Allspring Global Investments Holdings LLC Reduces Stock Holdings in Essex Property Trust, Inc. (NYSE:ESS)

Allspring Global Investments Holdings LLC reduced its holdings in Essex Property Trust, Inc. (NYSE:ESS) by 23.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,465 shares of the real estate investment trust’s stock after selling 1,064 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Essex Property Trust were worth $859,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in ESS. Bruce G. Allen Investments LLC acquired a new position in shares of Essex Property Trust in the 4th quarter valued at $41,000. Blue Trust Inc. raised its position in Essex Property Trust by 645.2% during the fourth quarter. Blue Trust Inc. now owns 231 shares of the real estate investment trust’s stock worth $57,000 after acquiring an additional 200 shares during the period. Planned Solutions Inc. acquired a new position in Essex Property Trust during the fourth quarter worth $76,000. Clearstead Advisors LLC raised its position in Essex Property Trust by 327.1% during the third quarter. Clearstead Advisors LLC now owns 363 shares of the real estate investment trust’s stock worth $77,000 after acquiring an additional 278 shares during the period. Finally, Federated Hermes Inc. raised its position in Essex Property Trust by 30.2% during the third quarter. Federated Hermes Inc. now owns 815 shares of the real estate investment trust’s stock worth $173,000 after acquiring an additional 189 shares during the period. 96.51% of the stock is owned by hedge funds and other institutional investors.

Essex Property Trust Stock Up 2.3 %

ESS stock opened at $247.74 on Thursday. The company has a current ratio of 3.26, a quick ratio of 3.26 and a debt-to-equity ratio of 1.11. Essex Property Trust, Inc. has a twelve month low of $203.85 and a twelve month high of $252.85. The company’s 50 day moving average is $238.32 and its two-hundred day moving average is $231.49. The stock has a market cap of $15.91 billion, a P/E ratio of 39.26, a PEG ratio of 3.54 and a beta of 0.80.

Essex Property Trust Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 29th were given a dividend of $2.45 per share. The ex-dividend date was Wednesday, March 27th. This is a positive change from Essex Property Trust’s previous quarterly dividend of $2.31. This represents a $9.80 dividend on an annualized basis and a dividend yield of 3.96%. Essex Property Trust’s dividend payout ratio (DPR) is 155.31%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ESS shares. Truist Financial reduced their price objective on shares of Essex Property Trust from $259.00 to $255.00 and set a “hold” rating for the company in a research report on Tuesday, April 9th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Essex Property Trust in a research report on Tuesday, January 30th. They set a “hold” rating and a $240.00 price objective for the company. Piper Sandler reaffirmed an “overweight” rating and set a $291.00 target price on shares of Essex Property Trust in a report on Tuesday, March 26th. The Goldman Sachs Group reaffirmed a “sell” rating and set a $227.00 target price on shares of Essex Property Trust in a report on Thursday, February 22nd. Finally, StockNews.com lowered shares of Essex Property Trust from a “hold” rating to a “sell” rating in a report on Saturday, April 13th. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $245.37.

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. Essex currently has ownership interests in 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.