Essex Property Trust, Inc. (NYSE:ESS) Position Lifted by Franklin Resources Inc.

Franklin Resources Inc. grew its holdings in Essex Property Trust, Inc. (NYSE:ESS - Free Report) by 7.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 48,200 shares of the real estate investment trust's stock after acquiring an additional 3,316 shares during the quarter. Franklin Resources Inc. owned 0.07% of Essex Property Trust worth $14,043,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of ESS. UMB Bank n.a. lifted its position in Essex Property Trust by 600.0% during the 2nd quarter. UMB Bank n.a. now owns 112 shares of the real estate investment trust's stock worth $30,000 after acquiring an additional 96 shares during the period. Assetmark Inc. lifted its holdings in shares of Essex Property Trust by 2,400.0% during 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 period. Family Firm Inc. purchased a new stake in Essex Property Trust in the second quarter valued at approximately $31,000. Brooklyn Investment Group acquired a new position in Essex Property Trust in the 3rd quarter worth approximately $39,000. Finally, Whittier Trust Co. of Nevada Inc. raised its position in Essex Property Trust by 121.8% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 193 shares of the real estate investment trust's stock worth $53,000 after buying an additional 106 shares during the last quarter. Hedge funds and other institutional investors own 96.51% of the company's stock.

Essex Property Trust Stock Performance

ESS traded up $4.75 during trading on Friday, reaching $283.76. The company's stock had a trading volume of 1,393,287 shares, compared to its average volume of 376,676. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.14 and a current ratio of 1.14. Essex Property Trust, Inc. has a 52-week low of $223.06 and a 52-week high of $317.73. The company has a market capitalization of $18.24 billion, a price-to-earnings ratio of 33.15, a price-to-earnings-growth ratio of 5.86 and a beta of 0.90. The company's fifty day moving average price is $298.13 and its 200-day moving average price is $290.68.

Essex Property Trust (NYSE:ESS - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $1.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.88 by ($2.04). The company had revenue of $450.70 million for the quarter, compared to analyst estimates of $445.88 million. Essex Property Trust had a return on equity of 9.72% and a net margin of 31.55%. During the same quarter in the prior year, the firm earned $3.78 earnings per share. On average, equities analysts forecast that Essex Property Trust, Inc. will post 15.56 earnings per share for the current fiscal year.

Essex Property Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Thursday, January 2nd will be issued a $2.45 dividend. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $9.80 annualized dividend and a yield of 3.45%. Essex Property Trust's payout ratio is 114.49%.

Wall Street Analysts Forecast Growth

ESS has been the subject of a number of analyst reports. Truist Financial boosted their price target on Essex Property Trust from $282.00 to $294.00 and gave the company a "hold" rating in a report on Tuesday, August 27th. BNP Paribas initiated coverage on shares of Essex Property Trust in a report on Wednesday, September 11th. They set an "outperform" rating and a $333.00 price target on the stock. Bank of America cut shares of Essex Property Trust from a "buy" rating to a "neutral" rating and lifted their price objective for the company from $307.00 to $321.00 in a report on Tuesday, September 24th. JPMorgan Chase & Co. cut Essex Property Trust from a "neutral" rating to an "underweight" rating and raised their target price for the company from $297.00 to $303.00 in a research report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft upped their price target on Essex Property Trust from $240.00 to $308.00 and gave the stock a "hold" rating in a report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $302.11.

About Essex Property Trust

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.