New York State Teachers Retirement System lowered its stake in Essex Property Trust Inc (NYSE:ESS) by 2.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 108,067 shares of the real estate investment trust’s stock after selling 2,233 shares during the period. New York State Teachers Retirement System owned about 0.16% of Essex Property Trust worth $25,836,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently bought and sold shares of ESS. Daiwa Securities Group Inc. raised its position in Essex Property Trust by 26.4% in the 2nd quarter. Daiwa Securities Group Inc. now owns 1,683,424 shares of the real estate investment trust’s stock valued at $402,457,000 after purchasing an additional 351,324 shares in the last quarter. American Century Companies Inc. acquired a new stake in shares of Essex Property Trust during the 1st quarter worth about $62,639,000. Centersquare Investment Management LLC acquired a new stake in shares of Essex Property Trust during the 1st quarter worth about $51,937,000. Lord Abbett & CO. LLC acquired a new stake in shares of Essex Property Trust during the 1st quarter worth about $38,701,000. Finally, Resolution Capital Ltd raised its position in shares of Essex Property Trust by 27.5% during the 2nd quarter. Resolution Capital Ltd now owns 592,127 shares of the real estate investment trust’s stock worth $141,560,000 after acquiring an additional 127,645 shares in the last quarter. 98.00% of the stock is currently owned by institutional investors.
ESS has been the topic of several research analyst reports. Bank of America raised their target price on Essex Property Trust from $276.00 to $277.00 and gave the stock a “buy” rating in a research report on Friday, June 8th. Raymond James raised Essex Property Trust from an “underperform” rating to a “market perform” rating in a research report on Monday, July 23rd. Zacks Investment Research raised Essex Property Trust from a “hold” rating to a “buy” rating and set a $257.00 target price on the stock in a research report on Monday, July 23rd. Morgan Stanley cut their target price on Essex Property Trust from $267.00 to $260.00 and set an “overweight” rating on the stock in a research report on Thursday, June 14th. Finally, Stifel Nicolaus raised Essex Property Trust from a “hold” rating to a “buy” rating and raised their target price for the stock from $235.00 to $260.00 in a research report on Thursday, August 2nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Essex Property Trust presently has a consensus rating of “Buy” and a consensus price target of $265.11.
Essex Property Trust opened at $242.77 on Tuesday, MarketBeat Ratings reports. The company has a market cap of $16.01 billion, a P/E ratio of 20.38, a PEG ratio of 3.19 and a beta of 0.39. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.88. Essex Property Trust Inc has a 52-week low of $214.03 and a 52-week high of $270.04.
Essex Property Trust (NYSE:ESS) last released its quarterly earnings results on Wednesday, August 1st. The real estate investment trust reported $3.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.10 by $0.04. The firm had revenue of $348.72 million for the quarter, compared to the consensus estimate of $348.58 million. Essex Property Trust had a return on equity of 5.52% and a net margin of 27.05%. During the same quarter last year, the business posted $2.97 EPS. research analysts expect that Essex Property Trust Inc will post 12.52 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, July 13th. Investors of record on Friday, June 29th were paid a dividend of $1.86 per share. The ex-dividend date was Thursday, June 28th. This represents a $7.44 dividend on an annualized basis and a yield of 3.06%. Essex Property Trust’s dividend payout ratio is presently 62.47%.
In related news, insider John F. Burkart sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, May 11th. The stock was sold at an average price of $243.19, for a total transaction of $607,975.00. Following the transaction, the insider now owns 7,429 shares in the company, valued at approximately $1,806,658.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 3.40% of the company’s stock.
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. The Company currently has ownership interests in 247 apartment communities comprising more than 60,000 apartment homes with an additional 7 properties in various stages of active development.
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