Jefferies Financial Group Raises Essex Property Trust (ESS) Price Target to $262.00

Essex Property Trust (NYSE:ESS) had its target price hoisted by Jefferies Financial Group to $262.00 in a report released on Sunday. Jefferies Financial Group also issued estimates for Essex Property Trust’s Q4 2018 earnings at $3.19 EPS and FY2020 earnings at $14.16 EPS.

A number of other equities research analysts have also recently issued reports on ESS. Barclays upped their target price on Essex Property Trust from $258.00 to $262.00 and gave the stock an overweight rating in a research report on Thursday, November 15th. Capital One Financial reaffirmed an equal weight rating on shares of Essex Property Trust in a research report on Sunday, October 21st. ValuEngine raised Essex Property Trust from a hold rating to a buy rating in a research report on Wednesday, November 21st. Mizuho reaffirmed a hold rating and set a $263.00 target price on shares of Essex Property Trust in a research report on Monday, August 6th. Finally, DA Davidson reaffirmed a neutral rating on shares of Essex Property Trust in a research report on Monday, August 6th. Eleven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Essex Property Trust currently has an average rating of Buy and a consensus target price of $264.84.

NYSE:ESS opened at $259.59 on Friday. Essex Property Trust has a 52 week low of $214.03 and a 52 week high of $264.72. The company has a market capitalization of $17.34 billion, a P/E ratio of 21.80, a PEG ratio of 3.44 and a beta of 0.23. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.31 and a current ratio of 1.31.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings data on Monday, October 29th. The real estate investment trust reported $1.22 EPS for the quarter, missing analysts’ consensus estimates of $3.14 by ($1.92). Essex Property Trust had a return on equity of 5.52% and a net margin of 27.01%. The firm had revenue of $350.92 million during the quarter, compared to analyst estimates of $351.58 million. During the same quarter in the prior year, the company posted $2.98 EPS. On average, sell-side analysts anticipate that Essex Property Trust will post 12.56 EPS for the current year.

In other news, CEO Michael J. Schall sold 3,012 shares of the stock in a transaction that occurred on Wednesday, October 24th. The stock was sold at an average price of $252.63, for a total value of $760,921.56. Following the completion of the sale, the chief executive officer now directly owns 47,997 shares of the company’s stock, valued at $12,125,482.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP John D. Eudy sold 166 shares of the stock in a transaction that occurred on Monday, November 12th. The shares were sold at an average price of $254.03, for a total value of $42,168.98. Following the completion of the sale, the executive vice president now directly owns 9,818 shares of the company’s stock, valued at $2,494,066.54. The disclosure for this sale can be found here. Insiders sold 6,429 shares of company stock valued at $1,626,398 over the last three months. 3.40% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. lifted its position in Essex Property Trust by 1.1% in the third quarter. BlackRock Inc. now owns 6,890,158 shares of the real estate investment trust’s stock worth $1,699,871,000 after purchasing an additional 78,034 shares during the period. Cohen & Steers Inc. lifted its position in Essex Property Trust by 18.3% in the third quarter. Cohen & Steers Inc. now owns 6,591,248 shares of the real estate investment trust’s stock worth $1,626,127,000 after purchasing an additional 1,021,374 shares during the period. Daiwa Securities Group Inc. lifted its position in Essex Property Trust by 24.4% in the third quarter. Daiwa Securities Group Inc. now owns 2,094,825 shares of the real estate investment trust’s stock worth $516,815,000 after purchasing an additional 411,401 shares during the period. JPMorgan Chase & Co. lifted its position in Essex Property Trust by 35.6% in the third quarter. JPMorgan Chase & Co. now owns 1,471,859 shares of the real estate investment trust’s stock worth $363,125,000 after purchasing an additional 386,035 shares during the period. Finally, Cbre Clarion Securities LLC lifted its position in Essex Property Trust by 59.4% in the second quarter. Cbre Clarion Securities LLC now owns 1,377,419 shares of the real estate investment trust’s stock worth $329,300,000 after purchasing an additional 513,352 shares during the period. 96.93% of the stock is owned by institutional investors.

About Essex Property Trust

Essex Property Trust, Inc, an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. The Company currently has ownership interests in 248 apartment communities comprising approximately 60,000 apartment homes, excluding six properties in various stages of active development, one commercial building, preferred equity co-investments, and loan investments.

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Analyst Recommendations for Essex Property Trust (NYSE:ESS)

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