Resolution Capital Ltd cut its position in Essex Property Trust, Inc. (NYSE:ESS) by 3.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 280,757 shares of the real estate investment trust’s stock after selling 11,420 shares during the period. Essex Property Trust comprises 3.5% of Resolution Capital Ltd’s portfolio, making the stock its 12th largest position. Resolution Capital Ltd owned approximately 0.43% of Essex Property Trust worth $72,230,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Muzinich & Co. Inc. boosted its position in Essex Property Trust by 246.5% in the first quarter. Muzinich & Co. Inc. now owns 551 shares of the real estate investment trust’s stock valued at $128,000 after buying an additional 392 shares during the period. Advisors Asset Management Inc. boosted its position in Essex Property Trust by 118.0% in the first quarter. Advisors Asset Management Inc. now owns 654 shares of the real estate investment trust’s stock valued at $151,000 after buying an additional 354 shares during the period. FNY Partners Fund LP purchased a new stake in shares of Essex Property Trust during the first quarter valued at about $165,000. Perigon Wealth Management LLC raised its stake in shares of 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 buying an additional 735 shares in the last quarter. Finally, Warren Averett Asset Management LLC purchased a new stake in shares of Essex Property Trust during the first quarter valued at about $201,000. 98.88% of the stock is currently owned by institutional investors.
Essex Property Trust, Inc. (NYSE ESS) traded down 1.29% during trading on Friday, hitting $259.14. The stock had a trading volume of 216,120 shares. The firm has a market cap of $17.10 billion, a P/E ratio of 33.32 and a beta of 0.52. Essex Property Trust, Inc. has a 12-month low of $200.01 and a 12-month high of $268.97. The stock’s 50 day moving average price is $260.52 and its 200 day moving average price is $245.65.
Essex Property Trust (NYSE:ESS) last issued its quarterly earnings results on Thursday, July 27th. The real estate investment trust reported $2.97 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.92 by $0.05. The company had revenue of $339.06 million during the quarter, compared to the consensus estimate of $336.17 million. Essex Property Trust had a return on equity of 8.03% and a net margin of 38.33%. During the same period in the previous year, the firm posted $2.74 EPS. On average, analysts anticipate that Essex Property Trust, Inc. will post $5.95 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Friday, June 30th were issued a dividend of $1.75 per share. The ex-dividend date was Wednesday, June 28th. This represents a $7.00 dividend on an annualized basis and a dividend yield of 2.70%. Essex Property Trust’s payout ratio is 89.97%.
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A number of analysts have recently weighed in on ESS shares. Cantor Fitzgerald reissued a “buy” rating and set a $269.00 price objective on shares of Essex Property Trust in a research note on Wednesday, May 3rd. Mizuho raised Essex Property Trust from a “neutral” rating to a “buy” rating and raised their price target for the stock from $199.00 to $212.00 in a research note on Monday, May 1st. BidaskClub downgraded Essex Property Trust from a “strong-buy” rating to a “buy” rating in a report on Friday, June 30th. Zacks Investment Research upgraded Essex Property Trust from a “hold” rating to a “buy” rating and set a $283.00 price target for the company in a report on Tuesday, July 11th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and set a $267.00 price objective on shares of Essex Property Trust in a research report on Sunday, July 16th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $263.46.
In other news, CEO Michael J. Schall sold 333 shares of the company’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $263.97, for a total transaction of $87,902.01. Following the completion of the sale, the chief executive officer now directly owns 45,096 shares in the company, valued at approximately $11,903,991.12. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Janice L. Sears sold 3,000 shares of the stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $253.92, for a total value of $761,760.00. Following the completion of the sale, the director now owns 3,698 shares of the company’s stock, valued at $938,996.16. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,690 shares of company stock valued at $1,717,142. Insiders own 3.30% of the company’s stock.
Essex Property Trust Company Profile
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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