Mackenzie Financial Corp Sells 28,913 Shares of Essex Property Trust, Inc. (NYSE:ESS)

Mackenzie Financial Corp lessened its position in Essex Property Trust, Inc. (NYSE:ESS) by 80.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,038 shares of the real estate investment trust’s stock after selling 28,913 shares during the quarter. Mackenzie Financial Corp’s holdings in Essex Property Trust were worth $1,745,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Bruce G. Allen Investments LLC bought a new position in Essex Property Trust in the fourth quarter valued at $41,000. Bear Mountain Capital Inc. bought a new position in Essex Property Trust in the fourth quarter valued at $55,000. Blue Trust Inc. increased its stake in Essex Property Trust by 645.2% in the fourth quarter. Blue Trust Inc. now owns 231 shares of the real estate investment trust’s stock valued at $57,000 after acquiring an additional 200 shares during the last quarter. Tobam bought a new position in Essex Property Trust in the fourth quarter valued at $60,000. Finally, Planned Solutions Inc. bought a new position in Essex Property Trust in the fourth quarter valued at $76,000. Institutional investors own 96.51% of the company’s stock.

Essex Property Trust Stock Performance

Shares of ESS opened at $242.15 on Wednesday. The company has a debt-to-equity ratio of 1.11, a current ratio of 3.26 and a quick ratio of 3.26. Essex Property Trust, Inc. has a one year low of $203.85 and a one year high of $252.85. The company has a 50-day simple moving average of $237.91 and a two-hundred day simple moving average of $231.38. The firm has a market capitalization of $15.55 billion, a PE ratio of 38.38, a price-to-earnings-growth ratio of 3.47 and a beta of 0.80.

Essex Property Trust Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were issued a $2.45 dividend. The ex-dividend date was Wednesday, March 27th. This is a positive change from Essex Property Trust’s previous quarterly dividend of $2.31. This represents a $9.80 annualized dividend and a yield of 4.05%. Essex Property Trust’s dividend payout ratio (DPR) is 155.31%.

Wall Street Analyst Weigh In

ESS has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft initiated coverage on Essex Property Trust in a research note on Tuesday, January 30th. They set a “hold” rating and a $240.00 price objective on the stock. StockNews.com cut Essex Property Trust from a “hold” rating to a “sell” rating in a research note on Saturday, April 13th. Morgan Stanley raised their price objective on Essex Property Trust from $227.00 to $230.00 and gave the company an “equal weight” rating in a research note on Monday, February 26th. Barclays raised their price objective on Essex Property Trust from $224.00 to $225.00 and gave the company an “underweight” rating in a research note on Tuesday, February 20th. Finally, Raymond James raised Essex Property Trust from a “market perform” rating to an “outperform” rating and set a $265.00 price objective on the stock in a research note on Monday, March 18th. Four investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $245.37.

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.