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State of Alaska Department of Revenue Sells 5,390 Shares of Essex Property Trust, Inc. (NYSE:ESS)

Essex Property Trust logo with Finance background

State of Alaska Department of Revenue trimmed its stake in Essex Property Trust, Inc. (NYSE:ESS - Free Report) by 12.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 38,125 shares of the real estate investment trust's stock after selling 5,390 shares during the quarter. State of Alaska Department of Revenue owned 0.06% of Essex Property Trust worth $10,881,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Assetmark Inc. raised its stake in shares of Essex Property Trust by 2,400.0% in the third quarter. Assetmark Inc. now owns 100 shares of the real estate investment trust's stock worth $30,000 after purchasing an additional 96 shares during the last quarter. Brooklyn Investment Group purchased a new position in shares of Essex Property Trust in the third quarter worth $39,000. UMB Bank n.a. raised its stake in shares of Essex Property Trust by 37.5% in the fourth quarter. UMB Bank n.a. now owns 154 shares of the real estate investment trust's stock worth $44,000 after purchasing an additional 42 shares during the last quarter. Continuum Advisory LLC raised its stake in shares of Essex Property Trust by 104.5% in the third quarter. Continuum Advisory LLC now owns 225 shares of the real estate investment trust's stock worth $68,000 after purchasing an additional 115 shares during the last quarter. Finally, Sentry Investment Management LLC purchased a new stake in Essex Property Trust during the third quarter valued at $89,000. Hedge funds and other institutional investors own 96.51% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently commented on ESS shares. JPMorgan Chase & Co. cut Essex Property Trust from a "neutral" rating to an "underweight" rating and upped their price objective for the company from $297.00 to $303.00 in a research report on Tuesday, December 17th. Raymond James cut Essex Property Trust from an "outperform" rating to a "market perform" rating in a research report on Monday, October 21st. Royal Bank of Canada upped their price objective on Essex Property Trust from $302.00 to $315.00 and gave the company an "outperform" rating in a research report on Thursday. Barclays reduced their price objective on Essex Property Trust from $316.00 to $302.00 and set an "equal weight" rating for the company in a research report on Friday, January 24th. Finally, Wells Fargo & Company reduced their price objective on Essex Property Trust from $314.00 to $305.00 and set an "equal weight" rating for the company in a research report on Friday, January 24th. 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 MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $306.53.

Check Out Our Latest Stock Analysis on ESS

Essex Property Trust Price Performance

Shares of NYSE ESS traded down $1.57 during mid-day trading on Monday, reaching $290.57. The company's stock had a trading volume of 229,806 shares, compared to its average volume of 471,714. The firm has a market capitalization of $18.67 billion, a PE ratio of 25.18, a P/E/G ratio of 6.93 and a beta of 0.92. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.14 and a quick ratio of 1.14. The stock has a fifty day moving average of $286.78 and a two-hundred day moving average of $292.46. Essex Property Trust, Inc. has a 52 week low of $223.06 and a 52 week high of $317.73.

Essex Property Trust (NYSE:ESS - Get Free Report) last announced its quarterly earnings results on Tuesday, February 4th. The real estate investment trust reported $3.92 EPS for the quarter, beating analysts' consensus estimates of $1.40 by $2.52. Essex Property Trust had a return on equity of 13.05% and a net margin of 41.79%. As a group, sell-side analysts anticipate that Essex Property Trust, Inc. will post 15.96 EPS for the current fiscal year.

Essex Property Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Thursday, January 2nd were paid a dividend of $2.45 per share. This represents a $9.80 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date of this dividend was Thursday, January 2nd. Essex Property Trust's payout ratio is presently 84.92%.

Essex Property Trust Profile

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

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