Essex Property Trust (ESS) Downgraded by JPMorgan Chase & Co.

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Essex Property Trust (NYSE:ESS) was downgraded by equities researchers at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday, The Fly reports.

Several other equities research analysts have also recently weighed in on ESS. ValuEngine upgraded Essex Property Trust from a “sell” rating to a “hold” rating in a research note on Tuesday, September 4th. Morgan Stanley boosted their target price on Essex Property Trust from $260.00 to $292.00 and gave the stock an “overweight” rating in a research note on Monday. Zacks Investment Research cut Essex Property Trust from a “buy” rating to a “hold” rating in a research note on Tuesday, October 16th. Wells Fargo & Co upgraded Essex Property Trust from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $262.00 to $284.00 in a research note on Tuesday, December 11th. Finally, Jefferies Financial Group boosted their target price on Essex Property Trust from $262.00 to $297.00 in a research note on Sunday, December 9th. Eleven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $269.71.

Shares of Essex Property Trust stock opened at $258.09 on Wednesday. Essex Property Trust has a one year low of $214.03 and a one year high of $267.41. The stock has a market cap of $16.80 billion, a PE ratio of 21.67, a P/E/G ratio of 3.34 and a beta of 0.23. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.31 and a quick ratio of 1.31.

Essex Property Trust (NYSE:ESS) last announced its quarterly earnings data on Monday, October 29th. The real estate investment trust reported $1.22 EPS for the quarter, missing the Zacks’ consensus estimate of $3.14 by ($1.92). The company had revenue of $350.92 million for the quarter, compared to analyst estimates of $351.58 million. Essex Property Trust had a return on equity of 5.52% and a net margin of 27.01%. During the same period in the prior year, the firm posted $2.98 earnings per share. On average, sell-side analysts predict that Essex Property Trust will post 12.57 earnings per share for the current year.

In other Essex Property Trust news, insider John D. Eudy sold 1,834 shares of the company’s stock in a transaction on Wednesday, October 24th. The stock was sold at an average price of $252.13, for a total transaction of $462,406.42. Following the transaction, the insider now owns 11,486 shares of the company’s stock, valued at approximately $2,895,965.18. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP John D. Eudy sold 166 shares of the stock in a transaction on Monday, November 12th. The shares were sold at an average price of $254.03, for a total value of $42,168.98. Following the completion of the transaction, the executive vice president now directly owns 9,818 shares in the company, valued at approximately $2,494,066.54. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,009 shares of company stock valued at $1,779,466. 3.40% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Robeco Institutional Asset Management B.V. raised its stake in shares of Essex Property Trust by 41.4% in the second quarter. Robeco Institutional Asset Management B.V. now owns 5,706 shares of the real estate investment trust’s stock valued at $1,364,000 after acquiring an additional 1,670 shares during the period. Toronto Dominion Bank raised its position in shares of Essex Property Trust by 19.3% in the 2nd quarter. Toronto Dominion Bank now owns 42,456 shares of the real estate investment trust’s stock valued at $10,146,000 after purchasing an additional 6,860 shares during the last quarter. Nissay Asset Management Corp Japan ADV raised its position in shares of Essex Property Trust by 3.3% in the 2nd quarter. Nissay Asset Management Corp Japan ADV now owns 9,417 shares of the real estate investment trust’s stock valued at $2,251,000 after purchasing an additional 298 shares during the last quarter. First Allied Advisory Services Inc. purchased a new position in shares of Essex Property Trust in the 2nd quarter valued at approximately $230,000. Finally, Swiss National Bank raised its position in Essex Property Trust by 2.2% during the 2nd quarter. Swiss National Bank now owns 341,652 shares of the real estate investment trust’s stock worth $81,679,000 after buying an additional 7,500 shares during the last quarter. Institutional investors own 96.91% 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. 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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