Mitsubishi UFJ Trust & Banking Corp Sells 38,019 Shares of Essex Property Trust, Inc. (NYSE:ESS)

Mitsubishi UFJ Trust & Banking Corp reduced its stake in Essex Property Trust, Inc. (NYSE:ESS) by 16.6% during the 1st quarter, HoldingsChannel reports. The fund owned 191,363 shares of the real estate investment trust’s stock after selling 38,019 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Essex Property Trust were worth $46,708,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. SOA Wealth Advisors LLC. lifted its position in Essex Property Trust by 74.6% in the 1st quarter. SOA Wealth Advisors LLC. now owns 110 shares of the real estate investment trust’s stock valued at $30,000 after acquiring an additional 47 shares in the last quarter. CX Institutional lifted its position in Essex Property Trust by 32.1% during the 1st quarter. CX Institutional now owns 173 shares of the real estate investment trust’s stock worth $47,000 after buying an additional 42 shares in the last quarter. GPS Wealth Strategies Group LLC bought a new stake in Essex Property Trust during the 1st quarter worth about $58,000. Vantage Consulting Group Inc bought a new stake in Essex Property Trust during the 4th quarter worth about $66,000. Finally, Rational Advisors LLC lifted its position in Essex Property Trust by 51.9% during the 4th quarter. Rational Advisors LLC now owns 395 shares of the real estate investment trust’s stock worth $94,000 after buying an additional 135 shares in the last quarter. 92.37% of the stock is currently owned by institutional investors and hedge funds.

In related news, Director Thomas E. Robinson sold 2,838 shares of the company’s stock in a transaction dated Wednesday, May 12th. The shares were sold at an average price of $280.32, for a total value of $795,548.16. Following the transaction, the director now owns 7,383 shares in the company, valued at approximately $2,069,602.56. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 3.80% of the stock is currently owned by corporate insiders.

ESS has been the topic of several analyst reports. Raymond James reissued a “sell” rating on shares of Essex Property Trust in a research report on Tuesday, February 23rd. Truist Securities boosted their price target on shares of Essex Property Trust from $295.00 to $327.00 and gave the stock a “buy” rating in a research report on Friday, June 4th. Royal Bank of Canada initiated coverage on shares of Essex Property Trust in a research report on Tuesday, March 30th. They set an “outperform” rating and a $303.00 price target on the stock. BMO Capital Markets raised shares of Essex Property Trust from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $275.00 to $310.00 in a research report on Monday, April 5th. Finally, Zacks Investment Research upgraded shares of Essex Property Trust from a “sell” rating to a “hold” rating and set a $302.00 price objective on the stock in a research note on Tuesday, April 13th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $291.27.

Shares of ESS opened at $314.04 on Friday. Essex Property Trust, Inc. has a 52 week low of $186.30 and a 52 week high of $316.63. The firm has a market cap of $20.41 billion, a price-to-earnings ratio of 48.46, a P/E/G ratio of 7.21 and a beta of 0.73. The firm has a 50-day moving average of $291.35. The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.40 and a current ratio of 2.40.

Essex Property Trust (NYSE:ESS) last announced its quarterly earnings results on Tuesday, April 27th. The real estate investment trust reported $2.59 EPS for the quarter, missing the Zacks’ consensus estimate of $3.04 by ($0.45). Essex Property Trust had a net margin of 28.95% and a return on equity of 6.58%. During the same quarter last year, the business posted $3.48 earnings per share. Analysts anticipate that Essex Property Trust, Inc. will post 12.23 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 15th. Investors of record on Wednesday, June 30th will be paid a $2.09 dividend. The ex-dividend date is Tuesday, June 29th. This represents a $8.36 dividend on an annualized basis and a yield of 2.66%. Essex Property Trust’s dividend payout ratio (DPR) is currently 65.21%.

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 246 apartment communities comprising approximately 60,000 apartment homes with an additional 6 properties in various stages of active development.

Further Reading: Bollinger Bands

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

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