Follow The Ratings: Essex Property Trust (NYSE:ESS) Gets Lower Rating From Bank of America (Merrill Lynch). What Is The Stock Target?

November 23, 2016 - By Peter Kolinski

Follow The Ratings: Essex Property Trust (NYSE:ESS) Gets Lower Rating From Bank of America (Merrill Lynch). What Is The Stock Target?

Essex Property Trust (NYSE:ESS) Downgrade

In a a research report revealed to clients today, Bank of America (Merrill Lynch) decreased shares of Essex Property Trust (NYSE:ESS) to a “Neutral” rating from a “Buy” rating.

Essex Property Trust Inc (NYSE:ESS) Ratings Coverage

Out of 17 analysts covering Essex Property Trust (NYSE:ESS), 6 rate it a “Buy”, 1 “Sell”, while 10 “Hold”. This means 35% are positive. $270 is the highest target while $210 is the lowest. The $242.29 average target is 14.87% above today’s ($210.92) stock price. Essex Property Trust has been the topic of 32 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The stock of Essex Property Trust Inc (NYSE:ESS) has “Neutral” rating given on Friday, September 18 by DA Davidson. The stock of Essex Property Trust Inc (NYSE:ESS) earned “Neutral” rating by SunTrust on Tuesday, July 21. The firm has “Hold” rating given on Wednesday, June 8 by Jefferies. The firm earned “Buy” rating on Friday, September 18 by Cantor Fitzgerald. The stock has “Market Perform” rating given by Cowen & Co on Tuesday, January 12. Barclays Capital maintained the stock with “Equalweight” rating in Tuesday, July 19 report. Zelman downgraded Essex Property Trust Inc (NYSE:ESS) on Wednesday, January 27 to “Sell” rating. The stock of Essex Property Trust Inc (NYSE:ESS) has “Hold” rating given on Monday, October 31 by Canaccord Genuity. The stock of Essex Property Trust Inc (NYSE:ESS) has “Hold” rating given on Friday, July 15 by Evercore. The rating was upgraded by Mizuho on Monday, February 8 to “Buy”.

About 142,625 shares traded hands. Essex Property Trust Inc (NYSE:ESS) has declined 3.61% since April 21, 2016 and is downtrending. It has underperformed by 8.94% the S&P500.

Insitutional Activity: The institutional sentiment decreased to 0.82 in Q2 2016. Its down 0.22, from 1.04 in 2016Q1. The ratio turned negative, as 32 funds sold all Essex Property Trust Inc shares owned while 142 reduced positions. 41 funds bought stakes while 140 increased positions. They now own 63.70 million shares or 5.28% less from 67.25 million shares in 2016Q1.

Employees Retirement Association Of Colorado owns 15,309 shares or 0.03% of their US portfolio. Highbridge Management Llc holds 0.07% of its portfolio in Essex Property Trust Inc (NYSE:ESS) for 18,218 shares. Balyasny Asset Ltd Liability Corp accumulated 0% or 1,220 shares. Standard Life Investments Limited has 0.03% invested in the company for 33,529 shares. Da Davidson And has 0% invested in the company for 111 shares. Bp Public Limited Company has invested 0.08% of its portfolio in Essex Property Trust Inc (NYSE:ESS). Livforsakringsbolaget Skandia Omsesidigt holds 0.07% of its portfolio in Essex Property Trust Inc (NYSE:ESS) for 7,100 shares. Moreover, Blackrock has 0.1% invested in Essex Property Trust Inc (NYSE:ESS) for 277,402 shares. Capstone Asset Mngmt Com has 0.04% invested in the company for 5,459 shares. Kcg Hldgs holds 0.01% of its portfolio in Essex Property Trust Inc (NYSE:ESS) for 2,898 shares. Advantus Cap Mgmt has 0.95% invested in the company for 149,705 shares. Nationwide Fund Advisors last reported 0.02% of its portfolio in the stock. Teacher Retirement System Of Texas has 26,825 shares for 0.04% of their US portfolio. Moreover, Forum has 2.93% invested in Essex Property Trust Inc (NYSE:ESS) for 4,300 shares. Finemark Bankshares &, a Florida-based fund reported 115 shares.

Insider Transactions: Since July 5, 2016, the stock had 0 insider purchases, and 3 insider sales for $3.96 million net activity. $566,025 worth of Essex Property Trust Inc (NYSE:ESS) was sold by EUDY JOHN D. Shares for $2.22M were sold by SCHALL MICHAEL J. GUERICKE KEITH R also sold $1.17M worth of Essex Property Trust Inc (NYSE:ESS) on Tuesday, August 9.

Essex Property Trust, Inc. is a self-administered and self-managed real estate investment trust . The company has a market cap of $14.08 billion. The Firm owns all of its interest in its real estate and other investments directly or indirectly through Essex Portfolio, L.P. (the Operating Partnership). It has a 46.86 P/E ratio. The Firm is engaged in the ownership, operation, management, acquisition, development and redevelopment of apartment communities.

According to Zacks Investment Research, “ESSEX PROPERTY TRUST, INC. is a self-administered and self-managed real estate investment trust, engaged in the acquisition, refurbishing, marketing, leasing, management, development and construction of multifamily residential and retail properties.”

ESS Company Profile

Essex Property Trust, Inc. (Essex), incorporated on March 11, 1994, is a self-administered and self-managed real estate investment trust (REIT). The Firm owns all of its interest in its real estate and other investments directly or indirectly through Essex Portfolio, L.P. (the Operating Partnership). The Firm is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of apartment communities. The Company’s divisions are Southern California, Northern California and Seattle Metro. The Firm owns or holds an interest in over 250 communities, aggregating approximately 59,160 apartment homes, located along the West Coast, as well as over four commercial buildings (totaling approximately 319,080 square feet), and over eight active development projects with approximately 2,450 apartment homes in various stages of development. The Firm invests primarily in apartment communities located in predominantly coastal markets within Southern California, the San Francisco Bay Area and the Seattle metropolitan area.

Another recent and important Essex Property Trust Inc (NYSE:ESS) news was published by Forbes.com which published an article titled: “Ex-Dividend Reminder: Annaly Capital , Corporate Office Properties Trust and …” on September 26, 2016.

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