Ameriprise Financial Inc. cut its position in shares of Essex Property Trust, Inc. (NYSE:ESS) by 0.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 348,782 shares of the real estate investment trust’s stock after selling 2,698 shares during the period. Ameriprise Financial Inc. owned 0.53% of Essex Property Trust worth $80,769,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in Essex Property Trust by 29.4% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 4,862 shares of the real estate investment trust’s stock worth $1,126,000 after buying an additional 1,106 shares during the period. Sei Investments Co. raised its position in Essex Property Trust by 46.2% in the first quarter. Sei Investments Co. now owns 88,306 shares of the real estate investment trust’s stock worth $20,446,000 after buying an additional 27,900 shares during the period. Karp Capital Management Corp bought a new position in Essex Property Trust during the first quarter worth about $5,801,000. Meadow Creek Investment Management LLC raised its position in Essex Property Trust by 19.4% in the first quarter. Meadow Creek Investment Management LLC now owns 2,574 shares of the real estate investment trust’s stock worth $596,000 after buying an additional 418 shares during the period. Finally, UBS Asset Management Americas Inc. raised its position in Essex Property Trust by 13.1% in the first quarter. UBS Asset Management Americas Inc. now owns 272,490 shares of the real estate investment trust’s stock worth $63,090,000 after buying an additional 31,467 shares during the period. Hedge funds and other institutional investors own 98.93% of the company’s stock.
Essex Property Trust, Inc. (NYSE ESS) traded up 0.96% during trading on Friday, reaching $266.30. The company’s stock had a trading volume of 515,142 shares. The stock has a market capitalization of $17.47 billion, a price-to-earnings ratio of 34.11 and a beta of 0.52. The firm has a 50 day moving average of $256.24 and a 200 day moving average of $235.77. Essex Property Trust, Inc. has a 52 week low of $200.01 and a 52 week high of $266.71.
Essex Property Trust (NYSE:ESS) last released its quarterly earnings data on Thursday, April 27th. The real estate investment trust reported $2.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.89 by $0.05. Essex Property Trust had a net margin of 38.94% and a return on equity of 8.04%. The business had revenue of $335.40 million during the quarter, compared to analyst estimates of $332.80 million. During the same quarter in the previous year, the business earned $2.68 EPS. Analysts expect that Essex Property Trust, Inc. will post $6.04 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 14th. Investors of record on Friday, June 30th will be paid a $1.75 dividend. This represents a $7.00 annualized dividend and a dividend yield of 2.63%. The ex-dividend date of this dividend is Wednesday, June 28th. Essex Property Trust’s payout ratio is presently 89.74%.
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ESS has been the subject of a number of recent analyst reports. Evercore ISI downgraded Essex Property Trust from an “in-line” rating to an “underperform” rating and set a $261.00 price target for the company. in a report on Monday. Jefferies Group LLC reaffirmed a “hold” rating and set a $234.00 price target on shares of Essex Property Trust in a report on Tuesday, May 30th. BMO Capital Markets set a $255.00 price target on Essex Property Trust and gave the stock a “hold” rating in a report on Thursday, May 25th. SunTrust Banks, Inc. downgraded Essex Property Trust from a “buy” rating to a “hold” rating and set a $257.00 price target for the company. in a report on Thursday, May 18th. They noted that the move was a valuation call. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $267.00 price target (up from $248.00) on shares of Essex Property Trust in a report on Tuesday, May 16th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $251.27.
In other news, insider Angela L. Kleiman sold 3,417 shares of the business’s stock in a transaction dated Wednesday, May 10th. The shares were sold at an average price of $252.35, for a total transaction of $862,279.95. Following the transaction, the insider now owns 10,594 shares in the company, valued at approximately $2,673,395.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Michael J. Schall sold 17,458 shares of the business’s stock in a transaction dated Friday, March 31st. The stock was sold at an average price of $232.01, for a total transaction of $4,050,430.58. Following the transaction, the insider now owns 59,763 shares in the company, valued at approximately $13,865,613.63. The disclosure for this sale can be found here. In the last ninety days, insiders sold 57,743 shares of company stock valued at $14,042,328. 3.30% of the stock is owned by company insiders.
Essex Property Trust Company Profile
Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust. The Company is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of predominantly apartment communities, located along the West Coast. Its segments include Southern California, Northern California, Seattle Metro and Other real estate assets.
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