Advisors Asset Management Inc. reduced its holdings in Essex Property Trust, Inc. (NYSE: ESS – Get Rating) by 2.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 12,123 shares of the real estate investment trust’s stock after selling 262 shares during the quarter. Advisors Asset Management Inc.’s holdings in Essex Property Trust were worth $ 4,270,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. State Street Corp lifted its stake in shares of Essex Property Trust by 4.8% in the 4th quarter. State Street Corp now owns 4,902,579 shares of the real estate investment trust’s stock valued at $ 1,736,904,000 after purchasing an additional 224,989 shares during the period. Millennium Management LLC lifted its stake in shares of Essex Property Trust by 225.6% in the 3rd quarter. Millennium Management LLC now owns 181,331 shares of the real estate investment trust’s stock valued at $ 57,979,000 after purchasing an additional 125,635 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Essex Property Trust by 19.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 449,483 shares of the real estate investment trust’s stock valued at $ 158,321,000 after purchasing an additional 74,633 shares during the period. Qube Research & Technologies Ltd purchased a new position in shares of Essex Property Trust in the 4th quarter valued at approximately $ 18,177,000. Finally, Schonfeld Strategic Advisors LLC lifted its stake in shares of Essex Property Trust by 195.7% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 68,923 shares of the real estate investment trust’s stock valued at $ 22,038,000 after purchasing an additional 45,611 shares during the period. Hedge funds and other institutional investors own 96.09% of the company stock.
In related news, COO Angela L. Kleiman sold 6,309 shares of Essex Property Trust stock in a transaction on Tuesday, March 29th. The stock was sold at an average price of $ 354.21, for a total value of $ 2,234,710.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael J. Schall sold 12,132 shares of Essex Property Trust stock in a transaction on Tuesday, March 29th. The stock was sold at an average price of $ 349.19, for a total value of $ 4,236,373.08. The disclosure for this sale can be found here. Insiders own 3.70% of the company stock.
ESS stock opened at $ 258.07 on Tuesday. Essex Property Trust, Inc. has a 1-year low of $ 256.94 and a 1-year high of $ 363.36. The business has a fifty day moving average price of $ 311.73 and a 200-day moving average price of $ 328.26. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.41 and a quick ratio of 1.41. The stock has a market capitalization of $ 16.86 billion, a P / E ratio of 42.73, a P / E / G ratio of 3.16 and a beta of 0.75.
Essex Property Trust (NYSE: ESS – Get Rating) last posted its quarterly earnings results on Tuesday, April 26th. The real estate investment trust reported $ 1.12 earnings per share for the quarter, missing the consensus estimate of $ 3.35 by ($ 2.23). Essex Property Trust had a return on equity of 5.25% and a net margin of 26.81%. During the same period in the previous year, the firm posted $ 3.07 earnings per share. As a group, analysts anticipate that Essex Property Trust, Inc. will post 14.07 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Thursday, June 30th will be issued a $ 2.20 dividend. This represents a $ 8.80 annualized dividend and a dividend yield of 3.41%. The ex-dividend date of this dividend is Wednesday, June 29th. Essex Property Trust’s payout ratio is currently 145.70%.
A number of research analysts have recently commented on the company. Morgan Stanley lowered their target price on Essex Property Trust from $ 343.00 to $ 313.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 25th. Barclays cut Essex Property Trust from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $ 367.00 to $ 310.00 in a research note on Tuesday, May 10th. Piper Sandler lowered their price objective on Essex Property Trust from $ 420.00 to $ 400.00 in a research note on Wednesday, May 4th. BMO Capital Markets cut Essex Property Trust from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $ 378.00 to $ 320.00 in a research note on Tuesday, May 31st. Finally, The Goldman Sachs Group upgraded Essex Property Trust from a “sell” rating to a “buy” rating and lowered their price objective for the company from $ 352.00 to $ 338.00 in a research note on Tuesday, May 17th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Essex Property Trust currently has an average rating of “Hold” and a consensus price target of $ 347.20.
About Essex Property Trust: (Get Rating)
Essex Property Trust, Inc, an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 246 apartment communities comprising approximately 60,000 apartment homes with an additional 6 properties in various stages of active development.
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