Oppenheimer Asset Management Inc. boosted its position in Essex Property Trust Inc (NYSE:ESS) by 1.1% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,212 shares of the real estate investment trust’s stock after purchasing an additional 81 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Essex Property Trust were worth $2,087,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in ESS. BlackRock Inc. lifted its stake in Essex Property Trust by 1.0% in the fourth quarter. BlackRock Inc. now owns 6,957,103 shares of the real estate investment trust’s stock valued at $1,705,952,000 after acquiring an additional 66,945 shares during the last quarter. Cohen & Steers Inc. lifted its stake in shares of Essex Property Trust by 18.3% in 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 during the last quarter. FMR LLC lifted its stake in shares of Essex Property Trust by 10.5% in the fourth quarter. FMR LLC now owns 1,882,752 shares of the real estate investment trust’s stock worth $461,670,000 after buying an additional 178,866 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Essex Property Trust by 35.6% in 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 during the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Essex Property Trust by 4.6% in the fourth quarter. Northern Trust Corp now owns 1,113,281 shares of the real estate investment trust’s stock worth $272,987,000 after buying an additional 49,296 shares during the last quarter. Institutional investors own 97.13% of the company’s stock.
In other Essex Property Trust news, insider John D. Eudy sold 3,000 shares of Essex Property Trust stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of $291.56, for a total value of $874,680.00. Following the transaction, the insider now owns 10,642 shares in the company, valued at $3,102,781.52. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Angela L. Kleiman sold 1,177 shares of Essex Property Trust stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $289.72, for a total value of $341,000.44. Following the completion of the transaction, the chief financial officer now owns 6,916 shares in the company, valued at approximately $2,003,703.52. The disclosure for this sale can be found here. Insiders sold a total of 11,110 shares of company stock worth $3,224,758 over the last quarter. 3.60% of the stock is currently owned by corporate insiders.
Essex Property Trust stock traded up $1.26 during trading hours on Wednesday, reaching $287.94. 127,751 shares of the company’s stock traded hands, compared to its average volume of 292,599. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.91. Essex Property Trust Inc has a fifty-two week low of $227.05 and a fifty-two week high of $294.61. The company has a market cap of $18.83 billion, a PE ratio of 22.91, a PEG ratio of 3.85 and a beta of 0.45.
Essex Property Trust (NYSE:ESS) last released its earnings results on Wednesday, April 24th. The real estate investment trust reported $3.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.19 by $0.04. The company had revenue of $356.22 million for the quarter, compared to the consensus estimate of $353.55 million. Essex Property Trust had a net margin of 29.67% and a return on equity of 6.50%. During the same period in the prior year, the company posted $3.09 EPS. Research analysts forecast that Essex Property Trust Inc will post 13.12 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be given a $1.95 dividend. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 2.71%. Essex Property Trust’s dividend payout ratio is 62.05%.
Several equities analysts recently commented on the stock. Barclays upgraded shares of Essex Property Trust from a “neutral” rating to a “positive” rating in a research note on Monday, February 4th. Jefferies Financial Group lowered shares of Essex Property Trust from a “buy” rating to a “hold” rating and boosted their price target for the company from $290.00 to $295.00 in a report on Thursday, February 7th. They noted that the move was a valuation call. Citigroup set a $275.00 price target on shares of Essex Property Trust and gave the company a “hold” rating in a report on Tuesday, February 5th. KeyCorp upped their target price on shares of Essex Property Trust from $268.00 to $301.00 and gave the stock an “overweight” rating in a report on Tuesday, March 19th. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $295.00 target price on shares of Essex Property Trust in a report on Monday, March 25th. Ten research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $282.17.
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. Essex currently has ownership interests in 245 apartment communities with an additional 6 properties in various stages of active development.
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