Cantor Fitzgerald reiterated their buy rating on shares of Essex Property Trust, Inc. (NYSE:ESS) in a research note released on Wednesday, September 13th. Cantor Fitzgerald currently has a $280.00 price objective on the real estate investment trust’s stock.
A number of other research firms also recently issued reports on ESS. Royal Bank Of Canada reiterated an outperform rating and set a $276.00 price objective (up from $267.00) on shares of Essex Property Trust in a report on Sunday, August 13th. BidaskClub raised Essex Property Trust from a buy rating to a strong-buy rating in a research report on Tuesday, August 22nd. Canaccord Genuity set a $270.00 price objective on Essex Property Trust and gave the company a hold rating in a research report on Monday, July 31st. Mizuho cut Essex Property Trust from a buy rating to a neutral rating and set a $283.00 price objective for the company. in a research report on Monday, July 31st. Finally, Raymond James Financial, Inc. cut Essex Property Trust from an outperform rating to a hold rating and set a $270.00 price target for the company. in a report on Wednesday, August 9th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $268.07.
Shares of Essex Property Trust (NYSE:ESS) opened at 255.00 on Wednesday. The firm has a market capitalization of $16.83 billion, a PE ratio of 32.79 and a beta of 0.53. The firm’s 50 day moving average is $263.80 and its 200-day moving average is $252.81. Essex Property Trust has a 12 month low of $200.01 and a 12 month high of $270.04.
Essex Property Trust (NYSE:ESS) last posted its quarterly earnings data on Thursday, July 27th. The real estate investment trust reported $2.97 EPS for the quarter, topping analysts’ consensus estimates of $2.92 by $0.05. The company had revenue of $339.06 million for the quarter, compared to analyst estimates of $336.17 million. Essex Property Trust had a return on equity of 8.03% and a net margin of 38.33%. During the same quarter in the previous year, the firm earned $2.74 earnings per share. On average, analysts expect that Essex Property Trust will post $5.89 EPS for the current fiscal year.
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The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be paid a $1.75 dividend. The ex-dividend date is Thursday, September 28th. This represents a $7.00 dividend on an annualized basis and a yield of 2.75%. Essex Property Trust’s dividend payout ratio is presently 89.97%.
In other news, CEO Michael J. Schall sold 333 shares of the firm’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $263.97, for a total transaction of $87,902.01. Following the transaction, the chief executive officer now directly owns 45,096 shares of the company’s stock, valued at $11,903,991.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John D. Eudy sold 166 shares of the stock in a transaction dated Wednesday, July 12th. The stock was sold at an average price of $253.79, for a total transaction of $42,129.14. Following the sale, the insider now owns 8,596 shares of the company’s stock, valued at $2,181,578.84. The disclosure for this sale can be found here. Insiders have sold 11,314 shares of company stock worth $2,999,949 over the last ninety days. Insiders own 3.30% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in ESS. BlackRock Inc. lifted its holdings in shares of Essex Property Trust by 2,296.8% during the first quarter. BlackRock Inc. now owns 6,479,030 shares of the real estate investment trust’s stock valued at $1,500,090,000 after purchasing an additional 6,208,705 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Essex Property Trust by 38.3% during the second quarter. Bank of New York Mellon Corp now owns 1,488,052 shares of the real estate investment trust’s stock valued at $382,832,000 after purchasing an additional 412,316 shares during the last quarter. Koch Industries Inc. purchased a new position in shares of Essex Property Trust during the second quarter valued at approximately $301,000. American Century Companies Inc. purchased a new position in shares of Essex Property Trust during the second quarter valued at approximately $61,713,000. Finally, Vanguard Group Inc. lifted its holdings in shares of Essex Property Trust by 2.1% during the first quarter. Vanguard Group Inc. now owns 11,404,375 shares of the real estate investment trust’s stock valued at $2,640,455,000 after purchasing an additional 229,503 shares during the last quarter. Hedge funds and other institutional investors own 99.43% of the company’s stock.
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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