1,626,398 over the last three months. 3.30% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of ESS. Cohen & Steers Inc. increased its holdings in Essex Property Trust by 18.3% during the third quarter. Cohen & Steers Inc. now owns 6,591,248 shares of the real estate investment trust’s stock worth $1,626,127,000 after buying an additional 1,021,374 shares during the last quarter. Cbre Clarion Securities LLC increased its holdings in Essex Property Trust by 59.4% during the second quarter. Cbre Clarion Securities LLC now owns 1,377,419 shares of the real estate investment trust’s stock worth $329,300,000 after buying an additional 513,352 shares during the last quarter. Millennium Management LLC increased its holdings in Essex Property Trust by 43,018.5% during the second quarter. Millennium Management LLC now owns 482,496 shares of the real estate investment trust’s stock worth $115,350,000 after buying an additional 481,377 shares during the last quarter. Daiwa Securities Group Inc. increased its holdings in Essex Property Trust by 24.4% during the third quarter. Daiwa Securities Group Inc. now owns 2,094,825 shares of the real estate investment trust’s stock worth $516,815,000 after buying an additional 411,401 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Essex Property Trust by 35.6% during the third quarter. JPMorgan Chase & Co. now owns 1,471,859 shares of the real estate investment trust’s stock worth $363,125,000 after buying an additional 386,035 shares during the last quarter. Institutional investors and hedge funds own 96.93% of the company’s stock.

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About Essex Property Trust (NYSE:ESS)

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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