Essex Property Trust Inc (ESS) was Downgraded by BofA/Merrill to ” Neutral”. Earlier the firm had a rating of “Buy ” on the company shares. BofA/Merrill advised their investors in a research report released on Nov 23, 2016.
Many Wall Street Analysts have commented on Essex Property Trust Inc. Shares were Reiterated by Canaccord Genuity on Oct 31, 2016 to “Hold” and Lowered the Price Target to $ 219 from a previous price target of $246 .
On the company’s financial health, Essex Property Trust Inc reported $2.81 EPS for the quarter, beating the analyst consensus estimate by $ 0.05 according to the earnings call on Oct 27, 2016. Analyst had a consensus of $2.76. The company had revenue of $329.17 million for the quarter, compared to analysts expectations of $325.20 million. The company’s revenue was up 8.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.49 EPS.
Essex Property Trust Inc opened for trading at $212.99 and hit $214.54 on the upside on Monday, eventually ending the session at $212.95, with a gain of 0.12% or 0.26 points. The heightened volatility saw the trading volume jump to 4,57,340 shares. Company has a market cap of $13,952 M.
In a different news, on Sep 6, 2016, John D Eudy (Executive Vice President) sold 2,500 shares at $226.41 per share price. According to the SEC, on Aug 11, 2016, Keith R Guericke (director) sold 5,000 shares at $233.49 per share price. On Jul 7, 2016, Michael J Schall (President and CEO) sold 10,000 shares at $225.03 per share price, according to the Form-4 filing with the securities and exchange commission.
Essex Property Trust Inc. (Essex) 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 apartment communities. As of December 31 2014 the Company owned or held an interest in 239 communities aggregating 57455 units located along the West Coast as well as four commercial buildings (totaling approximately 325200 square feet) and 12 active development projects with 2920 units in various stages of development. The Company’s apartment communities are located in Southern California which include Los Angeles Orange Riverside San Diego Santa Barbara and Ventura counties; Northern California which include the San Francisco Bay Area and Seattle Metro which include Seattle metropolitan area.