Essex Property (ESS) Gets a Buy Rating from Barclays

Barclays analyst Ross L Smotrich maintained a Buy rating on Essex Property (ESSResearch Report) yesterday and set a price target of $340.00. The company’s shares closed last Monday at $296.82.

According to TipRanks.com, Smotrich is a 5-star analyst with an average return of 7.1% and a 64.7% success rate. Smotrich covers the Financial sector, focusing on stocks such as Apartment Investment & Management, Essential Properties Realty, and Hudson Pacific Properties.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Essex Property with a $338.78 average price target.

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Based on Essex Property’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $99.34 million. In comparison, last year the company had a net profit of $80.98 million.

Based on the recent corporate insider activity of 24 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ESS in relation to earlier this year. Last month, Craig Zimmerman, the EVP of ESS sold 4,379 shares for a total of $1,360,074.

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Essex Property Trust, Inc. operates as a real estate investment trust. It 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.