Angela L. Kleiman Sells 83 Shares of Essex Property Trust Inc (ESS) Stock

Essex Property Trust Inc (NYSE:ESS) insider Angela L. Kleiman sold 83 shares of Essex Property Trust stock in a transaction that occurred on Monday, October 8th. The stock was sold at an average price of $249.00, for a total value of $20,667.00. Following the transaction, the insider now owns 8,482 shares of the company’s stock, valued at $2,112,018. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

ESS opened at $246.89 on Thursday. The firm has a market capitalization of $16.30 billion, a P/E ratio of 20.73, a PEG ratio of 3.21 and a beta of 0.29. Essex Property Trust Inc has a 1 year low of $214.03 and a 1 year high of $264.07. The company has a quick ratio of 1.85, a current ratio of 1.85 and a debt-to-equity ratio of 0.88.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings results on Wednesday, August 1st. The real estate investment trust reported $3.14 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.10 by $0.04. The business had revenue of $348.72 million during the quarter, compared to the consensus estimate of $348.58 million. Essex Property Trust had a return on equity of 5.52% and a net margin of 27.05%. During the same period in the previous year, the company posted $2.97 EPS. On average, research analysts expect that Essex Property Trust Inc will post 12.58 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, October 12th. Investors of record on Friday, September 28th will be paid a $1.86 dividend. The ex-dividend date is Thursday, September 27th. This represents a $7.44 annualized dividend and a yield of 3.01%. Essex Property Trust’s dividend payout ratio (DPR) is presently 62.47%.

Several research analysts have recently commented on ESS shares. Morgan Stanley reduced their target price on Essex Property Trust from $267.00 to $260.00 and set an “overweight” rating for the company in a research note on Thursday, June 14th. ValuEngine upgraded Essex Property Trust from a “sell” rating to a “hold” rating in a research note on Wednesday, July 11th. Barclays reduced their target price on Essex Property Trust from $272.00 to $269.00 and set an “overweight” rating for the company in a research note on Tuesday, July 17th. Raymond James upgraded Essex Property Trust from an “underperform” rating to a “market perform” rating in a research note on Monday, July 23rd. Finally, Zacks Investment Research upgraded Essex Property Trust from a “hold” rating to a “buy” rating and set a $257.00 target price for the company in a research note on Monday, July 23rd. Eleven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $263.89.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Point72 Asia Hong Kong Ltd bought a new stake in Essex Property Trust in the 1st quarter valued at $105,000. McKinley Carter Wealth Services Inc. bought a new stake in shares of Essex Property Trust during the 1st quarter valued at $130,000. Piedmont Investment Advisors LLC bought a new stake in shares of Essex Property Trust during the 2nd quarter valued at $185,000. First Midwest Bank Trust Division bought a new stake in shares of Essex Property Trust during the 2nd quarter valued at $218,000. Finally, First Allied Advisory Services Inc. bought a new stake in shares of Essex Property Trust during the 2nd quarter valued at $230,000. Institutional investors and hedge funds own 96.22% of the company’s stock.

About Essex Property Trust

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. The Company currently has ownership interests in 247 apartment communities comprising approximately 60,000 apartment homes, excluding six properties in various stages of active development, one commercial building, preferred equity co-investments, and loan investments.

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