Essex Property Trust (ESS) Upgraded to “Outperform” by Evercore ISI

Evercore ISI upgraded shares of Essex Property Trust (NYSE:ESS) from an in-line rating to an outperform rating in a research report report published on Monday morning. The firm currently has $274.00 price objective on the real estate investment trust’s stock.

A number of other brokerages have also recently weighed in on ESS. Royal Bank of Canada reiterated a buy rating on shares of Essex Property Trust in a research note on Sunday, November 12th. Robert W. Baird reiterated a buy rating and set a $273.00 price target on shares of Essex Property Trust in a research note on Tuesday, September 12th. Cantor Fitzgerald reiterated a buy rating and set a $280.00 price target on shares of Essex Property Trust in a research note on Wednesday, September 13th. Zacks Investment Research cut shares of Essex Property Trust from a buy rating to a hold rating in a research note on Friday, October 13th. Finally, BMO Capital Markets reiterated a hold rating and set a $257.00 price target on shares of Essex Property Trust in a research note on Monday, November 27th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of Hold and an average target price of $270.43.

Shares of Essex Property Trust (NYSE:ESS) traded up $4.85 during trading on Monday, hitting $249.16. 464,600 shares of the stock traded hands, compared to its average volume of 347,505. Essex Property Trust has a fifty-two week low of $216.71 and a fifty-two week high of $270.04. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a market cap of $16,133.51, a PE ratio of 20.88, a price-to-earnings-growth ratio of 3.30 and a beta of 0.50.

In other news, CEO Michael J. Schall sold 333 shares of the stock in a transaction dated Tuesday, October 10th. The shares were sold at an average price of $257.92, for a total value of $85,887.36. Following the completion of the transaction, the chief executive officer now owns 45,096 shares in the company, valued at approximately $11,631,160.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John D. Eudy sold 166 shares of the stock in a transaction dated Tuesday, October 10th. The shares were sold at an average price of $257.92, for a total transaction of $42,814.72. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,167 shares of company stock valued at $555,167. 3.30% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Public Employees Retirement System of Ohio increased its holdings in shares of Essex Property Trust by 2.1% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 102,825 shares of the real estate investment trust’s stock valued at $26,121,000 after purchasing an additional 2,072 shares in the last quarter. GSA Capital Partners LLP purchased a new position in shares of Essex Property Trust in the 3rd quarter valued at about $1,696,000. IFM Investors Pty Ltd purchased a new position in shares of Essex Property Trust in the 3rd quarter valued at about $474,000. Neuberger Berman Group LLC increased its holdings in shares of Essex Property Trust by 11.1% in the 3rd quarter. Neuberger Berman Group LLC now owns 120,213 shares of the real estate investment trust’s stock valued at $30,538,000 after purchasing an additional 12,056 shares in the last quarter. Finally, California Public Employees Retirement System increased its holdings in shares of Essex Property Trust by 5.5% in the 3rd quarter. California Public Employees Retirement System now owns 146,507 shares of the real estate investment trust’s stock valued at $37,217,000 after purchasing an additional 7,573 shares in the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.

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About Essex Property Trust

Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust. The Company is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of predominantly apartment communities, located along the West Coast. Its segments include Southern California, Northern California, Seattle Metro and Other real estate assets.

Analyst Recommendations for Essex Property Trust (NYSE:ESS)

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