Essex Property Trust, Inc. (NYSE:ESS) Position Boosted by GAMMA Investing LLC

GAMMA Investing LLC grew its holdings in Essex Property Trust, Inc. (NYSE:ESS) by 53.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 907 shares of the real estate investment trust’s stock after purchasing an additional 316 shares during the period. GAMMA Investing LLC’s holdings in Essex Property Trust were worth $247,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in ESS. Lindbrook Capital LLC increased its position in Essex Property Trust by 111.5% in the 4th quarter. Lindbrook Capital LLC now owns 110 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 58 shares during the last quarter. Venturi Wealth Management LLC grew its stake in shares of Essex Property Trust by 112.3% in the 1st quarter. Venturi Wealth Management LLC now owns 138 shares of the real estate investment trust’s stock valued at $34,000 after buying an additional 73 shares in the last quarter. Vima LLC acquired a new position in shares of Essex Property Trust during the 4th quarter worth $40,000. Bear Mountain Capital Inc. bought a new position in shares of Essex Property Trust in the fourth quarter valued at approximately $55,000. Finally, Tobam bought a new stake in shares of Essex Property Trust during the 4th quarter worth $60,000. 96.51% of the stock is owned by hedge funds and other institutional investors.

Essex Property Trust Trading Up 2.9 %

NYSE:ESS traded up $7.94 during trading hours on Tuesday, hitting $280.56. The stock had a trading volume of 221,553 shares, compared to its average volume of 384,577. The business’s 50 day moving average is $275.21 and its 200-day moving average is $253.72. The company has a debt-to-equity ratio of 1.11, a quick ratio of 3.19 and a current ratio of 1.62. The company has a market cap of $18.01 billion, a price-to-earnings ratio of 34.03, a P/E/G ratio of 3.96 and a beta of 0.86. Essex Property Trust, Inc. has a one year low of $203.85 and a one year high of $292.37.

Essex Property Trust (NYSE:ESS) last announced its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.85 by ($2.40). The firm had revenue of $442.36 million during the quarter, compared to analyst estimates of $433.26 million. Essex Property Trust had a net margin of 30.31% and a return on equity of 9.14%. During the same period last year, the firm earned $3.77 EPS. Sell-side analysts anticipate that Essex Property Trust, Inc. will post 15.53 EPS for the current fiscal year.

Essex Property Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 24th. Stockholders of record on Friday, June 28th were given a dividend of $2.45 per share. This represents a $9.80 annualized dividend and a dividend yield of 3.49%. The ex-dividend date was Friday, June 28th. Essex Property Trust’s dividend payout ratio is 119.80%.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Morgan Stanley boosted their target price on shares of Essex Property Trust from $230.00 to $250.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 14th. JPMorgan Chase & Co. boosted their target price on shares of Essex Property Trust from $244.00 to $265.00 and gave the stock a “neutral” rating in a research report on Monday, June 17th. Truist Financial boosted their target price on shares of Essex Property Trust from $255.00 to $282.00 and gave the stock a “hold” rating in a research report on Monday, June 24th. StockNews.com raised shares of Essex Property Trust from a “sell” rating to a “hold” rating in a research report on Wednesday, May 1st. Finally, UBS Group boosted their target price on shares of 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 assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $266.50.

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.