Tidal Investments LLC cut its stake in shares of Essex Property Trust, Inc. (NYSE:ESS – Free Report) by 47.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,898 shares of the real estate investment trust’s stock after selling 1,702 shares during the period. Tidal Investments LLC’s holdings in Essex Property Trust were worth $465,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. EP Wealth Advisors LLC increased its stake in shares of Essex Property Trust by 3.7% in the 1st quarter. EP Wealth Advisors LLC now owns 1,228 shares of the real estate investment trust’s stock worth $301,000 after purchasing an additional 44 shares in the last quarter. Cornercap Investment Counsel Inc. lifted its stake in shares of Essex Property Trust by 2.4% during the 4th quarter. Cornercap Investment Counsel Inc. now owns 1,913 shares of the real estate investment trust’s stock valued at $474,000 after buying an additional 45 shares in the last quarter. Commerzbank Aktiengesellschaft FI increased its stake in Essex Property Trust by 1.8% in the 4th quarter. Commerzbank Aktiengesellschaft FI now owns 2,552 shares of the real estate investment trust’s stock worth $633,000 after buying an additional 45 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. raised its holdings in Essex Property Trust by 2.8% during the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 1,866 shares of the real estate investment trust’s stock valued at $463,000 after acquiring an additional 51 shares during the period. Finally, GAMMA Investing LLC lifted its position in shares of Essex Property Trust by 10.3% in the first quarter. GAMMA Investing LLC now owns 591 shares of the real estate investment trust’s stock valued at $145,000 after acquiring an additional 55 shares in the last quarter. 96.51% of the stock is owned by institutional investors.
Essex Property Trust Stock Up 0.6 %
Shares of Essex Property Trust stock opened at $279.18 on Friday. Essex Property Trust, Inc. has a 52-week low of $203.85 and a 52-week high of $292.37. The firm’s 50 day moving average price is $276.68 and its 200-day moving average price is $254.34. The company has a quick ratio of 3.19, a current ratio of 1.62 and a debt-to-equity ratio of 1.11. The company has a market cap of $17.93 billion, a P/E ratio of 34.13, a PEG ratio of 3.96 and a beta of 0.86.
Essex Property Trust (NYSE:ESS – Get Free Report) last issued its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.85 by ($2.40). The business had revenue of $442.36 million for the quarter, compared to analyst estimates of $433.26 million. Essex Property Trust had a return on equity of 9.14% and a net margin of 30.31%. During the same period in the previous year, the company posted $3.77 earnings per share. On average, sell-side analysts predict that Essex Property Trust, Inc. will post 15.53 EPS for the current fiscal year.
Essex Property Trust Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 24th. Stockholders of record on Friday, June 28th were paid a dividend of $2.45 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $9.80 dividend on an annualized basis and a dividend yield of 3.51%. Essex Property Trust’s payout ratio is 119.80%.
Insider Activity
In related news, Director Keith R. Guericke sold 10,000 shares of Essex Property Trust stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $274.57, for a total value of $2,745,700.00. Following the completion of the sale, the director now directly owns 16,118 shares in the company, valued at approximately $4,425,519.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Angela L. Kleiman sold 3,780 shares of the firm’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $278.27, for a total value of $1,051,860.60. Following the completion of the transaction, the chief executive officer now directly owns 9,494 shares in the company, valued at $2,641,895.38. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Keith R. Guericke sold 10,000 shares of Essex Property Trust stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $274.57, for a total value of $2,745,700.00. Following the sale, the director now directly owns 16,118 shares of the company’s stock, valued at approximately $4,425,519.26. The disclosure for this sale can be found here. Corporate insiders own 3.80% of the company’s stock.
Analyst Ratings Changes
Several analysts recently issued reports on ESS shares. Scotiabank lifted their target price on Essex Property Trust from $285.00 to $290.00 and gave the company a “sector outperform” rating in a research note on Wednesday. Wedbush increased their price objective on shares of Essex Property Trust from $264.00 to $301.00 and gave the company a “neutral” rating in a report on Monday. StockNews.com raised Essex Property Trust from a “sell” rating to a “hold” rating in a report on Wednesday, May 1st. Mizuho raised their target price on shares of Essex Property Trust from $250.00 to $266.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Finally, Truist Financial boosted their price target on shares of Essex Property Trust from $255.00 to $282.00 and gave the stock a “hold” rating in a research report on Monday, June 24th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $266.75.
Essex Property Trust Profile
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 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.
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