Essex Property Trust (NYSE:ESS) was upgraded by investment analysts at Mitsubishi UFJ Financial Group from a “neutral” rating to an “overweight” rating in a research note issued on Wednesday.
Several other brokerages have also commented on ESS. Cantor Fitzgerald restated a “buy” rating and issued a $280.00 price objective on shares of Essex Property Trust in a report on Wednesday, September 13th. Robert W. Baird reiterated a “buy” rating and set a $273.00 target price on shares of Essex Property Trust in a report on Tuesday, September 12th. Barclays reiterated a “buy” rating and set a $283.00 target price on shares of Essex Property Trust in a report on Thursday, October 19th. Zacks Investment Research lowered shares of Essex Property Trust from a “buy” rating to a “hold” rating in a report on Friday, October 13th. Finally, Royal Bank of Canada reiterated a “buy” rating and set a $276.00 target price on shares of Essex Property Trust in a report on Friday, October 20th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Essex Property Trust has an average rating of “Buy” and a consensus price target of $271.06.
Shares of Essex Property Trust (ESS) traded down $3.82 during mid-day trading on Wednesday, hitting $238.72. 292,600 shares of the stock traded hands, compared to its average volume of 308,600. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.83 and a current ratio of 0.83. Essex Property Trust has a 52-week low of $218.41 and a 52-week high of $270.04. The firm has a market cap of $15,750.00, a price-to-earnings ratio of 29.91, a P/E/G ratio of 3.13 and a beta of 0.50.
In related news, CEO Michael J. Schall sold 333 shares of the stock in a transaction on Tuesday, October 10th. The shares were sold at an average price of $257.92, for a total value of $85,887.36. Following the transaction, the chief executive officer now directly owns 45,096 shares of the company’s stock, valued at approximately $11,631,160.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Angela L. Kleiman sold 600 shares of the stock in a transaction on Monday, December 11th. The shares were sold at an average price of $247.16, for a total transaction of $148,296.00. Following the completion of the transaction, the chief financial officer now directly owns 7,777 shares in the company, valued at $1,922,163.32. The disclosure for this sale can be found here. Insiders sold a total of 10,269 shares of company stock worth $2,558,882 over the last ninety days. Insiders own 3.30% of the company’s stock.
Institutional investors have recently modified their holdings of the business. Tower Research Capital LLC TRC grew its position in Essex Property Trust by 145.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 471 shares of the real estate investment trust’s stock worth $121,000 after purchasing an additional 279 shares during the last quarter. Sun Life Financial INC boosted its holdings in shares of Essex Property Trust by 5,900.0% in the second quarter. Sun Life Financial INC now owns 480 shares of the real estate investment trust’s stock valued at $123,000 after acquiring an additional 472 shares in the last quarter. Breton Hill Capital Ltd. purchased a new stake in shares of Essex Property Trust in the third quarter valued at about $200,000. Beacon Investment Advisory Services Inc. purchased a new stake in shares of Essex Property Trust in the third quarter valued at about $200,000. Finally, Beaton Management Co. Inc. purchased a new stake in shares of Essex Property Trust in the second quarter valued at about $207,000. 97.14% of the stock is currently owned by institutional investors.
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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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