Essex Property Trust (ESS): Today's Featured Real Estate Winner
Essex Property (ESS) pushed the Real Estate industry higher today making it today's featured real estate winner. The industry as a whole closed the day down 0.7%. By the end of trading, Essex Property rose $1.09 (0.8%) to $133.94 on average volume. Throughout the day, 537,451 shares of Essex Property exchanged hands as compared to its average daily volume of 400,300 shares. The stock ranged in a price between $131.16-$134.30 after having opened the day at $133.07 as compared to the previous trading day's close of $132.85. Other companies within the Real Estate industry that increased today were: American Realty Investors Inc (ARL), up 50%, Institutional Financial Markets Inc (IFMI), up 19.5%, Roberts Realty Investors Inc (RPI), up 13.1%, and Supertel Hospitality Inc (SPPR), up 8.6%. Essex Property Trust, Inc., a real estate investment trust (REIT), engages in the ownership, operation, management, acquisition, development, and redevelopment of apartment communities primarily in the West Coast of the United States. Essex Property has a market cap of $4.3 billion and is part of the financial sector. The company has a P/E ratio of 146.5, above the average real estate industry P/E ratio of 129.9 and above the S&P 500 P/E ratio of 17.7. Shares are up 16.3% year to date as of the close of trading on Wednesday. TheStreet Ratings rates Essex Property as a hold. The company's strengths can be seen in multiple areas, such as its increase in net income, revenue growth and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, premium valuation and poor profit margins.
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