Essex Property Trust, Inc. (NYSE:ESS).
On May 18 the stock rating was downgraded to “Hold” from “Buy” by SunTrust Robinson Humphrey. On November 28, 2016 the stock rating was changed to a “Neutral” in a report from Evercore ISI Group up from the previous “” rating.
On November 23 the company was changed to a “Neutral” in a report from Bank of America down from the previous “” rating. BTIG Research initiated coverage on ESS giving it an initial rating of “Buy” and setting a price target of $260.00.
July 19 investment analysts at Barclays left the stock rating at “Equalweight” but raised the price expectation to $243.00 from $239.00.
The company is trading up from yesterday’s close of $265.68. Additionally the company announced a dividend for shareholders that will be paid on Friday July 14th, 2017. The dividend payment will be $1.750 per share for the quarter or $7.00 annualized. This dividend amount will represent a yeild of $2.63. The ex-dividend date will be Wednesday March 29th, 2017.
Company chares are trading at $266.23 which is just over the 50 day moving average of $252.62 and barely above the 200 day moving average of $234.11. The 50 day moving average was up by +5.39% and the 200 day average went up $32.12 or +13.72%.
Essex Property Trust, Inc., launched on March 11, 1994, is a self-administered and self-managed real estate investment trust (REIT). 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. The Company owns all of its interest in its real estate and other investments directly or indirectly through Essex Portfolio, L.P. (the Operating Partnership). As of December 31, 2016, the Company owned or held an interest in 245 communities, aggregating 59,645 apartment homes, excluding the Business’s ownership in preferred equity investments, as well as two operating commercial buildings (totaling approximately 140,564 square feet), and six active development projects with 2,223 apartment homes in various stages of development..
Essex Property Trust, Inc.’s P/E ratio is 34.11 and market capitalization is 17.46B. In the last earnings report the EPS was $7.81 and is expected to be $6.03 for the current year with 65,598,000 shares presently outstanding. Next quarter’s EPS is estimated at $1.08 and the next full year EPS is anticipated to be $4.52.