DoubleLine ETF Adviser LP Boosts Stock Position in Essex Property Trust, Inc. (NYSE:ESS)

DoubleLine ETF Adviser LP lifted its position in shares of Essex Property Trust, Inc. (NYSE:ESS) by 0.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,624 shares of the real estate investment trust’s stock after buying an additional 38 shares during the period. DoubleLine ETF Adviser LP’s holdings in Essex Property Trust were worth $1,320,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Kestra Investment Management LLC purchased a new position in shares of Essex Property Trust during the fourth quarter worth approximately $25,000. UMB Bank n.a. grew its holdings in shares of Essex Property Trust by 37.5% during the 4th quarter. UMB Bank n.a. now owns 154 shares of the real estate investment trust’s stock valued at $44,000 after purchasing an additional 42 shares during the last quarter. Newbridge Financial Services Group Inc. purchased a new position in Essex Property Trust in the 4th quarter worth $45,000. Assetmark Inc. lifted its stake in Essex Property Trust by 124.0% in the fourth quarter. Assetmark Inc. now owns 224 shares of the real estate investment trust’s stock worth $64,000 after purchasing an additional 124 shares during the last quarter. Finally, Jones Financial Companies Lllp boosted its position in Essex Property Trust by 486.8% during the fourth quarter. Jones Financial Companies Lllp now owns 223 shares of the real estate investment trust’s stock valued at $64,000 after buying an additional 185 shares during the period. Institutional investors own 96.51% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Truist Financial raised their price target on Essex Property Trust from $292.00 to $304.00 and gave the stock a “hold” rating in a research report on Monday, March 10th. JMP Securities restated a “market perform” rating on shares of Essex Property Trust in a report on Thursday, February 6th. Deutsche Bank Aktiengesellschaft upgraded shares of Essex Property Trust from a “hold” rating to a “buy” rating and upped their price target for the company from $308.00 to $310.00 in a report on Tuesday, January 21st. Barclays cut their price target on shares of Essex Property Trust from $304.00 to $303.00 and set an “equal weight” rating on the stock in a report on Friday, April 11th. Finally, Evercore ISI boosted their price objective on shares of Essex Property Trust from $297.00 to $302.00 and gave the company an “in-line” rating in a research report on Monday, February 10th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $306.79.

Insider Buying and Selling

In other news, Director Keith R. Guericke sold 7,298 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $315.00, for a total value of $2,298,870.00. Following the sale, the director now directly owns 16,118 shares of the company’s stock, valued at $5,077,170. The trade was a 31.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Mary Kasaris sold 2,800 shares of the company’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $300.80, for a total value of $842,240.00. Following the completion of the sale, the director now owns 1,755 shares in the company, valued at $527,904. The trade was a 61.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 21,345 shares of company stock valued at $6,682,539 over the last quarter. Corporate insiders own 3.46% of the company’s stock.

Essex Property Trust Stock Up 1.8 %

Shares of NYSE:ESS opened at $284.26 on Friday. The firm has a market capitalization of $18.28 billion, a P/E ratio of 24.63, a P/E/G ratio of 6.84 and a beta of 0.78. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.14 and a current ratio of 1.14. The stock has a 50 day moving average price of $288.83 and a 200-day moving average price of $290.76. Essex Property Trust, Inc. has a 52-week low of $243.85 and a 52-week high of $317.73.

Essex Property Trust (NYSE:ESS) last posted its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $3.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.92 by $0.05. Essex Property Trust had a return on equity of 13.05% and a net margin of 41.79%. The business had revenue of $464.58 million during the quarter, compared to the consensus estimate of $458.03 million. During the same quarter in the prior year, the company earned $3.83 earnings per share. As a group, equities research analysts anticipate that Essex Property Trust, Inc. will post 15.96 EPS for the current fiscal year.

Essex Property Trust Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a dividend of $2.57 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $10.28 annualized dividend and a yield of 3.62%. This is a positive change from Essex Property Trust’s previous quarterly dividend of $2.45. Essex Property Trust’s payout ratio is presently 89.08%.

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.