Mitsubishi UFJ Trust & Banking Corp Sells 26,143 Shares of Essex Property Trust, Inc. (NYSE:ESS)

Mitsubishi UFJ Trust & Banking Corp lowered its holdings in Essex Property Trust, Inc. (NYSE:ESS - Free Report) by 47.4% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 28,968 shares of the real estate investment trust's stock after selling 26,143 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp's holdings in Essex Property Trust were worth $8,269,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Kestra Investment Management LLC bought a new stake in shares of Essex Property Trust in the 4th quarter worth approximately $25,000. Brooklyn Investment Group acquired a new stake in Essex Property Trust during the third quarter worth $39,000. UMB Bank n.a. increased its holdings in Essex Property Trust by 37.5% in the 4th quarter. UMB Bank n.a. now owns 154 shares of the real estate investment trust's stock valued at $44,000 after buying an additional 42 shares during the period. Newbridge Financial Services Group Inc. acquired a new position in shares of Essex Property Trust in the 4th quarter valued at $45,000. Finally, Jones Financial Companies Lllp lifted its holdings in shares of Essex Property Trust by 486.8% during the 4th quarter. Jones Financial Companies Lllp now owns 223 shares of the real estate investment trust's stock worth $64,000 after acquiring an additional 185 shares during the period. Institutional investors and hedge funds own 96.51% of the company's stock.

Insider Activity at Essex Property Trust

In related news, CFO Barbara Pak sold 6,318 shares of the business's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $314.79, for a total value of $1,988,843.22. Following the completion of the sale, the chief financial officer now directly owns 8,654 shares in the company, valued at $2,724,192.66. The trade was a 42.20 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Angela L. Kleiman sold 4,929 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $314.99, for a total value of $1,552,585.71. Following the transaction, the chief executive officer now owns 13,662 shares in the company, valued at $4,303,393.38. The trade was a 26.51 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 21,345 shares of company stock worth $6,682,539. Insiders own 3.80% of the company's stock.

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Essex Property Trust Trading Down 3.2 %

Shares of Essex Property Trust stock traded down $9.96 during trading hours on Thursday, hitting $297.24. The company's stock had a trading volume of 71,535 shares, compared to its average volume of 386,062. Essex Property Trust, Inc. has a 12 month low of $230.90 and a 12 month high of $317.73. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.14 and a quick ratio of 1.14. The company has a market capitalization of $19.12 billion, a PE ratio of 25.76, a price-to-earnings-growth ratio of 6.84 and a beta of 0.90. The stock has a 50 day moving average of $295.94 and a 200 day moving average of $294.62.

Essex Property Trust (NYSE:ESS - Get Free Report) last released its earnings results on Tuesday, February 4th. The real estate investment trust reported $3.92 earnings per share (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%. Analysts predict that Essex Property Trust, Inc. will post 15.96 earnings per share for the current year.

Essex Property Trust Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a dividend of $2.57 per share. The ex-dividend date is Monday, March 31st. 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 3.46%. Essex Property Trust's payout ratio is currently 89.08%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Essex Property Trust from a "hold" rating to a "buy" rating and raised their price target for the stock from $308.00 to $310.00 in a research note on Tuesday, January 21st. Wells Fargo & Company cut 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. Barclays upped their target price on shares of Essex Property Trust from $302.00 to $304.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 19th. Truist Financial boosted their price target on shares of Essex Property Trust from $292.00 to $304.00 and gave the company a "hold" rating in a research report on Monday, March 10th. Finally, JPMorgan Chase & Co. lowered shares of Essex Property Trust from a "neutral" rating to an "underweight" rating and raised their price objective for the stock from $297.00 to $303.00 in a report on Tuesday, December 17th. 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. According to MarketBeat.com, Essex Property Trust presently has a consensus rating of "Hold" and a consensus target price of $307.16.

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.