A number of firms have modified their ratings and price targets on shares of Essex Property Trust (NYSE: ESS) recently:

  • 8/9/2017 – Essex Property Trust was downgraded by analysts at Raymond James Financial, Inc. from an “outperform” rating to a “hold” rating. They now have a $270.00 price target on the stock.
  • 7/31/2017 – Essex Property Trust was downgraded by analysts at Mizuho from a “buy” rating to a “neutral” rating. They now have a $283.00 price target on the stock.
  • 7/31/2017 – Essex Property Trust was given a new $270.00 price target on by analysts at Canaccord Genuity. They now have a “hold” rating on the stock.
  • 7/27/2017 – Essex Property Trust had its “buy” rating reaffirmed by analysts at Cantor Fitzgerald. They now have a $278.00 price target on the stock. They wrote, “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.””
  • 7/18/2017 – Essex Property Trust was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $289.00 price target on the stock. According to Zacks, “Shares of Essex Property outperformed the Zacks categorized REIT and Equity Trust – Residential industry over the past three months. Additionally, funds from operations (FFO) per share estimates for second-quarter and full-year 2017 moved north over the past 30 days. With a strong property base and solid balance sheet, Essex is likely to leverage on favorable demographic trends in its markets. The company’s substantial exposure to the West Coast market, which is home to several innovation and technology companies, offers ample scope to boost its top line over the long term. Moreover, it has a 23-year history of increasing cash dividend. However, there have been consistent apartment deliveries in its markets. This could adversely affect the pricing power of the company in the near term.”
  • 7/18/2017 – Essex Property Trust had its price target raised by analysts at Barclays PLC from $267.00 to $269.00. They now have an “overweight” rating on the stock.
  • 7/17/2017 – Essex Property Trust had its “neutral” rating reaffirmed by analysts at Jefferies Group LLC.
  • 7/17/2017 – Essex Property Trust was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. According to Zacks, “Shares of Essex Property outperformed the Zacks categorized REIT and Equity Trust – Residential industry in the past three months. Additionally, funds from operations (FFO) per share estimates for second-quarter and full-year 2017 moved north over the past 30 days. Moving ahead, with a strong property base and solid balance sheet, Essex is likely to leverage on favorable demographic trends in its markets. Moreover, the company has a 23-year history of increasing cash dividend. However, there have been consistent apartment deliveries in its markets. Amid this, pricing power is anticipated to moderate and aggressive rental concessions are likely to continue.”
  • 7/16/2017 – Essex Property Trust had its “buy” rating reaffirmed by analysts at Royal Bank Of Canada. They now have a $267.00 price target on the stock.
  • 7/11/2017 – Essex Property Trust was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $283.00 price target on the stock. According to Zacks, “Shares of Essex Property outperformed the Zacks categorized REIT and Equity Trust – Residential industry in the past three months. Additionally, funds from operations (FFO) per share estimates for second-quarter and full-year 2017 moved north over the past 30 days. Moving ahead, with a strong property base and solid balance sheet, Essex is likely to leverage on favorable demographic trends in its markets. Moreover, the company has a 23-year history of increasing cash dividend. Also, backed by solid growth in revenues, Essex Property delivered a better-than-expected core FFO per share for first-quarter 2017. Performance remained solid in the Seattle portfolio. The company raised its guidance for 2017 as well. However, there have been consistent apartment deliveries in its markets. Amid this, pricing power is anticipated to moderate and aggressive rental concessions are likely to continue.”
  • 7/4/2017 – Essex Property Trust had its “hold” rating reaffirmed by analysts at Jefferies Group LLC. They now have a $234.00 price target on the stock.
  • 6/30/2017 – Essex Property Trust was downgraded by analysts at BTIG Research from a “buy” rating to a “neutral” rating.
  • 6/30/2017 – Essex Property Trust was downgraded by analysts at BidaskClub from a “strong-buy” rating to a “buy” rating.
  • 6/20/2017 – Essex Property Trust was upgraded by analysts at BidaskClub from a “buy” rating to a “strong-buy” rating.
  • 6/12/2017 – Essex Property Trust was downgraded by analysts at Evercore ISI from an “in-line” rating to an “underperform” rating. They now have a $261.00 price target on the stock.

Essex Property Trust, Inc. (NYSE ESS) opened at 262.53 on Friday. The stock’s 50 day moving average price is $260.66 and its 200-day moving average price is $245.45. Essex Property Trust, Inc. has a 1-year low of $200.01 and a 1-year high of $268.97. The company has a market cap of $17.32 billion, a PE ratio of 33.76 and a beta of 0.52.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings results on Thursday, July 27th. The real estate investment trust reported $2.97 EPS for the quarter, beating the Thomson Reuters’ 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 net margin of 38.33% and a return on equity of 8.03%. During the same quarter in the previous year, the company earned $2.74 EPS. On average, analysts forecast that Essex Property Trust, Inc. will post $5.95 earnings per share for the current year.

The company also recently declared 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. This represents a $7.00 annualized dividend and a dividend yield of 2.67%. The ex-dividend date was Wednesday, June 28th. Essex Property Trust’s payout ratio is presently 89.97%.

In other news, insider Michael J. Schall sold 333 shares of Essex Property Trust stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $256.06, for a total transaction of $85,267.98. Following the sale, the insider now owns 45,096 shares of the company’s stock, valued at approximately $11,547,281.76. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Irving F. Lyons III sold 1,024 shares of Essex Property Trust stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $254.22, for a total transaction of $260,321.28. Following the sale, the director now directly owns 8,854 shares in the company, valued at approximately $2,250,863.88. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 6,106 shares of company stock worth $1,562,983. Corporate insiders own 3.30% of the company’s stock.

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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