Essex Property Trust (ESS) 11/3/09 PriceWatch Alert Targets 28.08% Return

Posted: Tuesday, November 03, 2009 8:33 AM EDT

Essex Property Trust (NYSE: ESS) closed yesterday at $75.86. So far the stock has hit a 52-week low of $49.19 and 52-week high of $95.00. Essex Property Trust stock has been showing support around 72.56 and resistance in the 78.22 range. Technical indicators for the stock are Bearish and S&P gives ESS a neutral 3 STAR (out of 5) hold rating. ESS appears on the Investors Observer Hedged Dividend Income list. For a hedged play on this stock, look at a Jan '10 75 covered call (ESS AO) for a net debit in the $70.96 area. That is also the break even stock price for this trade. This covered call has a 74 day duration, provides 6.46% downside protection and a 5.69% assigned return rate for a 28.08% annualized return rate (comparison purposes only). Essex Property Trust has a current annual dividend yield of 5.33%. [ATU-Seven Summits Research]

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