Bp Plc purchased a new position in shares of Essex Property Trust Inc (NYSE:ESS) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 23,000 shares of the real estate investment trust’s stock, valued at approximately $5,640,000.
A number of other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. increased its position in Essex Property Trust by 1.1% during the third quarter. BlackRock Inc. now owns 6,890,158 shares of the real estate investment trust’s stock worth $1,699,871,000 after buying an additional 78,034 shares in the last quarter. Cohen & Steers Inc. increased its position in Essex Property Trust by 18.3% during the third quarter. Cohen & Steers Inc. now owns 6,591,248 shares of the real estate investment trust’s stock worth $1,626,127,000 after buying an additional 1,021,374 shares in the last quarter. Daiwa Securities Group Inc. increased its position in Essex Property Trust by 24.4% during the third quarter. Daiwa Securities Group Inc. now owns 2,094,825 shares of the real estate investment trust’s stock worth $516,815,000 after buying an additional 411,401 shares in the last quarter. JPMorgan Chase & Co. increased its position in Essex Property Trust by 35.6% during the third quarter. JPMorgan Chase & Co. now owns 1,471,859 shares of the real estate investment trust’s stock worth $363,125,000 after buying an additional 386,035 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position in Essex Property Trust by 4.0% during the third quarter. Renaissance Technologies LLC now owns 653,726 shares of the real estate investment trust’s stock worth $161,281,000 after buying an additional 25,100 shares in the last quarter. 98.89% of the stock is owned by institutional investors.
In related news, insider John D. Eudy sold 166 shares of Essex Property Trust stock in a transaction on Monday, December 10th. The stock was sold at an average price of $263.91, for a total value of $43,809.06. Following the transaction, the insider now owns 10,621 shares in the company, valued at $2,802,988.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John F. Burkart sold 332 shares of Essex Property Trust stock in a transaction on Wednesday, December 19th. The shares were sold at an average price of $255.51, for a total value of $84,829.32. Following the completion of the transaction, the executive vice president now owns 7,064 shares in the company, valued at approximately $1,804,922.64. The disclosure for this sale can be found here. Insiders sold 8,236 shares of company stock worth $2,167,568 in the last quarter. 3.40% of the stock is owned by insiders.
ESS has been the subject of several recent research reports. BMO Capital Markets reissued a “hold” rating and set a $260.00 price target on shares of Essex Property Trust in a research report on Wednesday, January 30th. JPMorgan Chase & Co. cut Essex Property Trust from an “overweight” rating to a “neutral” rating in a report on Wednesday, December 19th. Jefferies Financial Group raised their price objective on Essex Property Trust from $262.00 to $297.00 in a report on Sunday, December 9th. Wells Fargo & Co upgraded Essex Property Trust from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $262.00 to $284.00 in a report on Tuesday, December 11th. Finally, Mizuho restated a “hold” rating and set a $265.00 price objective on shares of Essex Property Trust in a report on Monday, November 5th. Eleven 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 an average rating of “Buy” and an average target price of $269.64.
ESS stock opened at $278.03 on Thursday. Essex Property Trust Inc has a 52-week low of $219.62 and a 52-week high of $280.11. The firm has a market cap of $18.37 billion, a PE ratio of 22.12, a price-to-earnings-growth ratio of 3.74 and a beta of 0.49. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.31 and a current ratio of 1.31.
Essex Property Trust (NYSE:ESS) last issued its earnings results on Wednesday, January 30th. The real estate investment trust reported $3.19 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $3.19. Essex Property Trust had a return on equity of 5.74% and a net margin of 27.87%. The firm had revenue of $353.16 million for the quarter, compared to analysts’ expectations of $351.76 million. During the same quarter last year, the firm earned $3.01 earnings per share. As a group, equities research analysts predict that Essex Property Trust Inc will post 13.07 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, January 15th. Investors of record on Wednesday, January 2nd were issued a $1.86 dividend. This represents a $7.44 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date of this dividend was Monday, December 31st. Essex Property Trust’s payout ratio is currently 59.19%.
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Essex Property Trust Company 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 248 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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