Essex Property Trust, Inc. (NYSE:ESS) CEO Michael J. Schall sold 333 shares of the company’s stock in a transaction dated Tuesday, October 10th. The shares were sold at an average price of $257.92, for a total transaction of $85,887.36. Following the transaction, the chief executive officer now owns 45,096 shares in the company, valued at approximately $11,631,160.32. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.
Shares of Essex Property Trust, Inc. (NYSE:ESS) opened at 261.10 on Friday. Essex Property Trust, Inc. has a 12-month low of $200.01 and a 12-month high of $270.04. The company has a 50-day moving average of $260.23 and a 200 day moving average of $255.48. The stock has a market capitalization of $17.23 billion, a price-to-earnings ratio of 33.57 and a beta of 0.53.
Essex Property Trust (NYSE:ESS) last announced its quarterly earnings results on Thursday, July 27th. The real estate investment trust reported $2.97 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.92 by $0.05. Essex Property Trust had a return on equity of 8.03% and a net margin of 38.33%. The company had revenue of $339.06 million during the quarter, compared to the consensus estimate of $336.17 million. During the same period in the previous year, the company posted $2.74 earnings per share. Analysts predict that Essex Property Trust, Inc. will post $5.89 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be issued a $1.75 dividend. This represents a $7.00 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date is Thursday, September 28th. Essex Property Trust’s payout ratio is presently 89.97%.
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Large investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC lifted its holdings in Essex Property Trust by 145.3% in the second quarter. Tower Research Capital LLC TRC now owns 471 shares of the real estate investment trust’s stock valued at $121,000 after acquiring an additional 279 shares during the period. Sun Life Financial INC lifted its holdings in Essex Property Trust by 5,900.0% in the second quarter. Sun Life Financial INC now owns 480 shares of the real estate investment trust’s stock valued at $123,000 after acquiring an additional 472 shares during the period. FNY Partners Fund LP acquired a new position in Essex Property Trust in the first quarter valued at approximately $165,000. Perigon Wealth Management LLC lifted its holdings in Essex Property Trust by 835.2% in the first quarter. Perigon Wealth Management LLC now owns 823 shares of the real estate investment trust’s stock valued at $192,000 after acquiring an additional 735 shares during the period. Finally, Wetherby Asset Management Inc. acquired a new position in Essex Property Trust in the second quarter valued at approximately $203,000. 99.46% of the stock is owned by institutional investors.
Several equities analysts have issued reports on the stock. Royal Bank Of Canada restated an “outperform” rating and set a $276.00 target price (up previously from $267.00) on shares of Essex Property Trust in a research note on Sunday, August 13th. Canaccord Genuity set a $270.00 target price on shares of Essex Property Trust and gave the company a “hold” rating in a research note on Monday, July 31st. Stifel Nicolaus assumed coverage on shares of Essex Property Trust in a research note on Friday, September 1st. They set a “buy” rating and a $294.00 target price on the stock. Mizuho cut shares of Essex Property Trust from a “buy” rating to a “neutral” rating and set a $283.00 target price on the stock. in a research note on Monday, July 31st. Finally, Zacks Investment Research cut shares of Essex Property Trust from a “buy” rating to a “hold” rating in a research note on Monday, July 17th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $268.07.
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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