Franklin Resources Inc. decreased its position in shares of Essex Property Trust Inc (NYSE:ESS) by 33.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 31,208 shares of the real estate investment trust’s stock after selling 15,495 shares during the quarter. Franklin Resources Inc.’s holdings in Essex Property Trust were worth $7,700,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently bought and sold shares of ESS. First Hawaiian Bank bought a new stake in Essex Property Trust during the third quarter worth about $101,000. Girard Partners LTD. bought a new stake in Essex Property Trust during the third quarter worth about $184,000. Destination Wealth Management bought a new stake in Essex Property Trust during the third quarter worth about $202,000. First Allied Advisory Services Inc. bought a new stake in Essex Property Trust during the second quarter worth about $230,000. Finally, ING Groep NV bought a new stake in Essex Property Trust during the second quarter worth about $256,000. 96.92% of the stock is owned by institutional investors and hedge funds.
In other news, insider John D. Eudy sold 1,834 shares of the company’s stock in a transaction that occurred on Wednesday, October 24th. The stock was sold at an average price of $252.13, for a total value of $462,406.42. Following the completion of the transaction, the insider now owns 11,486 shares of the company’s stock, valued at $2,895,965.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John D. Eudy sold 166 shares of the company’s stock in a transaction that occurred on Monday, November 12th. The shares were sold at an average price of $254.03, for a total value of $42,168.98. Following the completion of the transaction, the executive vice president now directly owns 9,818 shares of the company’s stock, valued at approximately $2,494,066.54. The disclosure for this sale can be found here. Insiders sold 7,009 shares of company stock valued at $1,779,466 in the last ninety days. 3.40% of the stock is currently owned by insiders.
Shares of NYSE ESS opened at $262.28 on Friday. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.31 and a quick ratio of 1.31. The stock has a market cap of $17.33 billion, a price-to-earnings ratio of 21.17, a price-to-earnings-growth ratio of 3.45 and a beta of 0.23. Essex Property Trust Inc has a 12 month low of $214.03 and a 12 month high of $267.41.
Essex Property Trust (NYSE:ESS) last issued its earnings results on Monday, October 29th. The real estate investment trust reported $1.22 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $3.14 by ($1.92). The business had revenue of $350.92 million for the quarter, compared to analyst estimates of $351.58 million. Essex Property Trust had a return on equity of 5.52% and a net margin of 27.01%. During the same period in the previous year, the firm posted $2.98 EPS. On average, sell-side analysts predict that Essex Property Trust Inc will post 12.56 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Wednesday, January 2nd will be paid a $1.86 dividend. This represents a $7.44 annualized dividend and a dividend yield of 2.84%. Essex Property Trust’s dividend payout ratio is currently 62.47%.
Several research analysts have commented on ESS shares. Scotiabank started coverage on Essex Property Trust in a research note on Tuesday, October 16th. They set an “outperform” rating for the company. Citigroup downgraded Essex Property Trust from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $280.00 to $260.00 in a research note on Friday, September 14th. Jefferies Financial Group boosted their target price on Essex Property Trust from $262.00 to $297.00 in a research note on Sunday, December 9th. Wells Fargo & Co raised Essex Property Trust from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $262.00 to $284.00 in a research note on Tuesday, December 11th. Finally, Zacks Investment Research downgraded Essex Property Trust from a “buy” rating to a “hold” rating in a research note on Thursday, October 4th. Ten investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $267.82.
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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. The Company currently has ownership interests in 248 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.
Further Reading: What are CEFs?
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