Essex Property Trust, Inc. (ESS) Upgraded at Zacks Investment Research

Essex Property Trust, Inc. (ESS) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Essex Property Trust, Inc. (NYSE:ESS) from a sell rating to a hold rating in a research report report published on Tuesday morning.

According to Zacks, “Essex Property is slated to release its fourth-quarter 2016 earnings after the market closes on Feb 2. The company is a steady performer, having beaten estimates in each of the past four quarters at an average of 1.99%. Also, its shares have outperformed the Zacks categorized REIT and Equity Trust – Residential industry over the past three months. With a strong property base and solid balance sheet, Essex is expected to leverage on favorable demographic trends in its markets. Further, its short-term leases offer scope to adjust to rate hikes. However, there have been consistent apartment deliveries and a slowdown in employment trends nationwide and in a number of west coast submarkets particularly. This is anticipated to continue and will moderate pricing power amid aggressive rental concessions provided at newly developed communities.”

A number of other equities research analysts have also recently issued reports on ESS. Cantor Fitzgerald reissued a buy rating and issued a $252.00 price target on shares of Essex Property Trust in a research note on Friday, October 28th. Canaccord Genuity dropped their price target on shares of Essex Property Trust from $246.00 to $219.00 and set a hold rating on the stock in a research note on Monday, October 31st. Barclays PLC reissued a hold rating and issued a $232.00 price target on shares of Essex Property Trust in a research note on Tuesday, November 8th. Bank of America Corp cut shares of Essex Property Trust from a buy rating to a neutral rating and set a $232.00 price target on the stock. in a research note on Wednesday, November 23rd. Finally, Evercore ISI raised shares of Essex Property Trust from a hold rating to a buy rating and lifted their price target for the company from $234.00 to $238.00 in a research note on Monday, November 28th. Ten investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The stock has an average rating of Buy and a consensus price target of $243.29.

Shares of Essex Property Trust (NYSE:ESS) traded up 0.15% during midday trading on Tuesday, hitting $225.71. 79,079 shares of the stock traded hands. The stock has a market cap of $14.79 billion, a price-to-earnings ratio of 50.09 and a beta of 0.52. Essex Property Trust has a 12-month low of $191.25 and a 12-month high of $237.50. The company’s 50 day moving average price is $227.34 and its 200-day moving average price is $222.44.

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 17th. Stockholders of record on Friday, December 30th were given a dividend of $1.60 per share. The ex-dividend date was Wednesday, December 28th. This represents a $6.40 annualized dividend and a dividend yield of 2.84%. Essex Property Trust’s payout ratio is 141.91%.

In other news, insider Angela L. Kleiman sold 1,200 shares of the business’s stock in a transaction dated Thursday, December 15th. The shares were sold at an average price of $219.55, for a total transaction of $263,460.00. Following the transaction, the insider now owns 7,997 shares of the company’s stock, valued at approximately $1,755,741.35. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Angela L. Kleiman sold 300 shares of the business’s stock in a transaction dated Tuesday, December 27th. The shares were sold at an average price of $232.00, for a total transaction of $69,600.00. Following the transaction, the insider now directly owns 7,477 shares in the company, valued at approximately $1,734,664. The disclosure for this sale can be found here. Insiders own 3.50% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Cohen & Steers Inc. raised its stake in shares of Essex Property Trust by 10.9% in the second quarter. Cohen & Steers Inc. now owns 5,562,780 shares of the real estate investment trust’s stock valued at $1,268,814,000 after buying an additional 547,566 shares during the period. State Street Corp raised its stake in shares of Essex Property Trust by 3.9% in the second quarter. State Street Corp now owns 4,471,369 shares of the real estate investment trust’s stock valued at $1,019,881,000 after buying an additional 168,531 shares during the period. FMR LLC raised its stake in shares of Essex Property Trust by 3.4% in the second quarter. FMR LLC now owns 3,418,761 shares of the real estate investment trust’s stock valued at $779,785,000 after buying an additional 113,693 shares during the period. BlackRock Institutional Trust Company N.A. raised its stake in shares of Essex Property Trust by 1.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,720,897 shares of the real estate investment trust’s stock valued at $620,609,000 after buying an additional 35,747 shares during the period. Finally, BlackRock Fund Advisors raised its stake in shares of Essex Property Trust by 3.1% in the third quarter. BlackRock Fund Advisors now owns 2,337,868 shares of the real estate investment trust’s stock valued at $520,643,000 after buying an additional 69,659 shares during the period. 99.02% of the stock is currently owned by hedge funds and other institutional investors.

Essex Property Trust Company Profile

Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns all of its interest in its real estate and other investments directly or indirectly through Essex Portfolio, L.P. (the Operating Partnership). The Company is engaged in the ownership, operation, management, acquisition, development and redevelopment of apartment communities.

Get a free copy of the Zacks research report on Essex Property Trust (ESS)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Related posts

Leave a Comment