Today’s Rating Change: What To Expect After Essex Property Trust (NYSE:ESS)’s Upgrade Rating From Evercore ISI Group?

November 28, 2016 - By Winifred Garcia

Today's Rating Change:  What To Expect After Essex Property Trust (NYSE:ESS)'s Upgrade Rating From Evercore ISI Group?

Essex Property Trust (NYSE:ESS) Upgrade

Essex Property Trust (NYSE:ESS) was boosted by Evercore ISI Group from a Hold rating to a Buy rating in a a research report revealed to clients on 28 November.

Essex Property Trust Inc (NYSE:ESS) Ratings Coverage

Out of 18 analysts covering Essex Property Trust (NYSE:ESS), 6 rate it a “Buy”, 1 “Sell”, while 11 “Hold”. This means 33% are positive. $270 is the highest target while $210 is the lowest. The $242.29 average target is 12.69% above today’s ($215) stock price. Essex Property Trust has been the topic of 33 analyst reports since July 21, 2015 according to StockzIntelligence Inc. As per Monday, May 16, the company rating was upgraded by Capital One. The rating was initiated by JMP Securities with “Market Outperform” on Thursday, September 17. On Monday, May 2 the stock rating was downgraded by Sandler O’Neill to “Hold”. The firm has “Outperform” rating by RBC Capital Markets given on Tuesday, February 9. The rating was downgraded by Jefferies on Wednesday, June 8 to “Hold”. The company was maintained on Monday, October 31 by Canaccord Genuity. As per Thursday, September 17, the company rating was downgraded by Zacks. The company was upgraded on Friday, September 18 by Cantor Fitzgerald. The firm has “Market Perform” rating given on Tuesday, January 12 by Cowen & Co. As per Wednesday, January 27, the company rating was downgraded by Zelman.

About 186,184 shares traded hands. Essex Property Trust Inc (NYSE:ESS) has declined 6.43% since April 25, 2016 and is downtrending. It has underperformed by 12.45% the S&P500.

Analysts await Essex Property Trust Inc (NYSE:ESS) to report earnings on February, 2. They expect $2.82 earnings per share, up 7.22% or $0.19 from last year’s $2.63 per share. ESS’s profit will be $185.86M for 19.06 P/E if the $2.82 EPS becomes a reality. After $2.81 actual earnings per share reported by Essex Property Trust Inc for the previous quarter, Wall Street now forecasts 0.36% EPS growth.

Insitutional Activity: The institutional sentiment decreased to 0.82 in 2016 Q2. Its down 0.22, from 1.04 in 2016Q1. The ratio is 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.

Daiwa Secs Group holds 2.84% or 2.09M shares in its portfolio. Cornerstone Real Advisers Ltd Llc has 58,218 shares for 4.39% of their US portfolio. Credit Suisse Ag holds 265,042 shares or 0.07% of its portfolio. Assetmark Incorporated holds 43,947 shares or 0.17% of its portfolio. Geode Limited Company has invested 0.08% of its portfolio in Essex Property Trust Inc (NYSE:ESS). Moreover, Martingale Asset Management Lp has 0.17% invested in Essex Property Trust Inc (NYSE:ESS) for 44,670 shares. Comerica Fincl Bank has invested 0.04% of its portfolio in Essex Property Trust Inc (NYSE:ESS). Strs Ohio last reported 0.11% of its portfolio in the stock. Cypress Cap Ltd Liability Company (Wy) last reported 67 shares in the company. Pnc Fincl accumulated 7,947 shares or 0% of the stock. The Massachusetts-based Commonwealth Equity has invested 0% in Essex Property Trust Inc (NYSE:ESS). Pinebridge Invests Limited Partnership last reported 0.13% of its portfolio in the stock. Meridian Inv Counsel last reported 1,245 shares in the company. Oregon Employees Retirement Fund has invested 0.04% of its portfolio in Essex Property Trust Inc (NYSE:ESS). Pioneer Invest Mgmt accumulated 0.09% or 108,902 shares.

Insider Transactions: Since July 5, 2016, the stock had 0 buys, and 3 insider sales for $3.96 million net activity. The insider SCHALL MICHAEL J sold 10,000 shares worth $2.22M. EUDY JOHN D also sold $566,025 worth of Essex Property Trust Inc (NYSE:ESS) shares. GUERICKE KEITH R sold 5,000 shares worth $1.17M.

Essex Property Trust, Inc. is a self-administered and self-managed real estate investment trust . The company has a market cap of $14.17 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 47.77 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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