First Trust Advisors LP grew its stake in shares of Essex Property Trust, Inc. (NYSE:ESS) by 55.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 29,664 shares of the real estate investment trust’s stock after buying an additional 10,546 shares during the quarter. First Trust Advisors LP’s holdings in Essex Property Trust were worth $7,536,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Tower Research Capital LLC TRC grew 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 worth $121,000 after purchasing an additional 279 shares during the last quarter. Sun Life Financial INC grew 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 worth $123,000 after purchasing an additional 472 shares during the last quarter. Wetherby Asset Management Inc. bought a new stake in shares of Essex Property Trust in the second quarter worth about $203,000. Beaton Management Co. Inc. bought a new stake in shares of Essex Property Trust in the second quarter worth about $207,000. Finally, First Allied Advisory Services Inc. bought a new stake in shares of Essex Property Trust in the second quarter worth about $210,000. 98.45% of the stock is currently owned by hedge funds and other institutional investors.
ESS has been the topic of several recent analyst reports. Canaccord Genuity set a $270.00 target price on Essex Property Trust and gave the stock a “hold” rating in a research note on Monday, July 31st. Mitsubishi UFJ Financial Group restated a “neutral” rating on shares of Essex Property Trust in a report on Friday, November 3rd. Morgan Stanley raised their price objective on shares of Essex Property Trust from $260.00 to $267.00 and gave the stock an “overweight” rating in a report on Wednesday, August 16th. Royal Bank Of Canada restated an “outperform” rating and issued a $276.00 price objective (up from $267.00) on shares of Essex Property Trust in a report on Sunday, August 13th. Finally, Stifel Nicolaus started coverage on shares of Essex Property Trust in a report on Friday, September 1st. They issued a “buy” rating and a $294.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $266.87.
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Essex Property Trust, Inc. (ESS) opened at $258.63 on Tuesday. Essex Property Trust, Inc. has a 1-year low of $208.92 and a 1-year high of $270.04. The firm has a market cap of $16,930.57, a P/E ratio of 21.91, a P/E/G ratio of 3.63 and a beta of 0.54. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.83 and a quick ratio of 0.83.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 16th. Investors of record on Friday, September 29th were issued a $1.75 dividend. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $7.00 dividend on an annualized basis and a yield of 2.71%. Essex Property Trust’s payout ratio is currently 87.61%.
In related news, insider Angela L. Kleiman sold 2,466 shares of the business’s stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $263.37, for a total value of $649,470.42. Following the completion of the transaction, the insider now directly owns 9,643 shares in the company, valued at approximately $2,539,676.91. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael J. Schall sold 333 shares of the business’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 transaction of $85,887.36. Following the completion of the transaction, the chief executive officer now owns 45,096 shares of the company’s stock, valued at $11,631,160.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,065 shares of company stock valued at $2,924,428. 3.30% of the stock is owned by company insiders.
Essex Property Trust Profile
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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