Summit Global Investments purchased a new stake in Essex Property Trust, Inc. (NYSE:ESS - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 3,322 shares of the real estate investment trust's stock, valued at approximately $948,000.
Several other hedge funds have also recently bought and sold shares of ESS. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Essex Property Trust by 732.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 719,596 shares of the real estate investment trust's stock worth $212,583,000 after acquiring an additional 633,200 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its position in Essex Property Trust by 154.7% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 444,391 shares of the real estate investment trust's stock worth $131,282,000 after purchasing an additional 269,923 shares during the period. KBC Group NV increased its holdings in Essex Property Trust by 201.7% in the 4th quarter. KBC Group NV now owns 225,768 shares of the real estate investment trust's stock valued at $64,443,000 after purchasing an additional 150,927 shares in the last quarter. Waterfront Capital Partners LLC purchased a new position in Essex Property Trust in the third quarter valued at about $24,823,000. Finally, Principal Financial Group Inc. lifted its stake in shares of Essex Property Trust by 5.0% during the fourth quarter. Principal Financial Group Inc. now owns 1,494,298 shares of the real estate investment trust's stock worth $426,532,000 after purchasing an additional 70,785 shares in the last quarter. Hedge funds and other institutional investors own 96.51% of the company's stock.
Essex Property Trust Stock Performance
Essex Property Trust stock traded down $1.54 during mid-day trading on Thursday, reaching $304.69. The company's stock had a trading volume of 287,599 shares, compared to its average volume of 361,198. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.15. Essex Property Trust, Inc. has a twelve month low of $230.90 and a twelve month high of $317.73. The business has a 50 day moving average price of $293.64 and a 200-day moving average price of $294.69. The firm has a market cap of $19.60 billion, a price-to-earnings ratio of 26.40, a PEG ratio of 6.84 and a beta of 0.90.
Essex Property Trust (NYSE:ESS - Get Free Report) last posted its quarterly earnings results on Tuesday, February 4th. The real estate investment trust reported $3.92 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.40 by $2.52. Essex Property Trust had a net margin of 41.79% and a return on equity of 13.05%. Sell-side analysts predict that Essex Property Trust, Inc. will post 15.96 EPS for the current fiscal year.
Essex Property Trust Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $2.57 per share. The ex-dividend date of this dividend is Monday, March 31st. This is a positive change from Essex Property Trust's previous quarterly dividend of $2.45. This represents a $10.28 annualized dividend and a dividend yield of 3.37%. Essex Property Trust's dividend payout ratio is 89.08%.
Analyst Ratings Changes
Several equities research analysts recently commented on ESS shares. BMO Capital Markets upgraded Essex Property Trust from a "market perform" rating to an "outperform" rating and dropped their target price for the company from $323.00 to $310.00 in a report on Monday, January 13th. JMP Securities reiterated a "market perform" rating on shares of Essex Property Trust in a research note on Thursday, February 6th. Royal Bank of Canada upped their target price on shares of Essex Property Trust from $302.00 to $315.00 and gave the company an "outperform" rating in a research note on Thursday, February 6th. JPMorgan Chase & Co. downgraded shares of Essex Property Trust from a "neutral" rating to an "underweight" rating and lifted their price target for the stock from $297.00 to $303.00 in a research note on Tuesday, December 17th. Finally, Mizuho decreased their price objective on shares of Essex Property Trust from $325.00 to $300.00 and set an "outperform" rating for the company in a research report on Monday, January 6th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Essex Property Trust has an average rating of "Hold" and an average price target of $307.16.
Check Out Our Latest Stock Analysis on Essex Property Trust
Insider Transactions at Essex Property Trust
In related news, CEO Angela L. Kleiman sold 4,929 shares of the company's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $314.99, for a total transaction of $1,552,585.71. Following the completion of the transaction, the chief executive officer now directly owns 13,662 shares in the company, valued at $4,303,393.38. This represents a 26.51 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Keith R. Guericke sold 7,298 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $315.00, for a total value of $2,298,870.00. Following the completion of the sale, the director now directly owns 16,118 shares in the company, valued at $5,077,170. This represents a 31.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,345 shares of company stock worth $6,682,539. 3.80% of the stock is currently owned by company insiders.
Essex Property Trust Profile
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Free Report)
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 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.
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