Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Essex Property Trust, Inc. (NYSE:ESS - Free Report) by 3.4% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 161,099 shares of the real estate investment trust's stock after purchasing an additional 5,301 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.25% of Essex Property Trust worth $45,792,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Cerity Partners LLC grew its holdings in Essex Property Trust by 74.7% during the third quarter. Cerity Partners LLC now owns 4,019 shares of the real estate investment trust's stock worth $1,187,000 after buying an additional 1,719 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Essex Property Trust during the 3rd quarter worth $236,000. Bank of Montreal Can grew its stake in shares of Essex Property Trust by 1.4% in the 3rd quarter. Bank of Montreal Can now owns 82,949 shares of the real estate investment trust's stock worth $24,437,000 after acquiring an additional 1,114 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Essex Property Trust by 0.3% in the third quarter. The Manufacturers Life Insurance Company now owns 45,899 shares of the real estate investment trust's stock valued at $13,559,000 after purchasing an additional 135 shares during the last quarter. Finally, Brooklyn Investment Group bought a new position in shares of Essex Property Trust during the third quarter valued at about $39,000. 96.51% of the stock is owned by hedge funds and other institutional investors.
Essex Property Trust Price Performance
Essex Property Trust stock traded down $9.41 during midday trading on Thursday, reaching $297.79. 99,014 shares of the stock were exchanged, compared to its average volume of 462,167. Essex Property Trust, Inc. has a 52 week low of $230.90 and a 52 week high of $317.73. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.14 and a current ratio of 1.14. The firm has a market cap of $19.16 billion, a PE ratio of 25.81, a PEG ratio of 6.84 and a beta of 0.90. The company's fifty day moving average is $295.94 and its 200-day moving average is $294.62.
Essex Property Trust (NYSE:ESS - Get Free Report) last released its quarterly earnings results on Tuesday, February 4th. The real estate investment trust reported $3.92 earnings per share for the quarter, topping the consensus estimate of $1.40 by $2.52. Essex Property Trust had a net margin of 41.79% and a return on equity of 13.05%. On average, sell-side analysts forecast that Essex Property Trust, Inc. will post 15.96 EPS for the current year.
Essex Property Trust Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $2.57 per share. This represents a $10.28 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date is Monday, March 31st. This is an increase from Essex Property Trust's previous quarterly dividend of $2.45. Essex Property Trust's dividend payout ratio (DPR) is 89.08%.
Insider Transactions at Essex Property Trust
In other news, Director Keith R. Guericke sold 7,298 shares of the firm's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $315.00, for a total transaction of $2,298,870.00. Following the sale, the director now owns 16,118 shares in the company, valued at approximately $5,077,170. This trade represents a 31.17 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Angela L. Kleiman sold 4,929 shares of the company's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $314.99, for a total transaction of $1,552,585.71. Following the completion of the transaction, the chief executive officer now owns 13,662 shares of the company's stock, valued at $4,303,393.38. This trade represents a 26.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,345 shares of company stock valued at $6,682,539. 3.80% of the stock is owned by corporate insiders.
Analyst Upgrades and Downgrades
A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. downgraded shares of Essex Property Trust from a "neutral" rating to an "underweight" rating and upped their price objective for the stock from $297.00 to $303.00 in a research report on Tuesday, December 17th. BMO Capital Markets upgraded Essex Property Trust from a "market perform" rating to an "outperform" rating and dropped their price target for the stock from $323.00 to $310.00 in a report on Monday, January 13th. Mizuho reduced their price objective on Essex Property Trust from $325.00 to $300.00 and set an "outperform" rating for the company in a research note on Monday, January 6th. Deutsche Bank Aktiengesellschaft upgraded Essex Property Trust from a "hold" rating to a "buy" rating and lifted their target price for the stock from $308.00 to $310.00 in a research note on Tuesday, January 21st. Finally, Wells Fargo & Company cut their price target on shares of Essex Property Trust from $314.00 to $305.00 and set an "equal weight" rating on the stock in a report on Friday, January 24th. 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 company's stock. Based on data from MarketBeat, Essex Property Trust presently has an average rating of "Hold" and a consensus price target of $307.16.
Read Our Latest Research Report on Essex Property Trust
About Essex Property Trust
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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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