Cantor Fitzgerald reiterated their buy rating on shares of Essex Property Trust Inc (NYSE:ESS) in a report published on Wednesday, November 8th. Cantor Fitzgerald currently has a $279.00 price target on the real estate investment trust’s stock.
“Estimate Update. We have lowered our 2017 and 2018 FFO/sh. ests to $11.87 and $12.50 from $11.90 and $12.51. Our 2017 and 2018 core FFO/sh. ests are $11.89 and $12.52 vs. $11.90 and $12.53 prior. Our NAV/sh. est is $265.50 vs. $260.10 prior and is based upon an applied cap rate of 4.42%. Our 2017 and 2018 SSNOI assumptions are 4.1% and 3.5% vs. 4.2% and 4.3% prior. Changes in the ESS’s 2017 market-level forecast include lower economic rent growth (-80bps vs. prior to 2.7%), with declines for all the markets, lower job growth (-40bps to 1.4%) and lower supply (-10bps to 1.2%). According to ESS, market rents in the Q were impacted by supply and decline in job growth leading to higher concessions with limited visibility. ESS expects new deliveries to peak in its markets in the next few months and expects a 5-10% y/y decline in 2018 (25% decline in Northern CA and 5% in Seattle, while 5% increase in southern CA – increases in downtown LA and San Diego, and west LA, declines in Orange County). The company expects 2018 market rent growth to be approx. 3.0% and that revenues could lag market rent growth reflecting loss to lease.”,” the firm’s analyst commented.
Several other research firms have also recently issued reports on ESS. Canaccord Genuity set a $270.00 price objective on shares of Essex Property Trust and gave the company a hold rating in a report on Monday, July 31st. Mitsubishi UFJ Financial Group restated a neutral rating on shares of Essex Property Trust in a report on Friday, November 3rd. Morgan Stanley raised their target price on shares of Essex Property Trust from $260.00 to $267.00 and gave the stock an overweight rating in a report on Wednesday, August 16th. Royal Bank Of Canada restated an outperform rating and set a $276.00 target price (up from $267.00) on shares of Essex Property Trust in a report on Sunday, August 13th. Finally, Stifel Nicolaus started coverage on shares of Essex Property Trust in a report on Friday, September 1st. They set a buy rating and a $294.00 target price for the company. Three research analysts have rated the stock with a sell rating, nine have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of Hold and an average target price of $269.50.
In other Essex Property Trust news, insider Craig K. Zimmerman sold 167 shares of the firm’s stock in a transaction on Friday, November 10th. The shares were sold at an average price of $255.50, for a total value of $42,668.50. Following the sale, the insider now directly owns 10,450 shares in the company, valued at approximately $2,669,975. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gary P. Martin sold 1,000 shares of the firm’s stock in a transaction on Monday, November 6th. The stock was sold at an average price of $255.59, for a total transaction of $255,590.00. Following the completion of the sale, the director now owns 6,236 shares in the company, valued at $1,593,859.24. The disclosure for this sale can be found here. Insiders have sold a total of 2,334 shares of company stock worth $599,759 in the last 90 days. 3.30% of the stock is owned by insiders.
Several institutional investors have recently modified their holdings of ESS. Gateway Investment Advisers LLC boosted its position in shares of Essex Property Trust by 1.5% during the 2nd quarter. Gateway Investment Advisers LLC now owns 5,655 shares of the real estate investment trust’s stock valued at $1,455,000 after acquiring an additional 83 shares in the last quarter. NN Investment Partners Holdings N.V. boosted its position in shares of Essex Property Trust by 4.0% during the 2nd quarter. NN Investment Partners Holdings N.V. now owns 240,093 shares of the real estate investment trust’s stock valued at $61,769,000 after acquiring an additional 9,300 shares in the last quarter. National Pension Service boosted its position in shares of Essex Property Trust by 9.8% during the 2nd quarter. National Pension Service now owns 63,777 shares of the real estate investment trust’s stock valued at $16,593,000 after acquiring an additional 5,668 shares in the last quarter. Gemmer Asset Management LLC lifted its holdings in Essex Property Trust by 0.8% during the 2nd quarter. Gemmer Asset Management LLC now owns 4,267 shares of the real estate investment trust’s stock valued at $1,098,000 after purchasing an additional 32 shares during the last quarter. Finally, Meeder Asset Management Inc. bought a new position in Essex Property Trust during the 2nd quarter valued at about $448,000. Institutional investors and hedge funds own 99.90% of the company’s stock.
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Essex Property Trust Company Profile
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.
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