NEW YORK (

TheStreet

) --

Essex Property

(NYSE:

ESS

) hit a new 52-week high Thursday as it traded at $124.12 compared with its previous 52-Week high of $124.07. Essex Property is changing hands at $124.10 with 65,415 shares traded as of 1:15 p.m. ET. Average volume has been 313,100 shares over the past 30 days.

Essex Property has a market cap of $3.9 billion and is part of the

financial

sector and

real estate

industry. Shares are up 6.8% year to date as of the close of trading on Wednesday.

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. The company has a P/E ratio of 105.9, equal to the average real estate industry P/E ratio and above the S&P 500 P/E ratio of 16.2.

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TheStreet Ratings rates Essex Property as a hold. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally poor debt management and premium valuation. You can view the full

Essex Property Ratings Report

.

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