Girard Partners LTD. raised its position in shares of Essex Property Trust Inc (NYSE:ESS) by 18.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,030 shares of the real estate investment trust’s stock after acquiring an additional 164 shares during the quarter. Girard Partners LTD.’s holdings in Essex Property Trust were worth $336,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Krane Funds Advisors LLC bought a new stake in Essex Property Trust during the second quarter valued at $25,000. CX Institutional boosted its position in Essex Property Trust by 100.0% during the third quarter. CX Institutional now owns 84 shares of the real estate investment trust’s stock valued at $27,000 after acquiring an additional 42 shares during the last quarter. CSat Investment Advisory L.P. boosted its position in Essex Property Trust by 144.6% during the second quarter. CSat Investment Advisory L.P. now owns 137 shares of the real estate investment trust’s stock valued at $40,000 after acquiring an additional 81 shares during the last quarter. Flagship Harbor Advisors LLC boosted its position in Essex Property Trust by 243.9% during the second quarter. Flagship Harbor Advisors LLC now owns 141 shares of the real estate investment trust’s stock valued at $41,000 after acquiring an additional 100 shares during the last quarter. Finally, Private Capital Group LLC boosted its position in Essex Property Trust by 22.2% during the second quarter. Private Capital Group LLC now owns 176 shares of the real estate investment trust’s stock valued at $42,000 after acquiring an additional 32 shares during the last quarter. 96.47% of the stock is currently owned by institutional investors and hedge funds.
ESS opened at $317.95 on Thursday. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.59 and a quick ratio of 1.59. Essex Property Trust Inc has a fifty-two week low of $235.51 and a fifty-two week high of $334.17. The firm has a market capitalization of $21.28 billion, a PE ratio of 25.29, a P/E/G ratio of 3.76 and a beta of 0.30. The company’s 50-day moving average is $326.70 and its 200 day moving average is $306.56.
Essex Property Trust (NYSE:ESS) last posted its earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.53 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.36 by ($1.83). Essex Property Trust had a return on equity of 6.73% and a net margin of 29.78%. The business had revenue of $366.93 million during the quarter, compared to analyst estimates of $365.49 million. During the same quarter in the prior year, the company earned $3.15 EPS. As a group, analysts expect that Essex Property Trust Inc will post 13.33 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $1.95 dividend. The ex-dividend date was Friday, September 27th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 2.45%. Essex Property Trust’s dividend payout ratio is presently 62.05%.
In related news, Director Janice L. Sears sold 2,500 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $324.26, for a total value of $810,650.00. Following the sale, the director now owns 3,583 shares in the company, valued at approximately $1,161,823.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael J. Schall sold 35,250 shares of the company’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $319.22, for a total transaction of $11,252,505.00. Following the completion of the sale, the insider now owns 75,101 shares in the company, valued at approximately $23,973,741.22. The disclosure for this sale can be found here. Insiders sold a total of 81,551 shares of company stock worth $25,904,657 in the last 90 days. 3.60% of the stock is currently owned by company insiders.
A number of analysts have commented on the stock. Capital One Financial reaffirmed an “equal weight” rating on shares of Essex Property Trust in a research report on Monday, September 16th. Citigroup upped their price objective on shares of Essex Property Trust from $280.00 to $300.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. KeyCorp upped their price objective on shares of Essex Property Trust from $320.00 to $342.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. BMO Capital Markets set a $310.00 price objective on shares of Essex Property Trust and gave the company a “hold” rating in a report on Wednesday, July 24th. Finally, ValuEngine lowered shares of Essex Property Trust from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Eight investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $321.88.
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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