Mirae Asset Global Investments Co. Ltd. Increases Stock Holdings in Essex Property Trust, Inc. (NYSE:ESS)

Mirae Asset Global Investments Co. Ltd. lifted its stake in Essex Property Trust, Inc. (NYSE:ESS - Free Report) by 10.8% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 15,527 shares of the real estate investment trust's stock after purchasing an additional 1,516 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Essex Property Trust were worth $4,408,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of ESS. Assetmark Inc. lifted its holdings in Essex Property Trust by 2,400.0% in the 3rd quarter. Assetmark Inc. now owns 100 shares of the real estate investment trust's stock valued at $30,000 after purchasing an additional 96 shares in the last quarter. Brooklyn Investment Group purchased a new stake in Essex Property Trust during the third quarter worth about $39,000. UMB Bank n.a. increased its stake in 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 worth $44,000 after purchasing an additional 42 shares during the period. Continuum Advisory LLC increased its stake in Essex Property Trust by 104.5% during 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 period. Finally, Sentry Investment Management LLC purchased a new stake in shares of Essex Property Trust during the third quarter worth approximately $89,000. 96.51% of the stock is owned by hedge funds and other institutional investors.

Essex Property Trust Price Performance

Shares of ESS stock traded down $1.06 during mid-day trading on Wednesday, reaching $290.53. The stock had a trading volume of 356,728 shares, compared to its average volume of 474,951. Essex Property Trust, Inc. has a 12-month low of $223.06 and a 12-month high of $317.73. The company has a market cap of $18.67 billion, a P/E ratio of 25.18, a price-to-earnings-growth ratio of 6.93 and a beta of 0.92. The business has a 50-day simple moving average of $286.32 and a 200 day simple moving average of $292.55. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.15.

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, 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%. On average, sell-side analysts anticipate that Essex Property Trust, Inc. will post 15.96 earnings per share for the current year.

Essex Property Trust Dividend Announcement

The business also recently disclosed 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 dividend yield of 3.37%. The ex-dividend date was Thursday, January 2nd. Essex Property Trust's payout ratio is currently 84.92%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. BMO Capital Markets upgraded shares of Essex Property Trust from a "market perform" rating to an "outperform" rating and cut their target price for the stock from $323.00 to $310.00 in a research note on Monday, January 13th. Royal Bank of Canada increased their price objective on Essex Property Trust from $302.00 to $315.00 and gave the company an "outperform" rating in a report on Thursday, February 6th. Evercore ISI increased their price objective on Essex Property Trust from $297.00 to $302.00 and gave the company an "in-line" rating in a report on Monday. Wells Fargo & Company decreased their price objective on Essex Property Trust from $314.00 to $305.00 and set an "equal weight" rating for the company in a report on Friday, January 24th. Finally, Raymond James downgraded Essex Property Trust from an "outperform" rating to a "market perform" rating in a report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $306.53.

Essex Property Trust 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.