Montag A & Associates Inc. Invests $202,000 in Essex Property Trust Inc (NYSE:ESS)

Montag A & Associates Inc. purchased a new position in shares of Essex Property Trust Inc (NYSE:ESS) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 617 shares of the real estate investment trust’s stock, valued at approximately $202,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. APG Asset Management N.V. increased its position in shares of Essex Property Trust by 2.8% during the 2nd quarter. APG Asset Management N.V. now owns 14,768 shares of the real estate investment trust’s stock worth $3,786,000 after purchasing an additional 400 shares during the last quarter. Signaturefd LLC increased its position in shares of Essex Property Trust by 36.1% during the 2nd quarter. Signaturefd LLC now owns 230 shares of the real estate investment trust’s stock worth $67,000 after purchasing an additional 61 shares during the last quarter. Riverhead Capital Management LLC increased its position in shares of Essex Property Trust by 23.1% during the 2nd quarter. Riverhead Capital Management LLC now owns 6,139 shares of the real estate investment trust’s stock worth $1,792,000 after purchasing an additional 1,150 shares during the last quarter. California State Teachers Retirement System increased its position in shares of Essex Property Trust by 0.3% during the 2nd quarter. California State Teachers Retirement System now owns 108,433 shares of the real estate investment trust’s stock worth $31,655,000 after purchasing an additional 320 shares during the last quarter. Finally, Valeo Financial Advisors LLC acquired a new stake in shares of Essex Property Trust during the 2nd quarter worth about $65,000. Institutional investors and hedge funds own 96.47% of the company’s stock.

NYSE ESS traded up $0.09 during trading on Friday, hitting $314.92. The stock had a trading volume of 191,778 shares, compared to its average volume of 298,036. The company has a market capitalization of $21.04 billion, a PE ratio of 25.05, a PEG ratio of 3.80 and a beta of 0.30. The company has a quick ratio of 1.59, a current ratio of 1.59 and a debt-to-equity ratio of 0.94. The firm has a 50 day moving average price of $326.19 and a 200 day moving average price of $306.92. Essex Property Trust Inc has a twelve month low of $235.51 and a twelve month high of $334.17.

Essex Property Trust (NYSE:ESS) last released its earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.53 earnings per share for the quarter, missing the consensus estimate of $3.36 by ($1.83). The firm had revenue of $366.93 million during the quarter, compared to analyst estimates of $365.49 million. Essex Property Trust had a net margin of 29.78% and a return on equity of 6.73%. During the same period in the prior year, the firm earned $3.15 earnings per share. On average, sell-side analysts anticipate that Essex Property Trust Inc will post 13.33 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $1.95 dividend. This represents a $7.80 annualized dividend and a dividend yield of 2.48%. The ex-dividend date was Friday, September 27th. Essex Property Trust’s payout ratio is presently 62.05%.

Several equities analysts have weighed in on ESS shares. Citigroup lifted their target price on Essex Property Trust from $280.00 to $300.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Morgan Stanley lifted their target price on Essex Property Trust from $320.00 to $354.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Barclays set a $350.00 target price on Essex Property Trust and gave the company a “buy” rating in a research report on Friday, October 11th. Wells Fargo & Co lifted their target price on Essex Property Trust from $322.00 to $350.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Finally, BMO Capital Markets set a $310.00 target price on Essex Property Trust and gave the company a “hold” rating in a research report on Wednesday, July 24th. Eight analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $324.43.

In other news, CAO John Farias sold 1,643 shares of Essex Property Trust stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $315.49, for a total value of $518,350.07. Following the completion of the transaction, the chief accounting officer now owns 2,377 shares in the company, valued at approximately $749,919.73. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CIO Adam W. Berry sold 9,369 shares of Essex Property Trust stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $314.22, for a total value of $2,943,927.18. Following the completion of the transaction, the executive now owns 11,966 shares of the company’s stock, valued at approximately $3,759,956.52. The disclosure for this sale can be found here. Insiders sold a total of 81,551 shares of company stock valued at $25,904,657 in the last quarter. Company insiders own 3.60% 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. Essex currently has ownership interests in 245 apartment communities with an additional 6 properties in various stages of active development.

Further Reading: Understanding Compound Annual Growth Rate (CAGR)

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

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