Essex Property Trust (NYSE:ESS) Reaches New 1-Year High at $317.31

Essex Property Trust Inc (NYSE:ESS)’s share price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $317.31 and last traded at $316.29, with a volume of 8889 shares. The stock had previously closed at $314.72.

A number of equities research analysts have recently issued reports on ESS shares. Citigroup upped their target price on shares of Essex Property Trust from $280.00 to $300.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. BMO Capital Markets set a $310.00 target price on shares of Essex Property Trust and gave the stock a “hold” rating in a report on Wednesday, July 24th. Zacks Investment Research lowered shares of Essex Property Trust from a “buy” rating to a “hold” rating in a report on Thursday, May 16th. Robert W. Baird lowered shares of Essex Property Trust from an “outperform” rating to a “neutral” rating and upped their target price for the stock from $297.00 to $302.00 in a report on Tuesday, June 18th. Finally, BTIG Research raised shares of Essex Property Trust from a “neutral” rating to a “buy” rating and set a $335.00 target price for the company in a report on Thursday. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Essex Property Trust currently has a consensus rating of “Buy” and a consensus price target of $296.73.

The firm’s 50-day moving average price is $303.67 and its two-hundred day moving average price is $290.41. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a market cap of $20.55 billion, a price-to-earnings ratio of 25.28, a PEG ratio of 3.79 and a beta of 0.37.

Essex Property Trust (NYSE:ESS) last announced its quarterly earnings results on Wednesday, July 24th. The real estate investment trust reported $1.40 earnings per share for the quarter, missing the consensus estimate of $3.26 by ($1.86). The firm had revenue of $361.64 million for the quarter, compared to analyst estimates of $358.15 million. Essex Property Trust had a net margin of 28.83% and a return on equity of 6.43%. During the same period in the previous year, the firm posted $3.14 EPS. As a group, sell-side analysts expect that Essex Property Trust Inc will post 13.29 earnings per share for the current fiscal year.

In other news, insider John F. Burkart sold 13,807 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $312.62, for a total transaction of $4,316,344.34. Following the transaction, the insider now owns 17,726 shares of the company’s stock, valued at approximately $5,541,502.12. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 3.60% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Essex Property Trust by 0.5% during the 2nd quarter. Vanguard Group Inc. now owns 10,673,644 shares of the real estate investment trust’s stock valued at $3,115,957,000 after acquiring an additional 52,605 shares during the last quarter. FMR LLC boosted its position in shares of Essex Property Trust by 22.4% during the 1st quarter. FMR LLC now owns 2,303,608 shares of the real estate investment trust’s stock valued at $666,295,000 after acquiring an additional 420,856 shares during the last quarter. Daiwa Securities Group Inc. lifted its position in Essex Property Trust by 0.4% in the first quarter. Daiwa Securities Group Inc. now owns 1,789,893 shares of the real estate investment trust’s stock valued at $517,709,000 after buying an additional 7,190 shares during the last quarter. Northern Trust Corp lifted its position in Essex Property Trust by 7.6% in the second quarter. Northern Trust Corp now owns 1,210,865 shares of the real estate investment trust’s stock valued at $353,488,000 after buying an additional 85,299 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in Essex Property Trust by 9.1% in the fourth quarter. Geode Capital Management LLC now owns 1,082,222 shares of the real estate investment trust’s stock valued at $265,001,000 after buying an additional 90,392 shares during the last quarter. 97.01% of the stock is currently owned by hedge funds and other institutional investors.

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. Essex currently has ownership interests in 245 apartment communities with an additional 6 properties in various stages of active development.

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