Essex Property Trust, Inc. (NYSE:ESS) insider John D. Eudy sold 166 shares of the company’s stock in a transaction that occurred on Tuesday, October 10th. The stock was sold at an average price of $257.92, for a total value of $42,814.72. The sale was disclosed in a filing with the SEC, which is available at this link.
Essex Property Trust (NYSE:ESS) last issued its earnings results on Thursday, July 27th. The real estate investment trust reported $2.97 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.92 by $0.05. The firm had revenue of $339.06 million for the quarter, compared to analyst estimates of $336.17 million. Essex Property Trust had a return on equity of 8.03% and a net margin of 38.33%. During the same period in the previous year, the company posted $2.74 earnings per share.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be paid a $1.75 dividend. The ex-dividend date is Thursday, September 28th. This represents a $7.00 annualized dividend and a dividend yield of 2.71%. Essex Property Trust’s payout ratio is presently 89.97%.
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A number of equities research analysts have recently issued reports on ESS shares. BidaskClub upgraded Essex Property Trust from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, June 20th. BTIG Research lowered Essex Property Trust from a “buy” rating to a “neutral” rating in a report on Friday, June 30th. Barclays PLC boosted their target price on Essex Property Trust from $267.00 to $269.00 and gave the stock an “overweight” rating in a report on Tuesday, July 18th. Zacks Investment Research raised Essex Property Trust from a “hold” rating to a “buy” rating and set a $289.00 target price on the stock in a report on Tuesday, July 18th. Finally, Royal Bank Of Canada reissued a “buy” rating and set a $267.00 target price on shares of Essex Property Trust in a report on Sunday, July 16th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Essex Property Trust has an average rating of “Hold” and a consensus target price of $268.07.
Institutional investors and hedge funds have recently modified their holdings of the business. Tower Research Capital LLC TRC raised its stake in shares of Essex Property Trust by 145.3% in the second quarter. Tower Research Capital LLC TRC now owns 471 shares of the real estate investment trust’s stock valued at $121,000 after buying an additional 279 shares during the period. Sun Life Financial INC raised its stake in shares of Essex Property Trust by 5,900.0% in the second quarter. Sun Life Financial INC now owns 480 shares of the real estate investment trust’s stock valued at $123,000 after buying an additional 472 shares during the period. FNY Partners Fund LP bought a new stake in shares of Essex Property Trust in the first quarter valued at $165,000. Perigon Wealth Management LLC raised its stake in shares of Essex Property Trust by 835.2% in the first quarter. Perigon Wealth Management LLC now owns 823 shares of the real estate investment trust’s stock valued at $192,000 after buying an additional 735 shares during the period. Finally, Wetherby Asset Management Inc. bought a new stake in shares of Essex Property Trust in the second quarter valued at $203,000. Hedge funds and other institutional investors own 99.46% of the company’s stock.
About Essex Property Trust
Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust. The Company is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of predominantly apartment communities, located along the West Coast. Its segments include Southern California, Northern California, Seattle Metro and Other real estate assets.
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