Revenue Update on Essex Property Trust Inc(NYSE:ESS)

Essex Property Trust Inc(NYSE:ESS) announced the earnings results for Fiscal Year 2016 and Q2. The results came in during After-hours on Jul 28, 2016. Company reported revenue of $321.59M. Analysts estimated a revenue of $318.96M. Earnings per share were $2.74. Analysts had estimated an EPS of $2.70.

In a different note, On Jul 19, 2016, Barclays said it Maintains its rating on Essex Property Trust Inc. In the research note, the firm Raises the price-target to $242.00 per share. The shares have been rated ‘Equalweight’ by the firm. On Jul 15, 2016, Evercore Partners said it Downgrades its rating on Essex Property Trust Inc. The shares have been rated ‘Hold’ by the firm. On Jun 8, 2016, Jefferies said it Downgrades its rating on Essex Property Trust Inc. In the research note, the firm Lowers the price-target to $265.00 per share. The shares have been rated ‘Hold’ by the firm. On May 16, 2016, Capital One Financial said it Upgrades its rating on Essex Property Trust Inc. The shares have been rated ‘Overweight’ by the firm. On May 5, 2016, Raymond James said it Upgrades its rating on Essex Property Trust Inc. The shares have been rated ‘Outperform’ by the firm. On May 2, 2016, Sandler O’Neill said it Downgrades its rating on Essex Property Trust Inc. The shares have been rated ‘Hold’ by the firm.

Essex Property Trust Inc (ESS) shares turned negative on Thursdays trading session with the shares closing down -0.92 points or -0.40% at a volume of 2,36,893. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $230.93. The peak price level was also seen at $230.93 while the days lowest was $229.11. Finally the shares closed at $229.51. The 52-week high of the shares is $244.71 while the 52-week low is $191.25. According to the latest information available, the market cap of the company is $15,032 M.

Several Insider Transactions has been reported to the SEC. On Jul 7, 2016, Michael J Schall (President and CEO) sold 10,000 shares at $225.03 per share price.Also, On Mar 1, 2016, David W Brady (director) purchased 722 shares at $223.82 per share price.On Dec 18, 2015, John F. Burkart (Sr. Executive Vice President) sold 3,000 shares at $236.85 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.

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