Edgestream Partners L.P. Has $6.77 Million Stock Holdings in Essex Property Trust, Inc. (NYSE:ESS)

Edgestream Partners L.P. lifted its stake in shares of Essex Property Trust, Inc. (NYSE:ESS) by 1,306.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 22,898 shares of the real estate investment trust’s stock after purchasing an additional 21,270 shares during the quarter. Edgestream Partners L.P.’s holdings in Essex Property Trust were worth $6,765,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of ESS. ORG Partners LLC acquired a new stake in Essex Property Trust during the second quarter worth about $743,000. Swedbank AB acquired a new position in shares of Essex Property Trust in the 1st quarter valued at approximately $4,299,000. KBC Group NV lifted its holdings in shares of Essex Property Trust by 162.7% during the 3rd quarter. KBC Group NV now owns 74,841 shares of the real estate investment trust’s stock worth $22,109,000 after acquiring an additional 46,354 shares during the period. Federated Hermes Inc. boosted its position in shares of Essex Property Trust by 237.7% during the 2nd quarter. Federated Hermes Inc. now owns 2,502 shares of the real estate investment trust’s stock worth $681,000 after acquiring an additional 1,761 shares in the last quarter. Finally, ING Groep NV increased its stake in Essex Property Trust by 54.2% in the third quarter. ING Groep NV now owns 8,587 shares of the real estate investment trust’s stock valued at $2,537,000 after acquiring an additional 3,018 shares during the last quarter. Institutional investors own 96.51% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Angela L. Kleiman sold 8,080 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $315.10, for a total transaction of $2,546,008.00. Following the transaction, the chief executive officer now owns 9,494 shares in the company, valued at $2,991,559.40. The trade was a 45.98 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Amal M. Johnson sold 7,298 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $316.31, for a total transaction of $2,308,430.38. Following the completion of the sale, the director now owns 2,585 shares of the company’s stock, valued at $817,661.35. The trade was a 73.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 17,949 shares of company stock worth $5,663,763. Company insiders own 3.80% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Raymond James cut Essex Property Trust from an “outperform” rating to a “market perform” rating in a research note on Monday, October 21st. Truist Financial upped their price objective on Essex Property Trust from $282.00 to $294.00 and gave the stock a “hold” rating in a research report on Tuesday, August 27th. BNP Paribas assumed coverage on Essex Property Trust in a research report on Wednesday, September 11th. They issued an “outperform” rating and a $333.00 target price on the stock. Piper Sandler increased their target price on shares of Essex Property Trust from $315.00 to $355.00 and gave the stock an “overweight” rating in a report on Monday, August 26th. Finally, Evercore ISI raised their price target on shares of Essex Property Trust from $283.00 to $287.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $297.00.

Essex Property Trust Trading Down 0.8 %

Shares of ESS stock opened at $310.46 on Friday. The stock has a 50-day moving average of $297.12 and a 200-day moving average of $287.00. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.13. The stock has a market cap of $19.95 billion, a price-to-earnings ratio of 36.27, a PEG ratio of 6.16 and a beta of 0.88. Essex Property Trust, Inc. has a 1-year low of $211.35 and a 1-year high of $317.73.

Essex Property Trust (NYSE:ESS) last released its earnings results on Tuesday, October 29th. The real estate investment trust reported $1.84 earnings per share for the quarter, missing analysts’ consensus estimates of $3.88 by ($2.04). The firm had revenue of $450.70 million for the quarter, compared to analyst estimates of $445.88 million. Essex Property Trust had a net margin of 31.55% and a return on equity of 9.72%. During the same period in the prior year, the company posted $3.78 EPS. On average, equities research analysts forecast that Essex Property Trust, Inc. will post 15.56 earnings per share for the current year.

Essex Property Trust Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were given a dividend of $2.45 per share. The ex-dividend date was Monday, September 30th. This represents a $9.80 dividend on an annualized basis and a yield of 3.16%. Essex Property Trust’s dividend payout ratio (DPR) is currently 114.49%.

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 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.