Barclays Issues a Buy Rating on Essex Property TrustBy Austin Angelo
In a report issued on April 18, Ross L Smotrich from Barclays maintained a Buy rating on Essex Property Trust (NYSE: ESS), with a price target of $262. The company’s shares closed yesterday at $235.22.
According to TipRanks.com, Smotrich is a 5-star analyst with an average return of 8.8% and a 68.0% success rate. Smotrich covers the Financial sector, focusing on stocks such as Pennsylvania Real Estate ate Investment, Apartment Investment & Management, and General Growth Properties Inc.
Essex Property Trust has an analyst consensus of Moderate Buy, with a price target consensus of $243.60.
Based on Essex Property Trust’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $332 million and quarterly net profit of $196 million. In comparison, last year the company earned revenue of $315 million and had a net profit of $81.84 million.
Based on the recent corporate insider activity of 22 insiders, corporate insider sentiment is negative on the stock. Most recently, in February 2017, John Eudy, the EVP of ESS sold 1,250 shares for a total of $287,725.
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Essex Property Trust, Inc. operates as a real estate investment trust, which engages in the ownership, operation, management, acquisition, development, and redevelopment of predominantly apartment communities. The company was founded by George M. Marcus in 1971 and is headquartered in San Mateo, CA.