Essex Property Trust Inc. (ESS) Plans $1.60 Quarterly Dividend
Essex Property Trust Inc. (NYSE:ESS) declared a quarterly dividend on Wednesday, September 21st. Investors of record on Friday, September 30th will be given a dividend of 1.60 per share by the real estate investment trust on Friday, October 14th. This represents a $6.40 annualized dividend and a yield of 2.83%.
In related news, Director Keith R. Guericke sold 5,000 shares of the business’s stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $233.49, for a total transaction of $1,167,450.00. Following the transaction, the director now directly owns 63,750 shares in the company, valued at $14,884,987.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael J. Schall sold 10,000 shares of the business’s stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $222.23, for a total value of $2,222,300.00. Following the transaction, the chief executive officer now owns 47,954 shares in the company, valued at $10,656,817.42. The disclosure for this sale can be found here. Corporate insiders own 3.50% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. First Allied Advisory Services Inc. purchased a new position in shares of Essex Property Trust during the second quarter valued at about $211,000. Advisor Group Inc. bought a new stake in Essex Property Trust during the second quarter worth $219,000. OLD Mutual Customised Solutions Proprietary Ltd. bought a new stake in Essex Property Trust during the second quarter worth $228,000. Advisor Partners LLC increased its stake in Essex Property Trust by 0.8% in the second quarter. Advisor Partners LLC now owns 1,148 shares of the real estate investment trust’s stock worth $262,000 after buying an additional 9 shares during the last quarter. Finally, Ameritas Investment Partners Inc. increased its stake in Essex Property Trust by 6.1% in the second quarter. Ameritas Investment Partners Inc. now owns 1,294 shares of the real estate investment trust’s stock worth $295,000 after buying an additional 74 shares during the last quarter. Hedge funds and other institutional investors own 98.99% of the company’s stock.
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ESS has been the subject of several analyst reports. Cantor Fitzgerald reiterated a “buy” rating on shares of Essex Property Trust in a research note on Saturday, June 4th. BTIG Research initiated coverage on Essex Property Trust in a research note on Thursday, August 25th. They issued a “buy” rating and a $260.00 target price for the company. Barclays PLC upped their target price on Essex Property Trust from $242.00 to $243.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 19th. Jefferies Group upped their price target on Essex Property Trust from $209.00 to $210.00 and gave the stock a “hold” rating in a research note on Wednesday, August 10th. Finally, Canaccord Genuity restated a “hold” rating and set a $239.00 price target (down from $246.00) on shares of Essex Property Trust in a research note on Monday, August 1st. Fourteen research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Essex Property Trust has an average rating of “Hold” and an average price target of $245.97.
Essex Property Trust (NYSE:ESS) opened at 226.04 on Wednesday. The company has a market cap of $14.80 billion, a P/E ratio of 54.35 and a beta of 0.85. The firm’s 50-day moving average price is $226.80 and its 200-day moving average price is $225.27. Essex Property Trust has a 12-month low of $191.25 and a 12-month high of $244.71.
Essex Property Trust (NYSE:ESS) last issued its quarterly earnings results on Friday, July 29th. The real estate investment trust reported $2.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.70 by $0.04. Essex Property Trust had a return on equity of 4.38% and a net margin of 22.25%. During the same quarter last year, the business earned $2.40 EPS. Analysts expect that Essex Property Trust will post $11.01 EPS for the current year.
About Essex Property Trust
Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns all of its interest in its real estate and other investments directly or indirectly through Essex Portfolio, L.P. (the Operating Partnership). The Company is engaged in the ownership, operation, management, acquisition, development and redevelopment of apartment communities.
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