Important Rating: Essex Property (NYSE:ESS) Was Downgraded by BofA Merrill to Neutral

November 23, 2016 - By Marguerite Chambers

Important Rating: Essex Property (NYSE:ESS) Was Downgraded by BofA Merrill to Neutral

Essex Property (NYSE:ESS) Downgrade

In a analysts report made public today, BofA Merrill downgraded shares of Essex Property (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 15.00% above today’s ($210.69) stock price. Essex Property Trust has been the topic of 32 analyst reports since July 21, 2015 according to StockzIntelligence Inc. SunTrust initiated Essex Property Trust Inc (NYSE:ESS) rating on Tuesday, July 21. SunTrust has “Neutral” rating and $244 price target. The firm earned “Hold” rating 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 stock of Essex Property Trust Inc (NYSE:ESS) earned “Hold” rating by Canaccord Genuity on Tuesday, February 9. The stock of Essex Property Trust Inc (NYSE:ESS) earned “Market Outperform” rating by JMP Securities on Thursday, September 17. Sandler O’Neill downgraded the stock to “Hold” rating in Monday, May 2 report. DA Davidson initiated Essex Property Trust Inc (NYSE:ESS) on Friday, September 18 with “Neutral” rating. On Tuesday, September 8 the stock rating was maintained by Evercore with “Buy”. Mizuho downgraded Essex Property Trust Inc (NYSE:ESS) on Monday, May 2 to “Neutral” rating. On Tuesday, November 3 the stock rating was maintained by Canaccord Genuity with “Hold”.

About 61,055 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 2016 Q2. Its down 0.22, from 1.04 in 2016Q1. The ratio worsened, 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.

The United Kingdom-based Hsbc Public Ltd Company has invested 0.1% in Essex Property Trust Inc (NYSE:ESS). Nomura Asset Management accumulated 48,313 shares or 0.21% of the stock. Teacher Retirement Of Texas reported 26,825 shares or 0.04% of all its holdings. Alliancebernstein L P holds 0.03% or 163,248 shares in its portfolio. Sumitomo Mitsui Asset Management has invested 0.06% of its portfolio in Essex Property Trust Inc (NYSE:ESS). The Oregon-based Peregrine Asset Advisers has invested 0.21% in Essex Property Trust Inc (NYSE:ESS). Moody Natl Bank Trust Division last reported 2,018 shares in the company. Amer Century owns 122,636 shares or 0.03% of their US portfolio. Quantbot Lp holds 0.44% or 18,205 shares in its portfolio. The Connecticut-based Tudor Corporation Et Al has invested 0.03% in Essex Property Trust Inc (NYSE:ESS). Cornerstone Inc holds 0% or 8 shares in its portfolio. Counsel Port Services accumulated 15,150 shares or 0.34% of the stock. Bailard, a California-based fund reported 1,039 shares. State Of New Jersey Common Pension Fund D reported 167,086 shares or 0.17% of all its holdings. Resolution Capital last reported 0.93% of its portfolio in the stock.

Insider Transactions: Since July 5, 2016, the stock had 0 buys, and 3 sales for $3.96 million net activity. 10,000 shares were sold by SCHALL MICHAEL J, worth $2.22M on Tuesday, July 5. $1.17M worth of Essex Property Trust Inc (NYSE:ESS) was sold by GUERICKE KEITH R on Tuesday, August 9. 2,500 shares were sold by EUDY JOHN D, worth $566,025 on Thursday, September 1.

Essex Property Trust, Inc. is a self-administered and self-managed real estate investment trust . The company has a market cap of $14.06 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 46.81 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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