Investors purchased shares of Essex Property Trust Inc (NYSE:ESS) on weakness during trading hours on Monday. $65.25 million flowed into the stock on the tick-up and $49.42 million flowed out of the stock on the tick-down, for a money net flow of $15.83 million into the stock. Of all companies tracked, Essex Property Trust had the 28th highest net in-flow for the day. Essex Property Trust traded down ($0.09) for the day and closed at $227.85
A number of brokerages recently commented on ESS. Jefferies Group reiterated a “hold” rating and issued a $252.00 price target on shares of Essex Property Trust in a research note on Tuesday. Bank of America upgraded shares of Essex Property Trust from a “neutral” rating to a “buy” rating and increased their target price for the stock from $227.85 to $284.00 in a research report on Tuesday. Sandler O’Neill set a $235.00 target price on shares of Essex Property Trust and gave the stock a “hold” rating in a research report on Friday, February 9th. Mizuho upgraded shares of Essex Property Trust from an “underperform” rating to a “neutral” rating and set a $223.00 target price on the stock in a research report on Friday, February 9th. They noted that the move was a valuation call. Finally, Cantor Fitzgerald set a $279.00 target price on shares of Essex Property Trust and gave the stock a “buy” rating in a research report on Thursday, February 8th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $264.94.
The firm has a market cap of $15,070.00, a P/E ratio of 34.75, a P/E/G ratio of 2.93 and a beta of 0.42. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.89.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Friday, December 29th were paid a $1.75 dividend. This represents a $7.00 annualized dividend and a yield of 3.11%. The ex-dividend date of this dividend was Thursday, December 28th. Essex Property Trust’s payout ratio is 106.54%.
In other news, CEO Michael J. Schall sold 4,801 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief executive officer now owns 49,564 shares of the company’s stock, valued at $12,260,646.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gary P. Martin sold 500 shares of the firm’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $223.43, for a total transaction of $111,715.00. Following the transaction, the director now directly owns 5,736 shares of the company’s stock, valued at approximately $1,281,594.48. The disclosure for this sale can be found here. In the last three months, insiders sold 8,602 shares of company stock valued at $2,115,430. 3.30% of the stock is owned by insiders.
Several hedge funds have recently added to or reduced their stakes in ESS. Janus Henderson Group PLC raised its stake in shares of Essex Property Trust by 1,333.6% during the second quarter. Janus Henderson Group PLC now owns 119,666 shares of the real estate investment trust’s stock valued at $30,787,000 after acquiring an additional 111,319 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in Essex Property Trust by 2.9% during the second quarter. The Manufacturers Life Insurance Company now owns 70,180 shares of the real estate investment trust’s stock worth $18,055,000 after buying an additional 1,979 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in Essex Property Trust by 1.0% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 4,821 shares of the real estate investment trust’s stock worth $1,240,000 after buying an additional 49 shares during the last quarter. Nomura Holdings Inc. bought a new position in Essex Property Trust during the second quarter worth $1,272,000. Finally, Verition Fund Management LLC bought a new position in Essex Property Trust during the second quarter worth $225,000. 96.31% of the stock is owned by hedge funds and other institutional investors.
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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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