PGGM Investments Sells 683,899 Shares of Essex Property Trust Inc (NYSE:ESS)

PGGM Investments lessened its stake in shares of Essex Property Trust Inc (NYSE:ESS) by 65.4% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 361,101 shares of the real estate investment trust’s stock after selling 683,899 shares during the quarter. PGGM Investments’ holdings in Essex Property Trust were worth $108,641,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in shares of Essex Property Trust by 0.5% during the second quarter. Vanguard Group Inc. now owns 10,673,644 shares of the real estate investment trust’s stock worth $3,115,957,000 after buying an additional 52,605 shares during the last quarter. State Street Corp grew its stake in shares of Essex Property Trust by 0.8% during the third quarter. State Street Corp now owns 5,488,791 shares of the real estate investment trust’s stock worth $1,803,505,000 after buying an additional 44,268 shares during the last quarter. Nuveen Asset Management LLC grew its stake in shares of Essex Property Trust by 240.0% during the second quarter. Nuveen Asset Management LLC now owns 989,844 shares of the real estate investment trust’s stock worth $288,964,000 after buying an additional 698,750 shares during the last quarter. California Public Employees Retirement System grew its stake in shares of Essex Property Trust by 9.2% during the third quarter. California Public Employees Retirement System now owns 552,461 shares of the real estate investment trust’s stock worth $180,461,000 after buying an additional 46,588 shares during the last quarter. Finally, Resolution Capital Ltd grew its stake in shares of Essex Property Trust by 7.5% during the third quarter. Resolution Capital Ltd now owns 500,111 shares of the real estate investment trust’s stock worth $163,361,000 after buying an additional 34,849 shares during the last quarter. 96.51% of the stock is currently owned by hedge funds and other institutional investors.

A number of research firms have weighed in on ESS. Barclays set a $350.00 target price on shares of Essex Property Trust and gave the stock a “buy” rating in a research note on Friday, October 11th. Goldman Sachs Group began coverage on shares of Essex Property Trust in a research note on Friday, November 8th. They set a “buy” rating and a $355.00 target price on the stock. Evercore ISI raised shares of Essex Property Trust from an “in-line” rating to an “outperform” rating and set a $341.00 target price on the stock in a research note on Tuesday, November 19th. KeyCorp boosted their target price on shares of Essex Property Trust from $320.00 to $342.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. Finally, Stifel Nicolaus set a $355.00 price objective on shares of Essex Property Trust and gave the stock a “buy” rating in a research note on Friday, October 25th. Nine equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $330.21.

Shares of Essex Property Trust stock traded up $0.16 during trading on Friday, hitting $306.19. The company’s stock had a trading volume of 2,132 shares, compared to its average volume of 425,256. 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 52 week low of $255.71 and a 52 week high of $334.17. The stock has a market cap of $19.94 billion, a price-to-earnings ratio of 24.34, a price-to-earnings-growth ratio of 3.43 and a beta of 0.27. The stock has a 50-day moving average price of $302.90 and a two-hundred day moving average price of $312.73.

Essex Property Trust (NYSE:ESS) last issued its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.53 earnings per share for the quarter, missing the 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 the consensus estimate of $365.49 million. During the same period in the prior year, the firm earned $3.15 EPS. On average, equities analysts predict that Essex Property Trust Inc will post 13.35 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Thursday, January 2nd were paid a $1.95 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $7.80 annualized dividend and a dividend yield of 2.55%. Essex Property Trust’s dividend payout ratio is 62.05%.

In related news, EVP Craig K. Zimmerman sold 4,379 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $310.59, for a total value of $1,360,073.61. Following the transaction, the executive vice president now owns 12,845 shares in the company, valued at $3,989,528.55. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 3.60% of the company’s stock.

About Essex Property Trust

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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Institutional Ownership by Quarter for Essex Property Trust (NYSE:ESS)

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