Essex Property Trust (ESS) Receives “Underperform” Rating from Raymond James Financial

Raymond James Financial reaffirmed their underperform rating on shares of Essex Property Trust (NYSE:ESS) in a report published on Monday, MarketBeat.com reports.

A number of other brokerages have also recently commented on ESS. BMO Capital Markets restated a hold rating and issued a $257.00 price target on shares of Essex Property Trust in a research report on Monday, November 27th. Mitsubishi UFJ Financial Group reiterated a neutral rating on shares of Essex Property Trust in a research report on Friday, November 3rd. Zacks Investment Research upgraded Essex Property Trust from a hold rating to a buy rating and set a $289.00 target price on the stock in a research report on Tuesday, October 10th. Robert W. Baird reiterated a buy rating and issued a $273.00 target price on shares of Essex Property Trust in a research report on Tuesday, September 12th. Finally, JMP Securities reiterated a hold rating on shares of Essex Property Trust in a research report on Wednesday, December 27th. Three analysts have rated the stock with a sell rating, six have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $270.63.

Shares of Essex Property Trust (NYSE:ESS) traded down $1.89 during midday trading on Monday, hitting $236.27. The company had a trading volume of 403,626 shares, compared to its average volume of 369,533. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.88. Essex Property Trust has a 52 week low of $218.41 and a 52 week high of $270.04. The company has a market capitalization of $15,720.00, a PE ratio of 29.61, a P/E/G ratio of 3.09 and a beta of 0.50.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be issued a dividend of $1.75 per share. This represents a $7.00 annualized dividend and a dividend yield of 2.96%. The ex-dividend date is Thursday, December 28th. Essex Property Trust’s dividend payout ratio (DPR) is currently 87.72%.

In related news, insider Craig K. Zimmerman sold 167 shares of Essex Property Trust 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 $2,669,975. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Michael J. Schall sold 334 shares of Essex Property Trust 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 $85,337.00. Following the completion of the transaction, the chief executive officer now directly owns 45,097 shares in the company, valued at $11,522,283.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,687 shares of company stock worth $2,408,772. Company insiders own 3.30% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. Tower Research Capital LLC TRC lifted 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 lifted 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. acquired a new position in shares of Essex Property Trust in the third quarter worth approximately $200,000. Beacon Investment Advisory Services Inc. acquired a new position in shares of Essex Property Trust in the third quarter worth approximately $200,000. Finally, Beaton Management Co. Inc. acquired a new position in shares of Essex Property Trust in the second quarter worth approximately $207,000. 97.14% of the stock is currently owned by 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.

Analyst Recommendations for Essex Property Trust (NYSE:ESS)

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