Fiduciary Trust Co. increased its stake in Essex Property Trust, Inc. (NYSE:ESS) by 0.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,931 shares of the real estate investment trust’s stock after buying an additional 4 shares during the period. Fiduciary Trust Co.’s holdings in Essex Property Trust were worth $447,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Guggenheim Capital LLC raised its position in Essex Property Trust by 21.0% in the fourth quarter. Guggenheim Capital LLC now owns 143,505 shares of the real estate investment trust’s stock valued at $33,363,000 after buying an additional 24,874 shares in the last quarter. Foresters Investment Management Company Inc. raised its position in Essex Property Trust by 15.4% in the fourth quarter. Foresters Investment Management Company Inc. now owns 9,885 shares of the real estate investment trust’s stock valued at $2,280,000 after buying an additional 1,318 shares in the last quarter. GLG LLC bought a new position in Essex Property Trust during the fourth quarter valued at about $850,000. First Republic Investment Management Inc. raised its position in Essex Property Trust by 18.0% in the fourth quarter. First Republic Investment Management Inc. now owns 4,119 shares of the real estate investment trust’s stock valued at $957,000 after buying an additional 627 shares in the last quarter. Finally, Flinton Capital Management LLC bought a new position in Essex Property Trust during the fourth quarter valued at about $365,000. Hedge funds and other institutional investors own 98.94% of the company’s stock.
Essex Property Trust, Inc. (NYSE ESS) traded down 0.47% during trading on Tuesday, reaching $267.12. The company had a trading volume of 251,396 shares. The firm’s 50 day moving average price is $256.92 and its 200 day moving average price is $236.47. Essex Property Trust, Inc. has a 12-month low of $200.01 and a 12-month high of $268.97. The firm has a market capitalization of $17.52 billion, a PE ratio of 34.22 and a beta of 0.52.
Essex Property Trust (NYSE:ESS) last issued its earnings results on Thursday, April 27th. The real estate investment trust reported $2.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.89 by $0.05. Essex Property Trust had a return on equity of 8.04% and a net margin of 38.94%. The business had revenue of $335.40 million during the quarter, compared to analysts’ expectations of $332.80 million. During the same quarter in the prior year, the firm earned $2.68 EPS. Analysts anticipate that Essex Property Trust, Inc. will post $6.04 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Shareholders of record on Friday, June 30th will be issued a $1.75 dividend. The ex-dividend date is Wednesday, June 28th. This represents a $7.00 dividend on an annualized basis and a yield of 2.62%. Essex Property Trust’s payout ratio is presently 89.74%.
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Several research firms have issued reports on ESS. BidaskClub upgraded Essex Property Trust from a “buy” rating to a “strong-buy” rating in a research note on Tuesday. Evercore ISI lowered Essex Property Trust from an “in-line” rating to an “underperform” rating and set a $261.00 price objective for the company. in a research note on Monday, June 12th. BMO Capital Markets set a $255.00 price objective on Essex Property Trust and gave the stock a “hold” rating in a research note on Thursday, May 25th. Jefferies Group LLC reiterated a “hold” rating and set a $234.00 price objective on shares of Essex Property Trust in a research note on Tuesday, May 30th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $267.00 price objective (up from $248.00) on shares of Essex Property Trust in a research note on Tuesday, May 16th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Essex Property Trust presently has an average rating of “Hold” and an average price target of $251.27.
In other Essex Property Trust news, insider Michael J. Schall sold 17,458 shares of the company’s stock in a transaction dated Friday, March 31st. The stock was sold at an average price of $232.01, for a total value of $4,050,430.58. Following the completion of the transaction, the insider now owns 59,763 shares of the company’s stock, valued at approximately $13,865,613.63. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Janice L. Sears sold 3,000 shares of the company’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $253.92, for a total value of $761,760.00. Following the completion of the transaction, the director now directly owns 3,698 shares of the company’s stock, valued at approximately $938,996.16. The disclosure for this sale can be found here. In the last ninety days, insiders sold 57,743 shares of company stock valued at $14,042,328. Insiders own 3.30% of the company’s stock.
About Essex Property Trust
Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust. The Company is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of predominantly apartment communities, located along the West Coast. Its segments include Southern California, Northern California, Seattle Metro and Other real estate assets.
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