Pearl River Capital LLC purchased a new position in shares of Essex Property Trust Inc (NYSE:ESS) during the first quarter, Holdings Channel reports. The fund purchased 134 shares of the real estate investment trust’s stock, valued at approximately $38,000.
Other hedge funds have also modified their holdings of the company. JPMorgan Chase & Co. lifted its holdings in shares of Essex Property Trust by 35.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,471,859 shares of the real estate investment trust’s stock worth $363,125,000 after acquiring an additional 386,035 shares during the period. Teachers Advisors LLC lifted its stake in Essex Property Trust by 18.0% in the 3rd quarter. Teachers Advisors LLC now owns 373,570 shares of the real estate investment trust’s stock valued at $92,163,000 after purchasing an additional 56,917 shares during the last quarter. TIAA CREF Investment Management LLC lifted its stake in Essex Property Trust by 18.5% in the 3rd quarter. TIAA CREF Investment Management LLC now owns 278,916 shares of the real estate investment trust’s stock valued at $68,811,000 after purchasing an additional 43,624 shares during the last quarter. Nordea Investment Management AB bought a new position in Essex Property Trust in the 3rd quarter valued at approximately $34,325,000. Finally, Legal & General Group Plc lifted its stake in Essex Property Trust by 2.0% in the 3rd quarter. Legal & General Group Plc now owns 578,821 shares of the real estate investment trust’s stock valued at $142,757,000 after purchasing an additional 11,343 shares during the last quarter. Institutional investors and hedge funds own 97.10% of the company’s stock.
In other Essex Property Trust news, CFO Angela L. Kleiman sold 1,177 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $289.72, for a total value of $341,000.44. Following the completion of the transaction, the chief financial officer now directly owns 6,916 shares in the company, valued at approximately $2,003,703.52. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider John D. Eudy sold 3,750 shares of the stock in a transaction on Thursday, February 14th. The stock was sold at an average price of $276.06, for a total transaction of $1,035,225.00. Following the sale, the insider now owns 14,205 shares of the company’s stock, valued at $3,921,432.30. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 14,860 shares of company stock valued at $4,259,983. Corporate insiders own 3.60% of the company’s stock.
Shares of NYSE ESS opened at $283.84 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.91. Essex Property Trust Inc has a 52-week low of $226.22 and a 52-week high of $294.61. The company has a market capitalization of $18.40 billion, a price-to-earnings ratio of 22.58, a price-to-earnings-growth ratio of 3.77 and a beta of 0.45.
Essex Property Trust (NYSE:ESS) last announced its quarterly earnings results on Wednesday, April 24th. The real estate investment trust reported $3.23 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.19 by $0.04. Essex Property Trust had a net margin of 29.67% and a return on equity of 6.50%. The firm had revenue of $356.22 million during the quarter, compared to analysts’ expectations of $353.55 million. During the same period in the prior year, the company posted $3.09 EPS. As a group, research analysts expect that Essex Property Trust Inc will post 13.11 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were given a $1.95 dividend. This is a boost from Essex Property Trust’s previous quarterly dividend of $1.86. This represents a $7.80 annualized dividend and a yield of 2.75%. The ex-dividend date was Thursday, March 28th. Essex Property Trust’s dividend payout ratio is 62.05%.
Several equities analysts recently commented on ESS shares. Barclays raised shares of Essex Property Trust from a “neutral” rating to a “positive” rating in a research note on Monday, February 4th. Jefferies Financial Group downgraded shares of Essex Property Trust from a “buy” rating to a “hold” rating and increased their price objective for the company from $290.00 to $295.00 in a research note on Thursday, February 7th. They noted that the move was a valuation call. Citigroup set a $275.00 price objective on shares of Essex Property Trust and gave the company a “hold” rating in a research note on Tuesday, February 5th. KeyCorp increased their price objective on shares of Essex Property Trust from $268.00 to $301.00 and gave the company an “overweight” rating in a research note on Tuesday, March 19th. Finally, BMO Capital Markets reissued a “hold” rating and issued a $295.00 price objective on shares of Essex Property Trust in a research note on Monday, March 25th. Nine research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $282.17.
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 245 apartment communities with an additional 6 properties in various stages of active development.
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