Essex Property Trust, Inc. (NYSE:ESS) Holdings Increased by Public Sector Pension Investment Board

Public Sector Pension Investment Board increased its stake in Essex Property Trust, Inc. (NYSE:ESSFree Report) by 25.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,238 shares of the real estate investment trust’s stock after acquiring an additional 2,247 shares during the period. Public Sector Pension Investment Board’s holdings in Essex Property Trust were worth $3,320,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in ESS. Assetmark Inc. lifted its position in Essex Property Trust by 2,400.0% in the third quarter. Assetmark Inc. now owns 100 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 96 shares during the period. Continuum Advisory LLC lifted its holdings in shares of Essex Property Trust by 214.3% in the second quarter. Continuum Advisory LLC now owns 110 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 75 shares during the period. UMB Bank n.a. boosted its stake in Essex Property Trust by 600.0% during the second quarter. UMB Bank n.a. now owns 112 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 96 shares in the last quarter. Family Firm Inc. bought a new position in Essex Property Trust during the second quarter valued at about $31,000. Finally, Brooklyn Investment Group acquired a new position in Essex Property Trust during the third quarter worth about $39,000. Institutional investors and hedge funds own 96.51% of the company’s stock.

Essex Property Trust Stock Performance

Shares of NYSE ESS opened at $301.02 on Wednesday. The company has a market capitalization of $19.35 billion, a P/E ratio of 35.17, a price-to-earnings-growth ratio of 5.99 and a beta of 0.90. The business’s 50-day moving average price is $297.02 and its two-hundred day moving average price is $287.81. Essex Property Trust, Inc. has a one year low of $218.59 and a one year high of $317.73. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.14 and a quick ratio of 1.14.

Essex Property Trust (NYSE:ESSGet Free Report) last posted its earnings results on Tuesday, October 29th. The real estate investment trust reported $1.84 EPS for the quarter, missing the consensus estimate of $3.88 by ($2.04). The business had revenue of $450.70 million during the quarter, compared to the consensus estimate of $445.88 million. Essex Property Trust had a return on equity of 9.72% and a net margin of 31.55%. During the same period in the prior year, the firm earned $3.78 earnings per share. Analysts anticipate that Essex Property Trust, Inc. will post 15.56 earnings per share for the current fiscal year.

Essex Property Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were paid a $2.45 dividend. This represents a $9.80 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date was Monday, September 30th. Essex Property Trust’s payout ratio is 114.49%.

Analysts Set New Price Targets

Several research firms have recently weighed in on ESS. Raymond James lowered shares of Essex Property Trust from an “outperform” rating to a “market perform” rating in a research report on Monday, October 21st. Bank of America lowered shares of Essex Property Trust from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $307.00 to $321.00 in a research report on Tuesday, September 24th. Scotiabank increased their price objective on Essex Property Trust from $309.00 to $329.00 and gave the company a “sector outperform” rating in a research report on Monday, September 16th. Evercore ISI lifted their target price on Essex Property Trust from $283.00 to $287.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Finally, Truist Financial upped their target price on Essex Property Trust from $282.00 to $294.00 and gave the company a “hold” rating in a report on Tuesday, August 27th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $297.00.

Get Our Latest Report on Essex Property Trust

Insider Transactions at Essex Property Trust

In related news, CAO Anne Morrison sold 2,571 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $314.79, for a total transaction of $809,325.09. Following the completion of the sale, the chief accounting officer now owns 2,321 shares in the company, valued at $730,627.59. This represents a 52.56 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Angela L. Kleiman sold 8,080 shares of Essex Property Trust stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $315.10, for a total value of $2,546,008.00. Following the completion of the transaction, the chief executive officer now directly owns 9,494 shares in the company, valued at approximately $2,991,559.40. This represents a 45.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 17,949 shares of company stock worth $5,663,763. 3.90% of the stock is owned by insiders.

About Essex Property Trust

(Free Report)

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.

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

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