Royal Bank of Canada Acquires 6,605 Shares of Essex Property Trust, Inc. $ESS

Royal Bank of Canada raised its holdings in Essex Property Trust, Inc. (NYSE:ESS) by 6.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 112,166 shares of the real estate investment trust’s stock after acquiring an additional 6,605 shares during the quarter. Royal Bank of Canada’s holdings in Essex Property Trust were worth $27,144,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. Nemes Rush Group LLC bought a new stake in shares of Essex Property Trust in the fourth quarter worth $27,000. Generali Asset Management SPA SGR bought a new position in Essex Property Trust during the 4th quarter worth $29,000. Cassaday & Co Wealth Management LLC bought a new position in Essex Property Trust during the 1st quarter worth $38,000. Hantz Financial Services Inc. lifted its holdings in Essex Property Trust by 67.8% during the 4th quarter. Hantz Financial Services Inc. now owns 193 shares of the real estate investment trust’s stock worth $51,000 after buying an additional 78 shares during the period. Finally, Advisory Services Network LLC acquired a new position in Essex Property Trust during the 3rd quarter worth about $51,000. Institutional investors own 96.51% of the company’s stock.

Insider Activity

In related news, Director Mary Kasaris sold 600 shares of the stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $279.45, for a total transaction of $167,670.00. Following the transaction, the director directly owned 2,394 shares of the company’s stock, valued at $669,003.30. This represents a 20.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.47% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Jefferies Financial Group raised Essex Property Trust to a “strong-buy” rating in a research note on Wednesday, July 22nd. Citigroup raised shares of Essex Property Trust from a “buy” rating to an “outperform” rating in a research report on Friday. Sanford C. Bernstein initiated coverage on shares of Essex Property Trust in a research report on Friday, June 26th. They issued an “outperform” rating and a $320.00 price target on the stock. Stifel Nicolaus set a $292.75 price objective on shares of Essex Property Trust in a research note on Thursday, July 30th. Finally, Weiss Ratings lowered shares of Essex Property Trust from a “buy (b-)” rating to a “hold (c)” rating in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $303.99.

Essex Property Trust Price Performance

Shares of ESS opened at $287.50 on Wednesday. The firm has a market cap of $18.48 billion, a PE ratio of 44.71, a price-to-earnings-growth ratio of 12.30 and a beta of 0.69. Essex Property Trust, Inc. has a 52-week low of $238.46 and a 52-week high of $303.35. The business’s 50 day moving average price is $287.32 and its two-hundred day moving average price is $266.81. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.60 and a current ratio of 0.60.

Essex Property Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a dividend of $2.59 per share. This represents a $10.36 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Tuesday, June 30th. Essex Property Trust’s payout ratio is presently 161.12%.

About Essex Property Trust

Essex Property Trust, Inc (NYSE: ESS) is a publicly traded real estate investment trust that acquires, develops, owns and operates multifamily residential properties. The company focuses on market-rate apartment communities and delivers a full suite of property services including leasing, resident services, asset management, and capital improvement programs designed to preserve and enhance long‑term property values.

Essex concentrates its portfolio in West Coast markets, with a significant presence in California and the Pacific Northwest.