ExodusPoint Capital Management LP Makes New Investment in Essex Property Trust, Inc. (NYSE:ESS)

ExodusPoint Capital Management LP purchased a new position in shares of Essex Property Trust, Inc. (NYSE:ESS - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 127,697 shares of the real estate investment trust's stock, valued at approximately $36,450,000. ExodusPoint Capital Management LP owned about 0.20% of Essex Property Trust as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. CWA Asset Management Group LLC boosted its stake in Essex Property Trust by 5.0% in the fourth quarter. CWA Asset Management Group LLC now owns 803 shares of the real estate investment trust's stock worth $229,000 after buying an additional 38 shares in the last quarter. Empowered Funds LLC grew its holdings in shares of Essex Property Trust by 3.3% during the 4th quarter. Empowered Funds LLC now owns 1,195 shares of the real estate investment trust's stock valued at $338,000 after purchasing an additional 38 shares during the last quarter. UMB Bank n.a. lifted its stake in 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. Miracle Mile Advisors LLC boosted its position in Essex Property Trust by 0.3% during the fourth quarter. Miracle Mile Advisors LLC now owns 14,157 shares of the real estate investment trust's stock valued at $4,041,000 after buying an additional 46 shares during the period. Finally, Greenleaf Trust increased its holdings in shares of Essex Property Trust by 5.1% in the fourth quarter. Greenleaf Trust now owns 948 shares of the real estate investment trust's stock worth $271,000 after buying an additional 46 shares during the period. 96.51% of the stock is currently owned by institutional investors.

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Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Evercore ISI increased their price target on shares of Essex Property Trust from $297.00 to $302.00 and gave the stock an "in-line" rating in a research note on Monday, February 10th. Truist Financial increased their target price on Essex Property Trust from $292.00 to $304.00 and gave the stock a "hold" rating in a research report on Monday, March 10th. Mizuho dropped their price target on Essex Property Trust from $325.00 to $300.00 and set an "outperform" rating on the stock in a research report on Monday, January 6th. Royal Bank of Canada upped their price target on Essex Property Trust from $302.00 to $315.00 and gave the stock an "outperform" rating in a research note on Thursday, February 6th. Finally, BMO Capital Markets raised Essex Property Trust from a "market perform" rating to an "outperform" rating and lowered their price objective for the company from $323.00 to $310.00 in a research report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $307.16.

Insider Buying and Selling at Essex Property Trust

In other Essex Property Trust news, Director Keith R. Guericke sold 7,298 shares of the business's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $315.00, for a total value of $2,298,870.00. Following the sale, the director now owns 16,118 shares in the company, valued at $5,077,170. The trade was a 31.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mary Kasaris sold 2,800 shares of Essex Property Trust stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $300.80, for a total value of $842,240.00. Following the completion of the sale, the director now directly owns 1,755 shares in the company, valued at $527,904. This trade represents a 61.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 21,345 shares of company stock valued at $6,682,539 over the last ninety days. 3.80% of the stock is currently owned by company insiders.

Essex Property Trust Stock Performance

Shares of ESS stock traded up $3.27 during mid-day trading on Tuesday, reaching $265.66. 80,317 shares of the company's stock traded hands, compared to its average volume of 391,425. Essex Property Trust, Inc. has a 12 month low of $230.90 and a 12 month high of $317.73. The firm has a 50 day moving average price of $295.76 and a two-hundred day moving average price of $293.72. The firm has a market capitalization of $17.09 billion, a PE ratio of 23.01, a price-to-earnings-growth ratio of 6.84 and a beta of 0.78. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.14 and a current ratio of 1.14.

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

Essex Property Trust Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a $2.57 dividend. The ex-dividend date is Monday, March 31st. This represents a $10.28 annualized dividend and a yield of 3.87%. This is an increase from Essex Property Trust's previous quarterly dividend of $2.45. Essex Property Trust's dividend payout ratio is currently 89.08%.

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.