Heitman Real Estate Securities LLC cut its holdings in Essex Property Trust Inc (NYSE:ESS) by 68.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 45,769 shares of the real estate investment trust’s stock after selling 97,147 shares during the quarter. Heitman Real Estate Securities LLC owned 0.07% of Essex Property Trust worth $11,047,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of ESS. Tower Research Capital LLC TRC purchased a new position in shares of Essex Property Trust in the fourth quarter valued at $100,000. Breton Hill Capital Ltd. purchased a new position in shares of Essex Property Trust in the third quarter valued at $200,000. Beacon Investment Advisory Services Inc. purchased a new position in shares of Essex Property Trust in the third quarter valued at $200,000. Shelton Capital Management purchased a new position in shares of Essex Property Trust in the fourth quarter valued at $208,000. Finally, Checchi Capital Advisers LLC purchased a new position in shares of Essex Property Trust in the fourth quarter valued at $217,000. 97.24% of the stock is owned by hedge funds and other institutional investors.
Essex Property Trust Inc (ESS) opened at $237.52 on Monday. Essex Property Trust Inc has a 52 week low of $214.03 and a 52 week high of $270.04. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $15,685.89, a PE ratio of 19.96, a price-to-earnings-growth ratio of 3.23 and a beta of 0.45.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Thursday, March 29th will be paid a dividend of $1.86 per share. This is a positive change from Essex Property Trust’s previous quarterly dividend of $1.75. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $7.44 dividend on an annualized basis and a dividend yield of 3.13%. Essex Property Trust’s payout ratio is presently 106.38%.
In other news, insider Glenn Olnick sold 1,600,000 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $0.10, for a total transaction of $160,000.00. Also, Director Gary P. Martin sold 500 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $223.43, for a total value of $111,715.00. Following the sale, the director now owns 5,736 shares in the company, valued at approximately $1,281,594.48. The disclosure for this sale can be found here. 3.30% of the stock is currently owned by insiders.
A number of analysts recently issued reports on the company. BMO Capital Markets restated a “hold” rating and issued a $250.00 price target on shares of Essex Property Trust in a research report on Tuesday, January 9th. Citigroup upgraded Essex Property Trust to an “overweight” rating and raised their price target for the stock from $253.00 to $278.00 in a research report on Wednesday, January 3rd. They noted that the move was a valuation call. Sandler O’Neill set a $235.00 price target on Essex Property Trust and gave the stock a “hold” rating in a research report on Friday, February 9th. Royal Bank of Canada restated a “buy” rating on shares of Essex Property Trust in a research report on Sunday, November 12th. Finally, Cantor Fitzgerald set a $264.00 target price on Essex Property Trust and gave the stock a “buy” rating in a research report on Wednesday, February 21st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $264.35.
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Essex Property Trust 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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