RBC Capital Believes Essex Property Trust (NYSE: ESS) Still Has Room to Grow

By Austin Angelo

RBC Capital analyst Wes Golladay reiterated a Buy rating on Essex Property Trust (NYSE: ESS) yesterday and set a price target of $267. The company’s shares closed yesterday at $253.93, close to its 52-week high of $254.48.

According to TipRanks.com, Golladay is a 4-star analyst with an average return of 6.1% and a 62.7% success rate. Golladay covers the Financial sector, focusing on stocks such as Retail Opportunity Investments, General Growth Properties Inc, and Seritage Growth Properties.

Currently, the analyst consensus on Essex Property Trust is Moderate Buy and the average price target is $257, representing a 1.2% upside.

In a report issued on May 1, Mizuho Securities also upgraded the stock to Buy with a $269 price target.

Essex Property Trust’s market cap is currently $16.65B and has a P/E ratio of 32.59. The company has a book value ratio of 2.6580.

Based on the recent corporate insider activity of 26 insiders, corporate insider sentiment is negative on the stock. Earlier this month, John Burkart, the SEVP of ESS sold 6,667 shares for a total of $1,658,150.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.