Advisors Asset Management Inc. boosted its holdings in Essex Property Trust Inc (NYSE:ESS) by 18.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,326 shares of the real estate investment trust’s stock after purchasing an additional 1,119 shares during the quarter. Advisors Asset Management Inc.’s holdings in Essex Property Trust were worth $1,751,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in ESS. Cbre Clarion Securities LLC increased its stake in Essex Property Trust by 59.4% in the second quarter. Cbre Clarion Securities LLC now owns 1,377,419 shares of the real estate investment trust’s stock valued at $329,300,000 after purchasing an additional 513,352 shares during the last quarter. Millennium Management LLC increased its stake in Essex Property Trust by 43,018.5% in the second quarter. Millennium Management LLC now owns 482,496 shares of the real estate investment trust’s stock valued at $115,350,000 after purchasing an additional 481,377 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in Essex Property Trust by 26.4% in the second quarter. Daiwa Securities Group Inc. now owns 1,683,424 shares of the real estate investment trust’s stock valued at $402,457,000 after purchasing an additional 351,324 shares during the last quarter. Renaissance Technologies LLC increased its stake in Essex Property Trust by 54.9% in the second quarter. Renaissance Technologies LLC now owns 628,626 shares of the real estate investment trust’s stock valued at $150,286,000 after purchasing an additional 222,800 shares during the last quarter. Finally, Resolution Capital Ltd increased its stake in Essex Property Trust by 27.5% in the second quarter. Resolution Capital Ltd now owns 592,127 shares of the real estate investment trust’s stock valued at $141,560,000 after purchasing an additional 127,645 shares during the last quarter. Hedge funds and other institutional investors own 96.22% of the company’s stock.
Several equities analysts recently commented on the company. Citigroup lowered Essex Property Trust from a “buy” rating to a “neutral” rating and dropped their target price for the company from $280.00 to $260.00 in a research note on Friday, September 14th. Royal Bank of Canada restated a “buy” rating and set a $269.00 price target on shares of Essex Property Trust in a research note on Thursday, August 30th. Jefferies Financial Group restated a “hold” rating and set a $247.00 price target on shares of Essex Property Trust in a research note on Monday, October 1st. Capital One Financial assumed coverage on Essex Property Trust in a research note on Monday, October 22nd. They set an “equal weight” rating and a $255.00 price target for the company. Finally, ValuEngine upgraded Essex Property Trust from a “sell” rating to a “hold” rating in a research note on Tuesday, September 4th. Twelve research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $262.89.
Shares of NYSE ESS opened at $256.55 on Tuesday. Essex Property Trust Inc has a 1-year low of $214.03 and a 1-year high of $264.07. The company has a quick ratio of 1.85, a current ratio of 1.85 and a debt-to-equity ratio of 0.88. The stock has a market capitalization of $16.37 billion, a PE ratio of 21.32, a P/E/G ratio of 3.23 and a beta of 0.29.
Essex Property Trust (NYSE:ESS) last issued its earnings results on Monday, October 29th. The real estate investment trust reported $1.22 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.14 by ($1.92). Essex Property Trust had a return on equity of 5.52% and a net margin of 27.05%. During the same period in the previous year, the company posted $2.98 earnings per share. On average, research analysts anticipate that Essex Property Trust Inc will post 12.58 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, October 12th. Stockholders of record on Friday, September 28th were given a $1.86 dividend. This represents a $7.44 annualized dividend and a dividend yield of 2.90%. The ex-dividend date was Thursday, September 27th. Essex Property Trust’s payout ratio is 62.47%.
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. The Company currently has ownership interests in 247 apartment communities comprising approximately 60,000 apartment homes, excluding six properties in various stages of active development, one commercial building, preferred equity co-investments, and loan investments.
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