Morgan Stanley Sticks to Their Hold Rating for Essex Property (ESS)

In a report released today, Richard Hill from Morgan Stanley maintained a Hold rating on Essex Property (ESSResearch Report), with a price target of $350.00. The company’s shares closed last Thursday at $322.30, close to its 52-week high of $336.75.

According to, Hill is a 1-star analyst with an average return of -0.2% and a 58.3% success rate. Hill covers the Financial sector, focusing on stocks such as Urban Edge Properties, Equity Residential, and Invitation Homes.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Essex Property with a $333.33 average price target, representing a 2.3% upside. In a report issued on July 29, Robert W. Baird also maintained a Hold rating on the stock with a $326.00 price target.

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Based on Essex Property’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $351 million and net profit of $64.85 million. In comparison, last year the company earned revenue of $370 million and had a net profit of $84.46 million.

Based on the recent corporate insider activity of 17 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. Earlier this month, Byron Scordelis, a Director at ESS sold 9,412 shares for a total of $3,104,880.

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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.

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