Peregrine Asset Advisers Inc. Purchases New Stake in Essex Property Trust Inc (ESS)

Peregrine Asset Advisers Inc. purchased a new stake in Essex Property Trust Inc (NYSE:ESS) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 809 shares of the real estate investment trust’s stock, valued at approximately $234,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of ESS. Cohen & Steers Inc. grew its position in Essex Property Trust by 18.3% in the 3rd quarter. Cohen & Steers Inc. now owns 6,591,248 shares of the real estate investment trust’s stock valued at $1,626,127,000 after purchasing an additional 1,021,374 shares during the period. Deutsche Bank AG grew its position in Essex Property Trust by 433.7% in the 4th quarter. Deutsche Bank AG now owns 931,785 shares of the real estate investment trust’s stock valued at $228,478,000 after purchasing an additional 757,183 shares during the period. Norges Bank acquired a new stake in Essex Property Trust in the 4th quarter valued at $142,785,000. Boston Partners acquired a new stake in Essex Property Trust in the 4th quarter valued at $137,800,000. Finally, JPMorgan Chase & Co. grew its position in Essex Property Trust by 35.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,471,859 shares of the real estate investment trust’s stock valued at $363,125,000 after purchasing an additional 386,035 shares during the period. 97.23% of the stock is owned by institutional investors and hedge funds.

In related news, CFO Angela L. Kleiman sold 1,177 shares of the business’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $289.72, for a total value of $341,000.44. Following the sale, the chief financial officer now directly owns 6,916 shares in the company, valued at approximately $2,003,703.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John D. Eudy sold 3,000 shares of the business’s stock in a transaction dated Tuesday, March 26th. The shares were sold at an average price of $291.56, for a total value of $874,680.00. Following the completion of the sale, the insider now owns 10,642 shares in the company, valued at $3,102,781.52. The disclosure for this sale can be found here. Insiders sold a total of 17,184 shares of company stock worth $4,904,753 over the last 90 days. 3.60% of the stock is currently owned by company insiders.

Several research firms recently issued reports on ESS. Barclays reissued a “buy” rating and issued a $310.00 price target on shares of Essex Property Trust in a research report on Tuesday, April 16th. BMO Capital Markets reaffirmed a “hold” rating and set a $295.00 price objective on shares of Essex Property Trust in a report on Monday, March 25th. BTIG Research downgraded shares of Essex Property Trust from a “buy” rating to a “neutral” rating in a report on Monday, March 25th. KeyCorp lifted their price objective on shares of Essex Property Trust from $268.00 to $301.00 and gave the stock an “overweight” rating in a report on Tuesday, March 19th. Finally, Jefferies Financial Group downgraded shares of Essex Property Trust from a “buy” rating to a “hold” rating and lifted their price objective for the stock from $290.00 to $295.00 in a report on Thursday, February 7th. They noted that the move was a valuation call. Ten investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $279.57.

ESS traded down $2.10 during mid-day trading on Monday, reaching $279.33. 7,650 shares of the stock were exchanged, compared to its average volume of 289,992. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.76 and a quick ratio of 1.76. The company has a market capitalization of $18.49 billion, a price-to-earnings ratio of 22.29, a P/E/G ratio of 3.73 and a beta of 0.48. Essex Property Trust Inc has a 1 year low of $226.22 and a 1 year high of $294.61.

Essex Property Trust (NYSE:ESS) last issued its quarterly earnings results on Wednesday, April 24th. The real estate investment trust reported $3.23 earnings per share for the quarter, topping the Zacks’ consensus estimate of $3.19 by $0.04. The company had revenue of $356.22 million for the quarter, compared to the consensus estimate of $353.55 million. Essex Property Trust had a net margin of 29.67% and a return on equity of 6.50%. During the same period in the previous year, the firm earned $3.09 EPS. As a group, equities analysts anticipate that Essex Property Trust Inc will post 13.07 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 29th were paid a $1.95 dividend. This is a boost from Essex Property Trust’s previous quarterly dividend of $1.86. This represents a $7.80 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date was Thursday, March 28th. Essex Property Trust’s payout ratio is currently 62.05%.

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Essex Property Trust Company Profile

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. Essex currently has ownership interests in 245 apartment communities with an additional 6 properties in various stages of active development.

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

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