Treasurer of the State of North Carolina Sells 342 Shares of Essex Property Trust Inc (NYSE:ESS)

Treasurer of the State of North Carolina cut its position in shares of Essex Property Trust Inc (NYSE:ESS) by 1.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 34,044 shares of the real estate investment trust’s stock after selling 342 shares during the period. Treasurer of the State of North Carolina owned approximately 0.05% of Essex Property Trust worth $9,938,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Mackenzie Financial Corp boosted its stake in Essex Property Trust by 5.8% during the second quarter. Mackenzie Financial Corp now owns 3,338 shares of the real estate investment trust’s stock valued at $974,000 after buying an additional 183 shares during the last quarter. Phocas Financial Corp. boosted its stake in Essex Property Trust by 5.9% during the second quarter. Phocas Financial Corp. now owns 4,425 shares of the real estate investment trust’s stock valued at $1,292,000 after buying an additional 248 shares during the last quarter. Magnetar Financial LLC bought a new position in Essex Property Trust during the second quarter valued at approximately $1,287,000. Royal Bank of Canada boosted its stake in Essex Property Trust by 19.8% during the second quarter. Royal Bank of Canada now owns 352,134 shares of the real estate investment trust’s stock valued at $102,799,000 after buying an additional 58,119 shares during the last quarter. Finally, Uniplan Investment Counsel Inc. boosted its stake in Essex Property Trust by 5.2% during the second quarter. Uniplan Investment Counsel Inc. now owns 30,964 shares of the real estate investment trust’s stock valued at $9,039,000 after buying an additional 1,537 shares during the last quarter. 96.85% of the stock is owned by institutional investors.

ESS traded up $1.47 during trading on Friday, hitting $329.61. 4,258 shares of the stock were exchanged, compared to its average volume of 303,239. The firm has a 50 day simple moving average of $321.98 and a 200 day simple moving average of $299.96. The firm has a market cap of $21.40 billion, a price-to-earnings ratio of 26.23, a P/E/G ratio of 3.84 and a beta of 0.33. Essex Property Trust Inc has a 1 year low of $235.51 and a 1 year high of $331.62. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.92 and a current ratio of 0.92.

Essex Property Trust (NYSE:ESS) last announced its earnings results on Wednesday, July 24th. The real estate investment trust reported $1.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.26 by ($1.86). The company had revenue of $361.64 million for the quarter, compared to the consensus estimate of $358.15 million. Essex Property Trust had a net margin of 28.83% and a return on equity of 6.43%. During the same period last year, the business posted $3.14 EPS. As a group, equities analysts anticipate that Essex Property Trust Inc will post 13.33 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a $1.95 dividend. The ex-dividend date is Friday, September 27th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 2.37%. Essex Property Trust’s payout ratio is 62.05%.

Several equities research analysts have recently issued reports on ESS shares. Morgan Stanley raised their price objective on Essex Property Trust from $320.00 to $354.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Barclays raised their price objective on Essex Property Trust from $310.00 to $328.00 and gave the company an “overweight” rating in a research note on Tuesday, July 16th. Stifel Nicolaus raised their price objective on Essex Property Trust from $300.00 to $325.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Capital One Financial reaffirmed an “equal weight” rating on shares of Essex Property Trust in a research note on Monday, September 16th. Finally, BTIG Research raised Essex Property Trust from a “neutral” rating to a “buy” rating and set a $335.00 price objective for the company in a research note on Thursday, August 15th. Nine equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $300.84.

In other news, insider Michael J. Schall sold 35,250 shares of the firm’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $319.22, for a total value of $11,252,505.00. Following the completion of the sale, the insider now owns 75,101 shares of the company’s stock, valued at approximately $23,973,741.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John F. Burkart sold 13,807 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $312.62, for a total value of $4,316,344.34. Following the completion of the sale, the insider now directly owns 17,726 shares of the company’s stock, valued at approximately $5,541,502.12. The disclosure for this sale can be found here. Insiders sold a total of 81,551 shares of company stock valued at $25,904,657 in the last three months. Insiders own 3.60% of the company’s stock.

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 245 apartment communities with an additional 6 properties in various stages of active development.

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Institutional Ownership by Quarter for Essex Property Trust (NYSE:ESS)

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