Essex Property Trust, Inc. (NYSE:ESS) Position Lowered by Gulf International Bank UK Ltd

Gulf International Bank UK Ltd decreased its stake in shares of Essex Property Trust, Inc. (NYSE:ESS) by 30.1% during the 1st quarter, HoldingsChannel.com reports. The firm owned 3,539 shares of the real estate investment trust’s stock after selling 1,525 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Essex Property Trust were worth $1,084,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. S Bank Fund Management Ltd bought a new position in shares of Essex Property Trust during the first quarter worth about $1,503,000. National Pension Service lifted its position in shares of Essex Property Trust by 8.1% during the first quarter. National Pension Service now owns 123,707 shares of the real estate investment trust’s stock worth $37,925,000 after purchasing an additional 9,276 shares during the last quarter. GKV Capital Management Co. Inc. bought a new position in shares of Essex Property Trust during the first quarter worth about $35,000. Russell Investments Group Ltd. lifted its position in shares of Essex Property Trust by 12.3% during the first quarter. Russell Investments Group Ltd. now owns 358,586 shares of the real estate investment trust’s stock worth $109,926,000 after purchasing an additional 39,397 shares during the last quarter. Finally, Resona Asset Management Co. Ltd. lifted its position in shares of Essex Property Trust by 9.2% during the first quarter. Resona Asset Management Co. Ltd. now owns 44,806 shares of the real estate investment trust’s stock worth $13,716,000 after purchasing an additional 3,793 shares during the last quarter. Institutional investors own 96.51% of the company’s stock.

Essex Property Trust Price Performance

Shares of NYSE:ESS opened at $259.56 on Friday. The firm’s 50 day moving average is $278.38 and its two-hundred day moving average is $284.11. Essex Property Trust, Inc. has a 52 week low of $243.85 and a 52 week high of $317.73. The firm has a market capitalization of $16.72 billion, a P/E ratio of 20.86, a PEG ratio of 6.59 and a beta of 0.80. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.16.

Essex Property Trust (NYSE:ESS) last posted its quarterly earnings data on Tuesday, July 29th. The real estate investment trust reported $4.03 EPS for the quarter, beating analysts’ consensus estimates of $3.99 by $0.04. Essex Property Trust had a net margin of 43.51% and a return on equity of 13.98%. The business had revenue of $465.84 million for the quarter, compared to analyst estimates of $466.47 million. During the same quarter last year, the business earned $3.94 earnings per share. Analysts anticipate that Essex Property Trust, Inc. will post 15.96 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ESS. Piper Sandler cut shares of Essex Property Trust from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $355.00 to $275.00 in a report on Monday, August 4th. Scotiabank cut their target price on shares of Essex Property Trust from $320.00 to $309.00 and set a “sector outperform” rating on the stock in a report on Tuesday, August 5th. Stifel Nicolaus raised their target price on shares of Essex Property Trust from $301.50 to $305.50 and gave the stock a “hold” rating in a report on Wednesday, July 30th. Wall Street Zen raised shares of Essex Property Trust from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Finally, Royal Bank Of Canada raised their target price on shares of Essex Property Trust from $306.00 to $307.00 and gave the stock an “outperform” rating in a report on Thursday, July 31st. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $302.86.

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.