NEW YORK ( TheStreet) -- Essex Property (NYSE: ESS) hit a new 52-week high Tuesday as it traded at $118.64 compared with its previous 52-Week high of $118.54. Essex Property is changing hands at $118.44 with 72,821 shares traded as of 10:21 a.m. ET. Average volume has been 276,900 shares over the past 30 days.

Essex Property has a market cap of $3.7 billion and is part of the financial sector and real estate industry. Shares are up 2.6% year to date as of the close of trading on Friday.

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 106.5, above the average real estate industry P/E ratio of 102.8 and above the S&P 500 P/E ratio of 23.2.

TheStreet Ratings rates Essex Property as a hold. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and notable return on equity. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, premium valuation and poor profit margins. You can view the full Essex Property Ratings Report.

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