Essex Property Trust (ESS) Cut to Sell at ValuEngine

ValuEngine downgraded shares of Essex Property Trust (NYSE:ESS) from a hold rating to a sell rating in a research report released on Thursday morning.

Several other research firms have also commented on ESS. SunTrust Banks lowered Essex Property Trust from a buy rating to a hold rating and raised their target price for the stock from $241.99 to $253.00 in a report on Tuesday, March 20th. They noted that the move was a valuation call. Sandler O’Neill reaffirmed a hold rating and set a $250.00 target price on shares of Essex Property Trust in a report on Tuesday, March 20th. Wells Fargo reaffirmed a market perform rating and set a $251.00 target price (down from $263.00) on shares of Essex Property Trust in a report on Tuesday, February 20th. Jefferies Group reaffirmed a hold rating and set a $252.00 target price on shares of Essex Property Trust in a report on Tuesday, February 13th. Finally, Barclays dropped their target price on Essex Property Trust from $277.00 to $271.00 and set an overweight rating on the stock in a report on Tuesday, January 30th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of Buy and an average price target of $264.25.

Shares of Essex Property Trust opened at $228.87 on Thursday, MarketBeat reports. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.88. The stock has a market capitalization of $15.12 billion, a PE ratio of 19.22, a PEG ratio of 3.03 and a beta of 0.38. Essex Property Trust has a fifty-two week low of $214.03 and a fifty-two week high of $270.04.

Essex Property Trust (NYSE:ESS) last announced its quarterly earnings data on Wednesday, May 2nd. The real estate investment trust reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.28. The business had revenue of $347.26 million for the quarter, compared to analyst estimates of $347.53 million. Essex Property Trust had a return on equity of 5.10% and a net margin of 25.08%. During the same period in the prior year, the company earned $2.94 earnings per share. research analysts anticipate that Essex Property Trust will post 12.48 EPS for the current year.

In other Essex Property Trust news, insider John F. Burkart sold 2,500 shares of the stock in a transaction that occurred on Friday, May 11th. The stock was sold at an average price of $243.19, for a total transaction of $607,975.00. Following the transaction, the insider now owns 7,429 shares in the company, valued at $1,806,658.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Glenn Olnick sold 1,600,000 shares of the stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $0.10, for a total value of $160,000.00. Corporate insiders own 3.30% of the company’s stock.

A number of hedge funds have recently modified their holdings of the business. Raymond James & Associates boosted its position in Essex Property Trust by 1.3% during the fourth quarter. Raymond James & Associates now owns 17,596 shares of the real estate investment trust’s stock worth $4,247,000 after purchasing an additional 224 shares in the last quarter. Gotham Asset Management LLC lifted its position in shares of Essex Property Trust by 25.1% in the fourth quarter. Gotham Asset Management LLC now owns 1,157 shares of the real estate investment trust’s stock valued at $279,000 after acquiring an additional 232 shares in the last quarter. Flinton Capital Management LLC lifted its position in shares of Essex Property Trust by 12.6% in the fourth quarter. Flinton Capital Management LLC now owns 2,144 shares of the real estate investment trust’s stock valued at $517,000 after acquiring an additional 240 shares in the last quarter. Riverhead Capital Management LLC lifted its position in shares of Essex Property Trust by 7.3% in the first quarter. Riverhead Capital Management LLC now owns 3,666 shares of the real estate investment trust’s stock valued at $882,000 after acquiring an additional 250 shares in the last quarter. Finally, LPL Financial LLC lifted its position in shares of Essex Property Trust by 24.7% in the fourth quarter. LPL Financial LLC now owns 1,279 shares of the real estate investment trust’s stock valued at $309,000 after acquiring an additional 253 shares in the last quarter. Institutional investors own 98.62% of the company’s stock.

Essex Property Trust Company Profile

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 247 apartment communities with an additional 7 properties in various stages of active development.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Essex Property Trust (NYSE:ESS)

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