Essex Property Trust (NYSE:ESS – Get Rating) had its price objective lowered by investment analysts at Morgan Stanley from $343.00 to $313.00 in a note issued to investors on Wednesday, Stock Target Advisor reports. The firm presently has an “equal weight” rating on the real estate investment trust’s stock. Morgan Stanley’s target price would suggest a potential upside of 12.59% from the stock’s current price.
ESS has been the topic of several other research reports. TheStreet cut Essex Property Trust from a “b-” rating to a “c+” rating in a report on Friday, May 13th. Barclays cut Essex Property Trust from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $367.00 to $310.00 in a report on Tuesday, May 10th. StockNews.com assumed coverage on Essex Property Trust in a report on Thursday, March 31st. They set a “hold” rating on the stock. Mizuho decreased their target price on Essex Property Trust from $382.00 to $342.00 and set a “buy” rating on the stock in a report on Wednesday, February 16th. Finally, The Goldman Sachs Group upgraded Essex Property Trust from a “sell” rating to a “buy” rating and decreased their target price for the stock from $352.00 to $338.00 in a report on Tuesday, May 17th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $352.07.
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NYSE:ESS traded down $4.83 during trading hours on Wednesday, reaching $278.00. The company had a trading volume of 12,742 shares, compared to its average volume of 349,204. The stock has a 50-day moving average of $329.60 and a two-hundred day moving average of $334.97. Essex Property Trust has a one year low of $277.79 and a one year high of $363.36. The firm has a market capitalization of $18.16 billion, a PE ratio of 46.03, a PEG ratio of 4.13 and a beta of 0.74. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.98.
Essex Property Trust (NYSE:ESS – Get Rating) last announced its quarterly earnings results on Tuesday, April 26th. The real estate investment trust reported $1.12 earnings per share for the quarter, missing analysts’ consensus estimates of $3.35 by ($2.23). Essex Property Trust had a net margin of 26.81% and a return on equity of 5.25%. During the same period in the prior year, the firm earned $3.07 earnings per share. As a group, sell-side analysts expect that Essex Property Trust will post 13.99 earnings per share for the current year.
In other news, COO Angela L. Kleiman sold 6,309 shares of the firm’s stock in a transaction dated Tuesday, March 29th. The stock was sold at an average price of $354.21, for a total transaction of $2,234,710.89. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Michael J. Schall sold 12,132 shares of the firm’s stock in a transaction dated Tuesday, March 29th. The stock was sold at an average price of $349.19, for a total value of $4,236,373.08. The disclosure for this sale can be found here. Corporate insiders own 3.70% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Meiji Yasuda Asset Management Co Ltd. raised its position in shares of Essex Property Trust by 1.9% during the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 1,590 shares of the real estate investment trust’s stock worth $508,000 after purchasing an additional 30 shares during the period. Golden State Equity Partners grew its holdings in shares of Essex Property Trust by 2.8% during the third quarter. Golden State Equity Partners now owns 1,232 shares of the real estate investment trust’s stock worth $394,000 after buying an additional 33 shares in the last quarter. First Affirmative Financial Network grew its holdings in shares of Essex Property Trust by 4.3% during the fourth quarter. First Affirmative Financial Network now owns 858 shares of the real estate investment trust’s stock worth $302,000 after buying an additional 35 shares in the last quarter. Legacy Wealth Asset Management LLC grew its holdings in shares of Essex Property Trust by 6.0% during the first quarter. Legacy Wealth Asset Management LLC now owns 675 shares of the real estate investment trust’s stock worth $233,000 after buying an additional 38 shares in the last quarter. Finally, US Bancorp DE grew its holdings in shares of Essex Property Trust by 1.4% during the third quarter. US Bancorp DE now owns 2,941 shares of the real estate investment trust’s stock worth $941,000 after buying an additional 40 shares in the last quarter. 96.09% of the stock is currently owned by institutional investors.
Essex Property Trust Company Profile (Get Rating)
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 246 apartment communities comprising approximately 60,000 apartment homes with an additional 6 properties in various stages of active development.
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