Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Essex Property Trust, Inc. (NYSE:ESS – Free Report) by 10.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 238,747 shares of the real estate investment trust’s stock after buying an additional 22,783 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Essex Property Trust were worth $64,316,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently modified their holdings of the business. Bank of America Corp DE purchased a new position in shares of Essex Property Trust during the 2nd quarter valued at about $80,281,000. Jefferies Financial Group Inc. bought a new stake in Essex Property Trust during the 2nd quarter valued at $2,889,000. The Manufacturers Life Insurance Company bought a new position in Essex Property Trust during the 2nd quarter valued at approximately $11,451,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Essex Property Trust in the 2nd quarter worth about $31,204,000. Finally, BlackRock Inc. purchased a new stake in Essex Property Trust in the second quarter worth $2,166,555,000. Hedge funds and other institutional investors own 96.51% of the company’s stock.
Analyst Upgrades and Downgrades
A number of brokerages have issued reports on ESS. Barclays lowered their price objective on Essex Property Trust from $297.00 to $285.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 14th. Royal Bank Of Canada decreased their target price on Essex Property Trust from $298.00 to $297.00 and set an “outperform” rating on the stock in a report on Thursday, October 29th. UBS Group decreased their price objective on shares of Essex Property Trust from $286.00 to $275.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 14th. Jefferies Financial Group upgraded Essex Property Trust to a “strong-buy” rating in a research note on Wednesday, July 22nd. Finally, Citigroup upgraded Essex Property Trust from a “buy” rating to an “outperform” rating in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $298.27.
Get Our Latest Stock Analysis on ESS
Essex Property Trust Trading Down 0.3%
ESS opened at $264.74 on Wednesday. The stock has a market cap of $17.03 billion, a price-to-earnings ratio of 16.47, a P/E/G ratio of 7.86 and a beta of 0.69. The stock’s 50 day moving average price is $273.44 and its 200-day moving average price is $269.81. Essex Property Trust, Inc. has a one year low of $238.46 and a one year high of $303.35. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.54 and a current ratio of 0.54.
Essex Property Trust (NYSE:ESS – Get Free Report) last issued its earnings results on Tuesday, October 27th. The real estate investment trust reported $1.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.01 by ($2.49). The company had revenue of $492.69 million for the quarter, compared to analysts’ expectations of $491.01 million. Essex Property Trust had a net margin of 17.84% and a return on equity of 6.24%. During the same period in the prior year, the firm posted $3.97 earnings per share. On average, equities analysts forecast that Essex Property Trust, Inc. will post 16.16 EPS for the current year.
Essex Property Trust Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were given a $2.59 dividend. This represents a $10.36 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend was Wednesday, September 30th. Essex Property Trust’s dividend payout ratio is presently 192.21%.
Essex Property Trust Profile
Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust that owns, develops, redevelops, and manages multifamily apartment communities. The company focuses on providing rental housing in high-demand markets and generates revenue primarily from apartment rents and related resident services.
Founded in 1971 and headquartered in San Mateo, California, Essex operates primarily in Southern California, the San Francisco Bay Area, and the Seattle metropolitan area.
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