Cantor Fitzgerald restated their buy rating on shares of Essex Property Trust, Inc. (NYSE:ESS) in a research report sent to investors on Wednesday, November 8th. The firm currently has a $279.00 target price 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.”,” Cantor Fitzgerald’s analyst wrote.
A number of other equities analysts have also recently issued reports on the stock. Zacks Investment Research raised shares of Essex Property Trust from a hold rating to a buy rating and set a $289.00 price target on the stock in a research report on Tuesday, October 10th. Mitsubishi UFJ Financial Group reissued a neutral rating on shares of Essex Property Trust in a research report on Friday, November 3rd. Barclays PLC reiterated an overweight rating and issued a $280.00 price objective (up from $269.00) on shares of Essex Property Trust in a research note on Monday, August 21st. Raymond James Financial, Inc. lowered shares of Essex Property Trust from an outperform rating to a hold rating and set a $270.00 price objective for the company. in a research note on Wednesday, August 9th. Finally, Robert W. Baird reiterated a buy rating and issued a $273.00 price objective on shares of Essex Property Trust in a research note on Tuesday, September 12th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $266.87.
Essex Property Trust (NYSE ESS) traded down $0.64 during midday trading on Wednesday, reaching $250.21. The company had a trading volume of 283,000 shares, compared to its average volume of 345,788. The firm has a market capitalization of $16,550.00, a P/E ratio of 21.44, a price-to-earnings-growth ratio of 3.39 and a beta of 0.54. Essex Property Trust has a 1-year low of $208.92 and a 1-year high of $270.04. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.88.
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In related news, CEO Michael J. Schall sold 333 shares of the stock in a transaction that occurred on Tuesday, October 10th. The shares were sold at an average price of $257.92, for a total transaction of $85,887.36. Following the transaction, the chief executive officer now owns 45,096 shares in the company, valued at $11,631,160.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Craig K. Zimmerman sold 167 shares of the company’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $267.02, for a total transaction of $44,592.34. Following the sale, the insider now directly owns 10,450 shares of the company’s stock, valued at $2,790,359. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 8,599 shares of company stock worth $2,274,958. 3.30% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in ESS. Bank of New York Mellon Corp increased its stake in shares of Essex Property Trust by 38.3% in the second quarter. Bank of New York Mellon Corp now owns 1,488,052 shares of the real estate investment trust’s stock worth $382,832,000 after purchasing an additional 412,316 shares in the last quarter. Janus Henderson Group PLC increased its stake in shares of Essex Property Trust by 292.6% in the third quarter. Janus Henderson Group PLC now owns 469,858 shares of the real estate investment trust’s stock worth $119,358,000 after purchasing an additional 350,192 shares in the last quarter. Koch Industries Inc. purchased a new stake in shares of Essex Property Trust in the second quarter worth $301,000. Barings LLC purchased a new stake in shares of Essex Property Trust in the third quarter worth $63,549,000. Finally, American Century Companies Inc. purchased a new stake in shares of Essex Property Trust in the second quarter worth $61,713,000. 99.90% of the stock is owned by hedge funds and other institutional investors.
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.
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