Cantor Fitzgerald restated their buy rating on shares of Essex Property Trust, Inc. (NYSE:ESS) in a research report released on Thursday. Cantor Fitzgerald currently has a $278.00 price target on the real estate investment trust’s stock.

“Core FFO/sh. Beat. 2Q Core FFO/sh. was $2.97 vs. Cantor/Consensus $2.89/ $2.91. The variance to our estimate includes higher NOI, and interest and other income, and lower G&A offset by higher interest expense and lower income from co-investments.”,” the firm’s analyst wrote.

A number of other equities research analysts have also commented on the company. Zacks Investment Research upgraded Essex Property Trust from a sell rating to a hold rating in a research report on Monday, April 24th. BidaskClub upgraded Essex Property Trust from a buy rating to a strong-buy rating in a research report on Tuesday, June 20th. SunTrust Banks, Inc. lowered Essex Property Trust from a buy rating to a hold rating and set a $257.00 target price on the stock. in a research report on Thursday, May 18th. They noted that the move was a valuation call. Royal Bank Of Canada reiterated a buy rating and issued a $248.00 target price on shares of Essex Property Trust in a research report on Wednesday, March 29th. Finally, Evercore ISI lowered Essex Property Trust from an in-line rating to an underperform rating and set a $261.00 target price on the stock. in a research report on Monday, June 12th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $255.75.

Essex Property Trust (ESS) traded down 1.22% during trading on Thursday, hitting $261.44. 166,616 shares of the company were exchanged. The stock has a market capitalization of $17.25 billion, a PE ratio of 33.61 and a beta of 0.52. Essex Property Trust has a 1-year low of $200.01 and a 1-year high of $268.97. The firm’s 50 day moving average price is $261.25 and its 200-day moving average price is $243.34.

Essex Property Trust (NYSE:ESS) last issued its earnings results on Thursday, July 27th. The real estate investment trust reported $2.97 EPS for the quarter, beating the Zacks’ consensus estimate of $2.92 by $0.05. The firm 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 prior year, the firm earned $2.74 earnings per share. Equities analysts predict that Essex Property Trust will post $6.04 EPS for the current year.

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The firm also recently announced a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Friday, June 30th were given a dividend of $1.75 per share. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $7.00 dividend on an annualized basis and a dividend yield of 2.64%. Essex Property Trust’s dividend payout ratio (DPR) is 89.97%.

In other news, insider Michael J. Schall sold 13,668 shares of the stock in a transaction that occurred on Friday, May 12th. The stock was sold at an average price of $252.63, for a total transaction of $3,452,946.84. Following the transaction, the insider now owns 58,431 shares in the company, valued at approximately $14,761,423.53. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider John F. Burkart sold 6,667 shares of the stock in a transaction that occurred on Monday, May 8th. The shares were sold at an average price of $248.71, for a total value of $1,658,149.57. Following the transaction, the insider now owns 11,152 shares in the company, valued at approximately $2,773,613.92. The disclosure for this sale can be found here. Insiders have sold a total of 32,826 shares of company stock worth $8,272,799 in the last quarter. Insiders own 3.30% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in ESS. Muzinich & Co. Inc. raised its position in shares of Essex Property Trust by 246.5% in the first quarter. Muzinich & Co. Inc. now owns 551 shares of the real estate investment trust’s stock worth $128,000 after buying an additional 392 shares during the period. Advisors Asset Management Inc. raised its position in shares of Essex Property Trust by 118.0% in the first quarter. Advisors Asset Management Inc. now owns 654 shares of the real estate investment trust’s stock worth $151,000 after buying an additional 354 shares during the period. FNY Partners Fund LP acquired a new position in shares of Essex Property Trust during the first quarter worth about $165,000. Perigon Wealth Management LLC raised its position in shares of Essex Property Trust by 835.2% in the first quarter. Perigon Wealth Management LLC now owns 823 shares of the real estate investment trust’s stock worth $192,000 after buying an additional 735 shares during the period. Finally, RB Capital Management LLC acquired a new position in shares of Essex Property Trust during the second quarter worth about $218,000. Hedge funds and other institutional investors own 99.78% of the company’s stock.

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.

Analyst Recommendations for Essex Property Trust (NYSE:ESS)

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