The stock of Essex Property Trust Inc (NYSE:ESS) gapped down by $0.02 today and has $200.47 target or 8.00% below today’s $217.90 share price. The 8 months technical chart setup indicates high risk for the $14.26B company. The gap down was reported on Oct, 4 by Barchart.com. If the $200.47 price target is reached, the company will be worth $1.14B less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. The stock decreased 2.16% or $4.8 on October 3, hitting $217.9. Essex Property Trust Inc (NYSE:ESS) has risen 0.60% since March 1, 2016 and is uptrending. It has underperformed by 11.61% the S&P500.
Analysts await Essex Property Trust Inc (NYSE:ESS) to report earnings on November, 3. They expect $2.77 earnings per share, up 11.24% or $0.28 from last year’s $2.49 per share. ESS’s profit will be $181.28 million for 19.67 P/E if the $2.77 EPS becomes a reality. After $2.74 actual earnings per share reported by Essex Property Trust Inc for the previous quarter, Wall Street now forecasts 1.09% EPS growth.
Essex Property Trust Inc (NYSE:ESS) Ratings Coverage
Out of 17 analysts covering Essex Property Trust (NYSE:ESS), 6 rate it a “Buy”, 1 “Sell”, while 10 “Hold”. This means 35% are positive. Essex Property Trust has been the topic of 31 analyst reports since July 21, 2015 according to StockzIntelligence Inc. On Thursday, July 23 the stock rating was initiated by Canaccord Genuity with “Hold”. Mizuho upgraded Essex Property Trust Inc (NYSE:ESS) on Monday, February 8 to “Buy” rating. The stock of Essex Property Trust Inc (NYSE:ESS) earned “Neutral” rating by SunTrust on Tuesday, July 21. Sandler O’Neill downgraded the shares of ESS in a report on Monday, May 2 to “Hold” rating. The company was maintained on Tuesday, February 9 by RBC Capital Markets. On Friday, September 18 the stock rating was initiated by DA Davidson with “Neutral”. As per Tuesday, January 12, the company rating was downgraded by Cowen & Co. Zelman downgraded the stock to “Sell” rating in Wednesday, January 27 report. The stock of Essex Property Trust Inc (NYSE:ESS) earned “Overweight” rating by Capital One on Monday, May 16. The firm earned “Outperform” rating on Tuesday, August 4 by RBC Capital Markets.
According to Zacks Investment Research, “ESSEX PROPERTY TRUST, INC. is a self-administered and self-managed real estate investment trust, engaged in the acquisition, refurbishing, marketing, leasing, management, development and construction of multifamily residential and retail properties.”
Insitutional Activity: The institutional sentiment decreased to 1.04 in Q2 2016. Its down 0.11, from 1.15 in 2016Q1. The ratio worsened, as 32 funds sold all Essex Property Trust Inc shares owned while 142 reduced positions. 41 funds bought stakes while 140 increased positions. They now own 63.70 million shares or 5.28% less from 67.25 million shares in 2016Q1.
Teacher Retirement System Of Texas holds 0.04% or 26,825 shares in its portfolio. The Germany-based Commerzbank Aktiengesellschaft Fi has invested 0% in Essex Property Trust Inc (NYSE:ESS). Century Companies Inc accumulated 0.03% or 122,636 shares. The Massachusetts-based Svcs has invested 0.18% in Essex Property Trust Inc (NYSE:ESS). Independent Order Of Foresters last reported 2.01% of its portfolio in the stock. Menta Limited Liability Corporation last reported 2,160 shares in the company. Ironbridge Capital Management Lp owns 18,199 shares or 0.18% of their US portfolio. Globeflex Capital Lp holds 0.47% or 7,537 shares in its portfolio. Profund Advsrs Ltd Com has 0.05% invested in the company for 4,570 shares. Millennium Mngmt Llc, a New York-based fund reported 243,068 shares. Citigroup last reported 4,826 shares in the company. Kcg Incorporated has 0.01% invested in the company for 2,898 shares. Edge Asset Management Incorporated holds 0.14% or 68,676 shares in its portfolio. Hsbc Hldgs Public Limited Co accumulated 158,373 shares or 0.1% of the stock. Fort Washington Advsr Oh last reported 0.01% of its portfolio in the stock.
Insider Transactions: Since May 5, 2016, the stock had 0 insider buys, and 4 selling transactions for $4.57 million net activity. $566,025 worth of Essex Property Trust Inc (NYSE:ESS) was sold by EUDY JOHN D on Thursday, September 1. SCHALL MICHAEL J sold 10,000 shares worth $2.22M. $1.17 million worth of shares were sold by GUERICKE KEITH R on Tuesday, August 9. On Thursday, May 5 the insider LYONS IRVING F III sold $612,378.
Another recent and important Essex Property Trust Inc (NYSE:ESS) news was published by Marketwired.com which published an article titled: “Essex Property Trust, Inc. Announces the Redemption of Its 7.125% Series H …” on March 10, 2016.
ESS Company Profile
Essex Property Trust, Inc. (Essex), incorporated on March 11, 1994, is a self-administered and self-managed real estate investment trust (REIT). The Firm owns all of its interest in its real estate and other investments directly or indirectly through Essex Portfolio, L.P. (the Operating Partnership). The Firm is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of apartment communities. The Company’s divisions are Southern California, Northern California and Seattle Metro. The Firm owns or holds an interest in over 250 communities, aggregating approximately 59,160 apartment homes, located along the West Coast, as well as over four commercial buildings (totaling approximately 319,080 square feet), and over eight active development projects with approximately 2,450 apartment homes in various stages of development. The Firm invests primarily in apartment communities located in predominantly coastal markets within Southern California, the San Francisco Bay Area and the Seattle metropolitan area.
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