Essex Property Trust Inc (ESS) Position Cut by State Treasurer State of Michigan

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State Treasurer State of Michigan trimmed its stake in Essex Property Trust Inc (NYSE:ESS) by 4.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 18,902 shares of the real estate investment trust’s stock after selling 800 shares during the quarter. State Treasurer State of Michigan’s holdings in Essex Property Trust were worth $4,635,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently added to or reduced their stakes in ESS. Ironwood Financial llc purchased a new stake in Essex Property Trust in the fourth quarter valued at approximately $25,000. First Hawaiian Bank purchased a new stake in Essex Property Trust in the third quarter valued at approximately $101,000. Capital Guardian Trust Co. purchased a new stake in Essex Property Trust in the third quarter valued at approximately $113,000. Girard Partners LTD. purchased a new stake in Essex Property Trust in the third quarter valued at approximately $184,000. Finally, Destination Wealth Management purchased a new stake in Essex Property Trust in the third quarter valued at approximately $202,000. Hedge funds and other institutional investors own 96.81% of the company’s stock.

Several equities research analysts have issued reports on ESS shares. Scotiabank started coverage on shares of Essex Property Trust in a research note on Tuesday, October 16th. They set an “outperform” rating for the company. Zacks Investment Research downgraded shares of Essex Property Trust from a “buy” rating to a “hold” rating in a research note on Tuesday, October 16th. Capital One Financial started coverage on shares of Essex Property Trust in a research note on Monday, October 22nd. They set an “equal weight” rating and a $255.00 price objective for the company. Mitsubishi UFJ Financial Group boosted their price objective on shares of Essex Property Trust from $266.00 to $270.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 31st. Finally, Stifel Nicolaus reissued a “buy” rating and set a $275.00 target price on shares of Essex Property Trust in a research report on Wednesday, October 31st. Eleven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $269.64.

NYSE ESS opened at $278.07 on Friday. Essex Property Trust Inc has a 52 week low of $218.45 and a 52 week high of $278.32. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.31 and a current ratio of 1.31. The firm has a market cap of $18.33 billion, a PE ratio of 22.12, a PEG ratio of 3.59 and a beta of 0.49.

Essex Property Trust (NYSE:ESS) last posted its quarterly earnings results on Wednesday, January 30th. The real estate investment trust reported $3.19 earnings per share (EPS) for the quarter, meeting the consensus estimate of $3.19. The firm had revenue of $353.16 million for the quarter, compared to analysts’ expectations of $351.76 million. Essex Property Trust had a net margin of 27.87% and a return on equity of 5.74%. During the same period in the prior year, the company posted $3.01 earnings per share. As a group, equities research analysts anticipate that Essex Property Trust Inc will post 13.07 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 15th. Investors of record on Wednesday, January 2nd were issued a $1.86 dividend. The ex-dividend date of this dividend was Monday, December 31st. This represents a $7.44 annualized dividend and a yield of 2.68%. Essex Property Trust’s dividend payout ratio is presently 59.19%.

In related news, EVP John D. Eudy sold 166 shares of the company’s stock in a transaction on Monday, November 12th. The shares were sold at an average price of $254.03, for a total value of $42,168.98. Following the sale, the executive vice president now directly owns 9,818 shares of the company’s stock, valued at $2,494,066.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael J. Schall sold 333 shares of the company’s stock in a transaction on Monday, November 12th. The shares were sold at an average price of $254.03, for a total transaction of $84,591.99. Following the completion of the sale, the insider now directly owns 45,318 shares in the company, valued at $11,512,131.54. The disclosure for this sale can be found here. Insiders sold 6,494 shares of company stock worth $1,670,643 over the last ninety days. 3.40% of the stock is currently owned by corporate insiders.

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Essex Property Trust 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. The Company currently has ownership interests in 248 apartment communities comprising approximately 60,000 apartment homes, excluding six properties in various stages of active development, one commercial building, preferred equity co-investments, and loan investments.

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Institutional Ownership by Quarter for Essex Property Trust (NYSE:ESS)

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