Essex Property Trust (NYSE:ESS) Downgraded by BMO Capital Markets

Essex Property Trust (NYSE:ESS) was downgraded by investment analysts at BMO Capital Markets from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Friday, November 2nd, MarketBeat Ratings reports. They presently have a $260.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $255.00. BMO Capital Markets’ price target points to a potential upside of 2.39% from the company’s previous close.

A number of other equities analysts also recently weighed in on ESS. ValuEngine raised Essex Property Trust from a “sell” rating to a “hold” rating in a research report on Tuesday, September 4th. Zacks Investment Research downgraded Essex Property Trust from a “buy” rating to a “hold” rating in a research report on Monday, August 6th. DA Davidson reissued a “neutral” rating on shares of Essex Property Trust in a research report on Monday, August 6th. Mitsubishi UFJ Financial Group boosted their price target on Essex Property Trust from $266.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 31st. Finally, Stifel Nicolaus reissued a “buy” rating and set a $275.00 price target on shares of Essex Property Trust in a research report on Wednesday, October 31st. Thirteen analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Essex Property Trust presently has a consensus rating of “Hold” and an average price target of $264.42.

ESS traded up $0.21 on Friday, hitting $253.93. 394,862 shares of the company were exchanged, compared to its average volume of 553,959. Essex Property Trust has a 12 month low of $214.03 and a 12 month high of $259.83. The firm has a market capitalization of $16.85 billion, a PE ratio of 21.32, a PEG ratio of 3.34 and a beta of 0.20. 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 earnings results on Monday, October 29th. The real estate investment trust reported $1.22 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $350.92 million for the quarter, compared to the consensus estimate of $351.58 million. During the same quarter in the previous year, the company posted $2.98 EPS. On average, research analysts forecast that Essex Property Trust will post 12.56 earnings per share for the current year.

In other Essex Property Trust news, insider John D. Eudy sold 1,834 shares of the company’s stock in a transaction on Wednesday, October 24th. The stock was sold at an average price of $252.13, for a total transaction of $462,406.42. Following the completion of the sale, the insider now directly owns 11,486 shares in the company, valued at $2,895,965.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Angela L. Kleiman sold 750 shares of the company’s stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $240.80, for a total value of $180,600.00. Following the sale, the insider now owns 9,149 shares of the company’s stock, valued at $2,203,079.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,597 shares of company stock valued at $1,659,153. 3.30% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ESS. Canada Pension Plan Investment Board lifted its stake in shares of Essex Property Trust by 88.3% in the 3rd quarter. Canada Pension Plan Investment Board now owns 303,719 shares of the real estate investment trust’s stock valued at $74,931,000 after acquiring an additional 142,443 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its stake in shares of Essex Property Trust by 269.1% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 17,423 shares of the real estate investment trust’s stock valued at $4,354,000 after acquiring an additional 12,703 shares during the last quarter. American International Group Inc. lifted its stake in shares of Essex Property Trust by 6.2% in the 3rd quarter. American International Group Inc. now owns 24,146 shares of the real estate investment trust’s stock valued at $5,957,000 after acquiring an additional 1,419 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Essex Property Trust by 1.1% in the 3rd quarter. BlackRock Inc. now owns 6,890,158 shares of the real estate investment trust’s stock valued at $1,699,871,000 after acquiring an additional 78,034 shares during the last quarter. Finally, Martingale Asset Management L P lifted its stake in shares of Essex Property Trust by 3.3% in the 3rd quarter. Martingale Asset Management L P now owns 74,374 shares of the real estate investment trust’s stock valued at $18,350,000 after acquiring an additional 2,401 shares during the last quarter. Hedge funds and other institutional investors own 95.81% of the company’s stock.

Essex Property Trust Company Profile

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 247 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.

Featured Article: Stop Order Uses For Individual Investors

Analyst Recommendations for Essex Property Trust (NYSE:ESS)

Receive News & Ratings for Essex Property Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Essex Property Trust and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply