Michael J. Schall Sells 333 Shares of Essex Property Trust, Inc. (ESS) Stock
Essex Property Trust, Inc. (NYSE:ESS) CEO Michael J. Schall sold 333 shares of the stock in a transaction that occurred on Tuesday, October 10th. The shares were sold at an average price of $257.92, for a total transaction of $85,887.36. Following the completion of the sale, the chief executive officer now directly owns 45,096 shares of the company’s stock, valued at approximately $11,631,160.32. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.
Shares of Essex Property Trust, Inc. (NYSE ESS) traded down 0.16% during trading on Wednesday, hitting $258.30. 186,184 shares of the stock traded hands. The company’s 50 day moving average is $260.60 and its 200 day moving average is $255.42. The firm has a market cap of $17.04 billion, a PE ratio of 33.21 and a beta of 0.53. Essex Property Trust, Inc. has a 52-week low of $200.01 and a 52-week high of $270.04.
Essex Property Trust (NYSE:ESS) last released its earnings results on Thursday, July 27th. The real estate investment trust reported $2.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.92 by $0.05. Essex Property Trust had a net margin of 38.33% and a return on equity of 8.03%. The firm had revenue of $339.06 million during the quarter, compared to the consensus estimate of $336.17 million. During the same period in the previous year, the firm earned $2.74 earnings per share. On average, equities research analysts predict that Essex Property Trust, Inc. will post $5.89 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be issued a $1.75 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $7.00 dividend on an annualized basis and a yield of 2.71%. Essex Property Trust’s payout ratio is 89.97%.
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A number of institutional investors and hedge funds have recently added to or reduced their stakes in ESS. PNC Financial Services Group Inc. grew its stake in Essex Property Trust by 1.0% during the first quarter. PNC Financial Services Group Inc. now owns 6,507 shares of the real estate investment trust’s stock worth $1,506,000 after buying an additional 66 shares during the period. Thrivent Financial For Lutherans grew its stake in Essex Property Trust by 1.1% during the first quarter. Thrivent Financial For Lutherans now owns 34,083 shares of the real estate investment trust’s stock worth $7,891,000 after buying an additional 360 shares during the period. Global X Management Co. LLC grew its stake in Essex Property Trust by 35.8% during the first quarter. Global X Management Co. LLC now owns 1,600 shares of the real estate investment trust’s stock worth $370,000 after buying an additional 422 shares during the period. Cambridge Investment Research Advisors Inc. purchased a new stake in Essex Property Trust during the first quarter worth approximately $405,000. Finally, Parallel Advisors LLC grew its stake in Essex Property Trust by 3.3% during the first quarter. Parallel Advisors LLC now owns 5,851 shares of the real estate investment trust’s stock worth $1,448,000 after buying an additional 189 shares during the period. Institutional investors own 99.46% of the company’s stock.
ESS has been the subject of several analyst reports. BidaskClub raised shares of Essex Property Trust from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, June 20th. BTIG Research cut shares of Essex Property Trust from a “buy” rating to a “neutral” rating in a research note on Friday, June 30th. Jefferies Group LLC reissued a “hold” rating and issued a $234.00 price target on shares of Essex Property Trust in a research note on Tuesday, July 4th. Zacks Investment Research raised shares of Essex Property Trust from a “hold” rating to a “buy” rating and set a $283.00 price target for the company in a research note on Tuesday, July 11th. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $267.00 price target on shares of Essex Property Trust in a research note on Sunday, July 16th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $268.07.
About Essex Property Trust
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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