Essex Property Trust (ESS) 11/6/09 PriceWatch Alert Targets 8.36% Downside Protection
Posted: Friday, November 06, 2009 8:33 AM EDT
By: Market Intelligence Center Staff
Essex Property Trust (NYSE: ESS) closed yesterday at $78.94. So far the stock has hit a 52-week low of $49.19 and 52-week high of $88.75. Essex Property Trust stock has been showing support around 77.03 and resistance in the 80.17 range. Technical indicators for the stock are Bullish 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 $72.34 area. That is also the break even stock price for this trade. This covered call has a 71 day duration, provides 8.36% downside protection and a 3.68% assigned return rate for an 18.90% annualized return rate (comparison purposes only). Essex Property Trust has a current annual dividend yield of 5.36%. [FBB-Seven Summits Research]
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