UniSuper Management Pty Ltd Boosts Stake in Essex Property Trust, Inc. (NYSE:ESS)

UniSuper Management Pty Ltd raised its stake in shares of Essex Property Trust, Inc. (NYSE:ESS) by 20.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 22,792 shares of the real estate investment trust’s stock after acquiring an additional 3,799 shares during the period. UniSuper Management Pty Ltd’s holdings in Essex Property Trust were worth $5,580,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. SG Americas Securities LLC raised its stake in Essex Property Trust by 632.8% during the 4th quarter. SG Americas Securities LLC now owns 15,001 shares of the real estate investment trust’s stock valued at $3,719,000 after acquiring an additional 12,954 shares during the last quarter. Daiwa Securities Group Inc. raised its stake in Essex Property Trust by 201.1% during the 4th quarter. Daiwa Securities Group Inc. now owns 534,964 shares of the real estate investment trust’s stock valued at $132,639,000 after acquiring an additional 357,268 shares during the last quarter. State Board of Administration of Florida Retirement System raised its stake in Essex Property Trust by 2.6% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 81,456 shares of the real estate investment trust’s stock valued at $19,941,000 after acquiring an additional 2,083 shares during the last quarter. Victory Capital Management Inc. raised its stake in Essex Property Trust by 11.1% during the 4th quarter. Victory Capital Management Inc. now owns 49,277 shares of the real estate investment trust’s stock valued at $12,218,000 after acquiring an additional 4,943 shares during the last quarter. Finally, JLP Asset Management LLC purchased a new stake in Essex Property Trust during the 4th quarter valued at approximately $2,802,000. 96.51% of the stock is owned by hedge funds and other institutional investors.

Essex Property Trust Price Performance

NYSE:ESS traded up $0.92 during trading hours on Tuesday, reaching $291.05. 254,207 shares of the company traded hands, compared to its average volume of 373,653. The firm’s 50-day moving average is $271.72 and its 200-day moving average is $251.46. The stock has a market cap of $18.69 billion, a P/E ratio of 35.58, a P/E/G ratio of 3.98 and a beta of 0.86. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.19 and a quick ratio of 3.19. Essex Property Trust, Inc. has a 1-year low of $203.85 and a 1-year high of $292.03.

Essex Property Trust Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 24th. Shareholders of record on Friday, June 28th will be issued a dividend of $2.45 per share. This represents a $9.80 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date is Friday, June 28th. Essex Property Trust’s dividend payout ratio (DPR) is presently 119.80%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ESS. Bank of America upgraded Essex Property Trust from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $250.00 to $275.00 in a research report on Monday, April 1st. Evercore ISI boosted their target price on Essex Property Trust from $254.00 to $260.00 and gave the stock an “in-line” rating in a research report on Tuesday, July 9th. Mizuho boosted their target price on Essex Property Trust from $250.00 to $266.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Stifel Nicolaus boosted their target price on Essex Property Trust from $243.50 to $267.00 and gave the stock a “hold” rating in a research report on Tuesday, July 9th. Finally, UBS Group boosted their target price on Essex Property Trust from $261.00 to $283.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $262.15.

Insider Buying and Selling at Essex Property Trust

In other Essex Property Trust news, Director Keith R. Guericke sold 10,000 shares of the stock in a transaction on Friday, June 14th. The stock was sold at an average price of $274.57, for a total transaction of $2,745,700.00. Following the transaction, the director now owns 16,118 shares of the company’s stock, valued at approximately $4,425,519.26. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Essex Property Trust news, CEO Angela L. Kleiman sold 3,780 shares of the stock in a transaction on Friday, June 21st. The stock was sold at an average price of $278.27, for a total transaction of $1,051,860.60. Following the transaction, the chief executive officer now owns 9,494 shares of the company’s stock, valued at approximately $2,641,895.38. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Keith R. Guericke sold 10,000 shares of the stock in a transaction on Friday, June 14th. The stock was sold at an average price of $274.57, for a total value of $2,745,700.00. Following the transaction, the director now directly owns 16,118 shares in the company, valued at approximately $4,425,519.26. The disclosure for this sale can be found here. 3.80% of the stock is owned by insiders.

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 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.