Los Angeles Capital Management & Equity Research Inc. increased its holdings in shares of Essex Property Trust Inc (NYSE:ESS) by 103.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 68,512 shares of the real estate investment trust’s stock after purchasing an additional 34,840 shares during the quarter. Los Angeles Capital Management & Equity Research Inc. owned 0.10% of Essex Property Trust worth $16,903,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of the stock. Bbva Compass Bancshares Inc. boosted its holdings in Essex Property Trust by 20.7% during the 2nd quarter. Bbva Compass Bancshares Inc. now owns 1,354 shares of the real estate investment trust’s stock valued at $324,000 after acquiring an additional 232 shares during the period. Nissay Asset Management Corp Japan ADV boosted its holdings in Essex Property Trust by 3.3% during the 2nd quarter. Nissay Asset Management Corp Japan ADV now owns 9,417 shares of the real estate investment trust’s stock valued at $2,251,000 after acquiring an additional 298 shares during the period. Parallel Advisors LLC boosted its holdings in Essex Property Trust by 14.3% during the 3rd quarter. Parallel Advisors LLC now owns 2,402 shares of the real estate investment trust’s stock valued at $593,000 after acquiring an additional 301 shares during the period. Amalgamated Bank boosted its holdings in Essex Property Trust by 4.1% during the 2nd quarter. Amalgamated Bank now owns 8,467 shares of the real estate investment trust’s stock valued at $2,024,000 after acquiring an additional 330 shares during the period. Finally, Eii Capital Management Inc. boosted its holdings in Essex Property Trust by 3.8% during the 3rd quarter. Eii Capital Management Inc. now owns 9,130 shares of the real estate investment trust’s stock valued at $2,334,000 after acquiring an additional 331 shares during the period. 95.81% of the stock is owned by hedge funds and other institutional investors.
ESS has been the subject of a number of research analyst reports. Zacks Investment Research cut Essex Property Trust from a “buy” rating to a “hold” rating in a report on Monday, August 6th. Scotiabank initiated coverage on Essex Property Trust in a report on Tuesday, October 16th. They set an “outperform” rating for the company. Citigroup cut Essex Property Trust from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $280.00 to $260.00 in a research note on Friday, September 14th. Stifel Nicolaus upgraded Essex Property Trust from a “hold” rating to a “buy” rating and lifted their price objective for the company from $235.00 to $260.00 in a research note on Thursday, August 2nd. Finally, Mizuho reiterated a “hold” rating and issued a $265.00 price objective on shares of Essex Property Trust in a research note on Monday, November 5th. Thirteen research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $264.42.
In related news, CEO Michael J. Schall sold 3,012 shares of the business’s stock in a transaction that occurred on Wednesday, October 24th. The stock was sold at an average price of $252.63, for a total transaction of $760,921.56. Following the completion of the sale, the chief executive officer now owns 47,997 shares in the company, valued at $12,125,482.11. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider John F. Burkart sold 834 shares of the business’s stock in a transaction that occurred on Tuesday, October 30th. The stock was sold at an average price of $256.11, for a total value of $213,595.74. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,597 shares of company stock valued at $1,659,153. 3.30% of the stock is owned by company insiders.
ESS stock opened at $253.93 on Friday. The company has a market cap of $16.85 billion, a P/E ratio of 20.58, a price-to-earnings-growth ratio of 3.34 and a beta of 0.20. Essex Property Trust Inc has a fifty-two week low of $214.03 and a fifty-two week high of $259.83. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.31 and a quick ratio of 1.31.
Essex Property Trust (NYSE:ESS) last posted its earnings results on Monday, October 29th. The real estate investment trust reported $1.22 earnings per share for the quarter, missing the consensus estimate of $3.14 by ($1.92). The business had revenue of $350.92 million for the quarter, compared to analysts’ expectations of $351.58 million. Essex Property Trust had a return on equity of 5.52% and a net margin of 27.01%. During the same quarter in the previous year, the firm earned $2.98 EPS. As a group, sell-side analysts anticipate that Essex Property Trust Inc will post 12.56 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 12th. Investors of record on Friday, September 28th were paid a dividend of $1.86 per share. This represents a $7.44 annualized dividend and a yield of 2.93%. The ex-dividend date of this dividend was Thursday, September 27th. Essex Property Trust’s payout ratio is 62.47%.
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About Essex Property Trust
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 approximately 60,000 apartment homes, excluding six properties in various stages of active development, one commercial building, preferred equity co-investments, and loan investments.
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