KLP Kapitalforvaltning AS Buys New Stake in Essex Property Trust, Inc. (NYSE:ESS)

KLP Kapitalforvaltning AS acquired a new stake in Essex Property Trust, Inc. (NYSE:ESS - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 23,311 shares of the real estate investment trust's stock, valued at approximately $6,654,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Essex Property Trust by 732.9% in the 3rd 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 valued at $212,583,000 after purchasing an additional 633,200 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its stake in shares of Essex Property Trust by 154.7% during the third quarter. Jacobs Levy Equity Management Inc. now owns 444,391 shares of the real estate investment trust's stock worth $131,282,000 after buying an additional 269,923 shares during the period. KBC Group NV raised its holdings in Essex Property Trust by 201.7% in the fourth quarter. KBC Group NV now owns 225,768 shares of the real estate investment trust's stock valued at $64,443,000 after acquiring 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 worth approximately $24,823,000. Finally, Principal Financial Group Inc. lifted its stake in Essex Property Trust by 5.0% in 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 acquiring an additional 70,785 shares during the last quarter. 96.51% of the stock is currently owned by hedge funds and other institutional investors.

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Wall Street Analyst Weigh In

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

Insider Transactions at Essex Property Trust

In other news, Director Mary Kasaris sold 2,800 shares of the business's stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $300.80, for a total transaction of $842,240.00. Following the sale, the director now owns 1,755 shares of the company's stock, valued at $527,904. The trade was a 61.47 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Keith R. Guericke sold 7,298 shares of the company's stock in a transaction that occurred 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 owns 16,118 shares in the company, valued at approximately $5,077,170. This represents a 31.17 % decrease in their position. 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 in the last ninety days. 3.80% of the stock is currently owned by company insiders.

Essex Property Trust Stock Performance

NYSE:ESS traded up $0.99 during mid-day trading on Friday, reaching $305.79. The stock had a trading volume of 288,731 shares, compared to its average volume of 385,138. 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 simple moving average of $294.51 and a 200 day simple moving average of $294.71. The firm has a market capitalization of $19.67 billion, a price-to-earnings ratio of 26.50, a PEG ratio of 6.84 and a beta of 0.90. 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 issued its 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 return on equity of 13.05% and a net margin of 41.79%. On average, analysts expect that Essex Property Trust, Inc. will post 15.96 earnings per share 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. Shareholders of record on Monday, March 31st will be given a dividend of $2.57 per share. 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 3.36%. The ex-dividend date is Monday, March 31st. Essex Property Trust's payout ratio is presently 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.