Essex Property Trust (NYSE:ESS) Upgraded by Sandler O’Neill to Buy

Sandler O’Neill upgraded shares of Essex Property Trust (NYSE:ESS) from a hold rating to a buy rating in a research note issued to investors on Monday, Briefing.com Automated Import reports. Sandler O’Neill currently has $355.00 target price on the real estate investment trust’s stock.

Other analysts have also recently issued reports about the company. Stifel Nicolaus set a $355.00 target price on Essex Property Trust and gave the company a buy rating in a research report on Friday, October 25th. KeyCorp raised their target price on Essex Property Trust from $320.00 to $342.00 and gave the company an overweight rating in a research report on Tuesday, October 8th. Citigroup lifted their price target on Essex Property Trust from $280.00 to $300.00 and gave the company a neutral rating in a research report on Tuesday, July 30th. BMO Capital Markets set a $310.00 price target on Essex Property Trust and gave the company a hold rating in a research report on Wednesday, July 24th. Finally, Barclays set a $350.00 price target on Essex Property Trust and gave the company a buy rating in a research report on Friday, October 11th. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock has a consensus rating of Buy and a consensus price target of $327.57.

ESS traded up $1.59 during trading hours on Monday, hitting $322.49. The company’s stock had a trading volume of 348,174 shares, compared to its average volume of 299,139. Essex Property Trust has a fifty-two week low of $235.51 and a fifty-two week high of $334.17. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 0.94. The firm has a market capitalization of $21.08 billion, a PE ratio of 25.66, a PEG ratio of 3.81 and a beta of 0.30. The company has a 50-day simple moving average of $324.48 and a 200 day simple moving average of $308.60.

Essex Property Trust (NYSE:ESS) last posted its earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.53 EPS for the quarter, missing the consensus estimate of $3.36 by ($1.83). Essex Property Trust had a net margin of 29.78% and a return on equity of 6.73%. The business had revenue of $366.93 million during the quarter, compared to analyst estimates of $365.49 million. During the same quarter in the prior year, the business earned $3.15 earnings per share. Research analysts expect that Essex Property Trust will post 13.33 earnings per share for the current fiscal year.

In related news, insider Michael J. Schall sold 35,250 shares of Essex Property Trust stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $319.22, for a total value of $11,252,505.00. Following the transaction, the insider now directly owns 75,101 shares in the company, valued at approximately $23,973,741.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Byron A. Scordelis sold 5,109 shares of Essex Property Trust stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $322.00, for a total value of $1,645,098.00. Following the completion of the transaction, the director now owns 4,595 shares in the company, valued at $1,479,590. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 44,405 shares of company stock worth $14,206,050. 3.60% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. First Allied Advisory Services Inc. acquired a new position in shares of Essex Property Trust in the 3rd quarter worth $207,000. Harvest Investment Services LLC acquired a new position in shares of Essex Property Trust in the 3rd quarter worth $269,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Essex Property Trust in the 3rd quarter worth $224,000. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Essex Property Trust by 109.0% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 10,324 shares of the real estate investment trust’s stock worth $3,376,000 after acquiring an additional 5,385 shares during the last quarter. Finally, BBVA USA Bancshares Inc. grew its holdings in shares of Essex Property Trust by 9.5% in the 3rd quarter. BBVA USA Bancshares Inc. now owns 909 shares of the real estate investment trust’s stock worth $297,000 after acquiring an additional 79 shares during the last quarter. Institutional investors and hedge funds own 93.81% 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. Essex currently has ownership interests in 245 apartment communities with an additional 6 properties in various stages of active development.

Further Reading: Profit margin is different from the revenue

Analyst Recommendations for Essex Property Trust (NYSE:ESS)

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