Essex Property Trust Gets a Hold Rating from Canaccord Genuity

By Austin Angelo

In a report released today, Michael Kodesch from Canaccord Genuity reiterated a Hold rating on Essex Property Trust (NYSE: ESS), with a price target of $270. The company’s shares opened today at $264.66, close to its 52-week high of $268.97.

According to TipRanks.com, Kodesch is a 3-star analyst with an average return of 7.8% and a 62.5% success rate. Kodesch covers the Financial sector, focusing on stocks such as Apartment Investment & Management, Preferred Apartment Communities, and NexPoint Residential Trust Inc.

Currently, the analyst consensus on Essex Property Trust is Moderate Buy and the average price target is $264.60, representing a 0.0% downside.

In a report issued on July 17, Jefferies also reiterated a Hold rating on the stock with a $250 price target.

Based on Essex Property Trust’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $339 million and quarterly net profit of $70.76 million. In comparison, last year the company earned revenue of $328 million and had a net profit of $72.01 million.

Based on the recent corporate insider activity of 38 insiders, corporate insider sentiment is negative on the stock. Most recently, in May 2017, Janice Sears, a Director at ESS sold 3,000 shares for a total of $761,760.

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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.