Essex Property Trust Inc (NYSE:ESS) – Equities research analysts at Jefferies Group upped their FY2019 earnings per share (EPS) estimates for Essex Property Trust in a research note issued on Thursday. Jefferies Group analyst O. Okusanya now expects that the real estate investment trust will earn $13.43 per share for the year, up from their previous estimate of $13.14.
Other analysts have also recently issued research reports about the company. Zacks Investment Research upgraded Essex Property Trust from a “hold” rating to a “buy” rating and set a $289.00 price target for the company in a research report on Tuesday, October 10th. Cantor Fitzgerald restated a “buy” rating and issued a $280.00 price target on shares of Essex Property Trust in a research report on Wednesday, September 13th. Robert W. Baird restated a “buy” rating and issued a $273.00 price target on shares of Essex Property Trust in a research report on Tuesday, September 12th. Stifel Nicolaus initiated coverage on Essex Property Trust in a research report on Friday, September 1st. They issued a “buy” rating and a $294.00 price target for the company. Finally, Royal Bank of Canada restated a “buy” rating and issued a $276.00 price target on shares of Essex Property Trust in a research report on Friday, October 20th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $271.19.
Shares of Essex Property Trust (ESS) opened at $249.79 on Friday. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.83 and a quick ratio of 0.83. The company has a market capitalization of $16,495.71, a PE ratio of 21.35, a price-to-earnings-growth ratio of 3.37 and a beta of 0.50. Essex Property Trust has a 1 year low of $218.41 and a 1 year high of $270.04.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be paid a $1.75 dividend. This represents a $7.00 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date is Thursday, December 28th. Essex Property Trust’s dividend payout ratio (DPR) is 87.61%.
In other news, insider John D. Eudy sold 166 shares of the company’s stock in a transaction dated Tuesday, October 10th. The stock was sold at an average price of $257.92, for a total value of $42,814.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael J. Schall sold 4,801 shares of the company’s stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $247.37, for a total value of $1,187,623.37. Following the completion of the transaction, the chief executive officer now directly owns 49,564 shares of the company’s stock, valued at approximately $12,260,646.68. The disclosure for this sale can be found here. In the last ninety days, insiders sold 10,269 shares of company stock valued at $2,558,882. Corporate insiders own 3.30% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC boosted its stake in shares of Essex Property Trust by 145.3% in the second quarter. Tower Research Capital LLC TRC now owns 471 shares of the real estate investment trust’s stock worth $121,000 after acquiring an additional 279 shares during the period. Sun Life Financial INC boosted its stake in shares of Essex Property Trust by 5,900.0% in the second quarter. Sun Life Financial INC now owns 480 shares of the real estate investment trust’s stock worth $123,000 after acquiring an additional 472 shares during the period. Breton Hill Capital Ltd. bought a new position in Essex Property Trust during the third quarter valued at approximately $200,000. Beacon Investment Advisory Services Inc. bought a new position in Essex Property Trust during the third quarter valued at approximately $200,000. Finally, Wetherby Asset Management Inc. bought a new position in Essex Property Trust during the second quarter valued at approximately $203,000. 97.26% of the stock is owned by hedge funds and other institutional investors.
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Essex Property Trust Company Profile
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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