Essex Property Trust (ESS) Lowered to Hold at Stifel Nicolaus

Essex Property Trust (NYSE:ESS) was downgraded by analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating in a research report issued on Friday, MarketBeat Ratings reports. They presently have a $235.00 price objective on the real estate investment trust’s stock, down from their previous price objective of $280.00. Stifel Nicolaus’ target price points to a potential upside of 5.08% from the company’s current price.

Several other research firms also recently weighed in on ESS. Barclays restated a “buy” rating and issued a $283.00 price target on shares of Essex Property Trust in a research note on Thursday, October 19th. Zacks Investment Research downgraded Essex Property Trust from a “buy” rating to a “hold” rating in a research note on Friday, October 13th. Robert W. Baird restated a “buy” rating and issued a $273.00 price target on shares of Essex Property Trust in a research note on Tuesday, October 17th. Royal Bank of Canada restated a “buy” rating and issued a $276.00 price target on shares of Essex Property Trust in a research note on Friday, October 20th. Finally, Cantor Fitzgerald restated a “buy” rating and issued a $279.00 price target on shares of Essex Property Trust in a research note on Wednesday, November 8th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $265.94.

Essex Property Trust (ESS) opened at $223.63 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.88. The firm has a market capitalization of $14,767.86, a P/E ratio of 19.11, a price-to-earnings-growth ratio of 2.89 and a beta of 0.50. Essex Property Trust has a twelve month low of $218.41 and a twelve month high of $270.04.

Essex Property Trust (NYSE:ESS) last posted its quarterly earnings results on Wednesday, November 1st. The real estate investment trust reported $1.22 earnings per share for the quarter, missing the consensus estimate of $2.96 by ($1.74). Essex Property Trust had a return on equity of 8.19% and a net margin of 38.95%. sell-side analysts expect that Essex Property Trust will post 11.89 earnings per share for the current fiscal year.

In related news, insider Craig K. Zimmerman sold 167 shares of the company’s stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $255.50, for a total value of $42,668.50. Following the transaction, the insider now directly owns 10,450 shares of the company’s stock, valued at approximately $2,669,975. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gary P. Martin sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, November 6th. The shares were sold at an average price of $255.59, for a total value of $255,590.00. Following the completion of the transaction, the director now directly owns 6,236 shares in the company, valued at $1,593,859.24. The disclosure for this sale can be found here. Insiders sold a total of 9,687 shares of company stock worth $2,408,772 over the last ninety days. 3.30% of the stock is currently owned by insiders.

Hedge funds have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC lifted its position in Essex Property Trust by 145.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 471 shares of the real estate investment trust’s stock valued at $121,000 after acquiring an additional 279 shares in the last quarter. Sun Life Financial INC lifted its position in Essex Property Trust by 5,900.0% in the 2nd 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. bought a new position in shares of Essex Property Trust during the 3rd quarter valued at $200,000. Beacon Investment Advisory Services Inc. bought a new position in shares of Essex Property Trust during the 3rd quarter valued at $200,000. Finally, Beaton Management Co. Inc. bought a new position in shares of Essex Property Trust during the 2nd quarter valued at $207,000. 97.15% of the stock is currently owned by institutional investors and hedge funds.

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About Essex Property Trust

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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