Allstate Corp Decreases Holdings in Essex Property Trust, Inc. (NYSE:ESS)

Allstate Corp decreased its holdings in Essex Property Trust, Inc. (NYSE:ESS - Free Report) by 25.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,333 shares of the real estate investment trust's stock after selling 1,442 shares during the quarter. Allstate Corp's holdings in Essex Property Trust were worth $1,237,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Kestra Investment Management LLC bought a new stake in shares of Essex Property Trust in the 4th quarter valued at $25,000. UMB Bank n.a. increased its holdings in shares of Essex Property Trust by 37.5% during the fourth quarter. UMB Bank n.a. now owns 154 shares of the real estate investment trust's stock valued at $44,000 after acquiring an additional 42 shares in the last quarter. Newbridge Financial Services Group Inc. acquired a new position in shares of Essex Property Trust during the fourth quarter worth approximately $45,000. Jones Financial Companies Lllp lifted its holdings in shares of Essex Property Trust by 486.8% in the 4th quarter. Jones Financial Companies Lllp now owns 223 shares of the real estate investment trust's stock worth $64,000 after purchasing an additional 185 shares in the last quarter. Finally, Assetmark Inc. grew its position in Essex Property Trust by 124.0% in the 4th quarter. Assetmark Inc. now owns 224 shares of the real estate investment trust's stock valued at $64,000 after purchasing an additional 124 shares during the period. Institutional investors own 96.51% of the company's stock.

Essex Property Trust Price Performance

ESS traded down $22.56 during trading on Friday, reaching $271.80. 686,508 shares of the company were exchanged, compared to its average volume of 390,494. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.15. The company has a market cap of $17.48 billion, a price-to-earnings ratio of 23.55, a P/E/G ratio of 6.84 and a beta of 0.78. Essex Property Trust, Inc. has a 12-month low of $230.90 and a 12-month high of $317.73. The company's 50-day moving average is $296.16 and its two-hundred day moving average is $294.32.

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Essex Property Trust (NYSE:ESS - Get Free Report) last posted its earnings results on Tuesday, February 4th. The real estate investment trust reported $3.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $2.52. Essex Property Trust had a net margin of 41.79% and a return on equity of 13.05%. Research analysts forecast that Essex Property Trust, Inc. will post 15.96 earnings per share for the current fiscal year.

Essex Property Trust Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a dividend of $2.57 per share. This represents a $10.28 annualized dividend and a yield of 3.78%. This is a boost from Essex Property Trust's previous quarterly dividend of $2.45. The ex-dividend date of this dividend is Monday, March 31st. Essex Property Trust's payout ratio is presently 89.08%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Mizuho lowered their target price on shares of Essex Property Trust from $325.00 to $300.00 and set an "outperform" rating on the stock in a report on Monday, January 6th. Barclays raised their target price on Essex Property Trust from $302.00 to $304.00 and gave the company an "equal weight" rating in a report on Wednesday, February 19th. BMO Capital Markets upgraded Essex Property Trust from a "market perform" rating to an "outperform" rating and decreased their price target for the stock from $323.00 to $310.00 in a report on Monday, January 13th. Wells Fargo & Company dropped their price objective on Essex Property Trust from $314.00 to $305.00 and set an "equal weight" rating on the stock in a research note on Friday, January 24th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Essex Property Trust from a "hold" rating to a "buy" rating and raised their price target for the company from $308.00 to $310.00 in a research report on Tuesday, January 21st. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $307.16.

Insiders Place Their Bets

In other news, Director Mary Kasaris sold 2,800 shares of the stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $300.80, for a total value of $842,240.00. Following the transaction, the director now owns 1,755 shares of the company's stock, valued at $527,904. This represents a 61.47 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Keith R. Guericke sold 7,298 shares of Essex Property Trust stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $315.00, for a total transaction of $2,298,870.00. Following the sale, the director now directly owns 16,118 shares of the company's stock, 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. Insiders have sold 21,345 shares of company stock worth $6,682,539 in the last ninety days. 3.80% of the stock is currently owned by insiders.

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 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.