Wells Fargo & Company MN Purchases 23,841 Shares of Essex Property Trust Inc (ESS)

Wells Fargo & Company MN raised its stake in Essex Property Trust Inc (NYSE:ESS) by 50.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 71,138 shares of the real estate investment trust’s stock after buying an additional 23,841 shares during the quarter. Wells Fargo & Company MN owned about 0.11% of Essex Property Trust worth $18,071,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ESS. Tower Research Capital LLC TRC lifted its position 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 buying an additional 279 shares during the last quarter. Sun Life Financial INC lifted its position 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 buying an additional 472 shares during the last quarter. Breton Hill Capital Ltd. acquired a new position in Essex Property Trust in the third quarter valued at about $200,000. Beaton Management Co. Inc. acquired a new position in Essex Property Trust in the second quarter valued at about $207,000. Finally, First Allied Advisory Services Inc. acquired a new position in Essex Property Trust in the second quarter valued at about $210,000. 97.14% of the stock is currently owned by institutional investors.

Shares of Essex Property Trust Inc (NYSE:ESS) opened at $242.82 on Wednesday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.83 and a current ratio of 0.83. Essex Property Trust Inc has a one year low of $218.41 and a one year high of $270.04. The firm has a market cap of $16,500.67, a P/E ratio of 21.36, a P/E/G ratio of 3.37 and a beta of 0.50.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Friday, December 29th will be paid a dividend of $1.75 per share. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $7.00 dividend on an annualized basis and a dividend yield of 2.88%. Essex Property Trust’s payout ratio is 87.61%.

In related news, CEO Michael J. Schall sold 4,801 shares of the company’s stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $247.37, for a total transaction of $1,187,623.37. Following the sale, the chief executive officer now directly owns 49,564 shares in the company, valued at $12,260,646.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Angela L. Kleiman sold 600 shares of the company’s stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $247.16, for a total transaction of $148,296.00. Following the sale, the chief financial officer now owns 7,777 shares in the company, valued at $1,922,163.32. The disclosure for this sale can be found here. Insiders have sold 10,269 shares of company stock worth $2,558,882 over the last 90 days. Insiders own 3.30% of the company’s stock.

ESS has been the topic of a number of recent research reports. Royal Bank of Canada reiterated a “buy” rating on shares of Essex Property Trust in a research note on Sunday, November 12th. Robert W. Baird reiterated a “buy” rating and set a $273.00 price target on shares of Essex Property Trust in a research note on Tuesday, September 12th. BMO Capital Markets reiterated a “hold” rating and set a $257.00 price target on shares of Essex Property Trust in a research note on Monday, November 27th. Cantor Fitzgerald reiterated a “buy” rating and set a $280.00 price target on shares of Essex Property Trust in a research note on Wednesday, September 13th. Finally, Zacks Investment Research lowered shares of Essex Property Trust from a “buy” rating to a “hold” rating in a research note on Friday, October 13th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $271.19.

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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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Institutional Ownership by Quarter for Essex Property Trust (NYSE:ESS)

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