Essex Property Trust Inc (NYSE:ESS) insider Michael J. Schall sold 35,250 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $319.22, for a total transaction of $11,252,505.00. Following the completion of the sale, the insider now owns 75,101 shares in the company, valued at $23,973,741.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Essex Property Trust stock traded down $5.80 during midday trading on Friday, reaching $315.19. The stock had a trading volume of 265,137 shares, compared to its average volume of 292,107. The firm’s fifty day simple moving average is $305.25 and its 200-day simple moving average is $291.36. Essex Property Trust Inc has a 1-year low of $235.51 and a 1-year high of $322.43. The stock has a market capitalization of $20.75 billion, a P/E ratio of 25.07, a price-to-earnings-growth ratio of 3.83 and a beta of 0.37. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.92 and a current ratio of 0.92.
Essex Property Trust (NYSE:ESS) last announced its earnings results on Wednesday, July 24th. The real estate investment trust reported $1.40 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $3.26 by ($1.86). Essex Property Trust had a net margin of 28.83% and a return on equity of 6.43%. The firm had revenue of $361.64 million during the quarter, compared to analyst estimates of $358.15 million. During the same period in the prior year, the business posted $3.14 EPS. On average, sell-side analysts anticipate that Essex Property Trust Inc will post 13.29 earnings per share for the current fiscal year.
ESS has been the topic of a number of research analyst reports. BTIG Research raised Essex Property Trust from a “neutral” rating to a “buy” rating and set a $335.00 price target on the stock in a research report on Thursday, August 15th. Stifel Nicolaus raised their price target on Essex Property Trust from $300.00 to $325.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Robert W. Baird lowered Essex Property Trust from an “outperform” rating to a “neutral” rating and raised their price target for the stock from $297.00 to $302.00 in a research report on Tuesday, June 18th. Barclays raised their price target on Essex Property Trust from $310.00 to $328.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 16th. Finally, BMO Capital Markets set a $310.00 price target on Essex Property Trust and gave the stock a “hold” rating in a research report on Wednesday, July 24th. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Essex Property Trust currently has a consensus rating of “Buy” and an average target price of $296.73.
A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of Essex Property Trust by 0.5% during the 2nd quarter. Vanguard Group Inc. now owns 10,673,644 shares of the real estate investment trust’s stock worth $3,115,957,000 after acquiring an additional 52,605 shares during the period. FMR LLC grew its stake in Essex Property Trust by 22.4% in the 1st quarter. FMR LLC now owns 2,303,608 shares of the real estate investment trust’s stock worth $666,295,000 after acquiring an additional 420,856 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in Essex Property Trust by 0.4% in the 1st quarter. Daiwa Securities Group Inc. now owns 1,789,893 shares of the real estate investment trust’s stock worth $517,709,000 after acquiring an additional 7,190 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Essex Property Trust by 7.6% during the second quarter. Northern Trust Corp now owns 1,210,865 shares of the real estate investment trust’s stock valued at $353,488,000 after purchasing an additional 85,299 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Essex Property Trust by 9.1% during the fourth quarter. Geode Capital Management LLC now owns 1,082,222 shares of the real estate investment trust’s stock valued at $265,001,000 after purchasing an additional 90,392 shares in the last quarter. Hedge funds and other institutional investors own 97.01% of the company’s stock.
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. Essex currently has ownership interests in 245 apartment communities with an additional 6 properties in various stages of active development.
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