Rating Coverage: Is Essex Property Trust (NYSE:ESS) a Sell? Bank of America Downgrades It

November 23, 2016 - By Clifton Ray

Rating Coverage: Is Essex Property Trust (NYSE:ESS) a Sell? Bank of America Downgrades It

Essex Property Trust (NYSE:ESS) Downgrade

In a a note revealed to clients and investors on Wednesday, 23 November, Bank of America downgraded 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 14.99% above today’s ($210.71) stock price. Essex Property Trust has been the topic of 32 analyst reports since July 21, 2015 according to StockzIntelligence Inc. As per Wednesday, August 10, the company rating was maintained by Jefferies. The firm has “Hold” rating by Sandler O’Neill given on Monday, May 2. The firm has “Buy” rating by Mizuho given on Monday, February 8. The firm has “Hold” rating given on Thursday, September 17 by Zacks. The firm has “Hold” rating given on Thursday, July 23 by Canaccord Genuity. The company was downgraded on Wednesday, January 27 by Zelman. As per Thursday, September 17, the company rating was initiated by JMP Securities. The firm has “Neutral” rating given on Tuesday, July 21 by SunTrust. Canaccord Genuity maintained Essex Property Trust Inc (NYSE:ESS) on Tuesday, February 9 with “Hold” rating. The firm earned “Buy” rating on Tuesday, November 10 by BB&T Capital.

About 128,197 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.

Strs Ohio accumulated 106,911 shares or 0.11% of the stock. Henderson Gp Public Limited Co holds 0.01% or 7,447 shares in its portfolio. Jane Street Grp Ltd Liability Company holds 2,053 shares or 0% of its portfolio. Fil Ltd has 82,431 shares for 0.06% of their US portfolio. Profund Advsrs Ltd Llc holds 4,570 shares or 0.05% of its portfolio. Spirit Of America Management Corporation New York has 0.6% invested in the company for 18,021 shares. Security Research And Management Inc has 2.02% invested in the company for 260,666 shares. Fmr Llc last reported 3.42 million shares in the company. Brown Advisory last reported 4,066 shares in the company. Thrivent Fin For Lutherans last reported 35,703 shares in the company. Blackrock Group Inc Limited has invested 0.11% of its portfolio in Essex Property Trust Inc (NYSE:ESS). Quantbot Technologies L P has invested 0.44% of its portfolio in Essex Property Trust Inc (NYSE:ESS). Amp Cap Ltd has 0.83% invested in the company for 553,613 shares. Citigroup has invested 0% of its portfolio in Essex Property Trust Inc (NYSE:ESS). Menta Capital Ltd Liability Co holds 0.07% or 2,160 shares in its portfolio.

Insider Transactions: Since July 5, 2016, the stock had 0 insider purchases, and 3 sales for $3.96 million net activity. SCHALL MICHAEL J also sold $2.22M worth of Essex Property Trust Inc (NYSE:ESS) shares. GUERICKE KEITH R sold $1.17 million worth of Essex Property Trust Inc (NYSE:ESS) on Tuesday, August 9. $566,025 worth of shares were sold by EUDY JOHN D 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 $14.07 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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