Essex Property Trust Inc (ESS) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama decreased its position in shares of Essex Property Trust Inc (NYSE:ESS) by 1.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,460 shares of the real estate investment trust’s stock after selling 526 shares during the quarter. Retirement Systems of Alabama’s holdings in Essex Property Trust were worth $7,515,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. First Hawaiian Bank purchased a new stake in shares of Essex Property Trust during the 3rd quarter worth approximately $101,000. Piedmont Investment Advisors LLC purchased a new stake in shares of Essex Property Trust during the 2nd quarter worth approximately $185,000. First Midwest Bank Trust Division purchased a new stake in shares of Essex Property Trust during the 2nd quarter worth approximately $218,000. First Allied Advisory Services Inc. purchased a new stake in shares of Essex Property Trust during the 2nd quarter worth approximately $230,000. Finally, ING Groep NV purchased a new stake in shares of Essex Property Trust during the 2nd quarter worth approximately $256,000. 96.22% of the stock is currently owned by institutional investors and hedge funds.

In other Essex Property Trust news, CEO Michael J. Schall sold 3,012 shares of the stock in a transaction on Wednesday, October 24th. The stock was sold at an average price of $252.63, for a total transaction of $760,921.56. Following the transaction, the chief executive officer now owns 47,997 shares of the company’s stock, valued at approximately $12,125,482.11. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Angela L. Kleiman sold 750 shares of the stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $240.80, for a total value of $180,600.00. Following the transaction, the insider now directly owns 9,149 shares in the company, valued at approximately $2,203,079.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,597 shares of company stock worth $1,659,153. Corporate insiders own 3.30% of the company’s stock.

Several equities research analysts have recently commented on the company. BMO Capital Markets lowered Essex Property Trust from an “outperform” rating to a “market perform” rating and boosted their price target for the stock from $255.00 to $260.00 in a research note on Friday. Mitsubishi UFJ Financial Group upped their target price on Essex Property Trust from $266.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday. Stifel Nicolaus reaffirmed a “buy” rating and issued a $275.00 target price on shares of Essex Property Trust in a research note on Wednesday. Citigroup lowered Essex Property Trust from a “buy” rating to a “neutral” rating and reduced their target price for the company from $280.00 to $260.00 in a research note on Friday, September 14th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and issued a $269.00 target price on shares of Essex Property Trust in a research note on Thursday, August 30th. Thirteen equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $264.32.

Shares of Essex Property Trust stock opened at $247.88 on Friday. Essex Property Trust Inc has a fifty-two week low of $214.03 and a fifty-two week high of $259.83. The firm has a market cap of $16.38 billion, a price-to-earnings ratio of 20.81, a price-to-earnings-growth ratio of 3.23 and a beta of 0.20. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.85 and a current ratio of 1.31.

Essex Property Trust (NYSE:ESS) last issued its quarterly earnings results on Monday, October 29th. The real estate investment trust reported $1.22 earnings per share for the quarter, missing analysts’ consensus estimates of $3.14 by ($1.92). Essex Property Trust had a return on equity of 5.52% and a net margin of 27.01%. The business had revenue of $350.92 million for the quarter, compared to analysts’ expectations of $351.58 million. During the same period in the prior year, the company earned $2.98 EPS. Analysts expect that Essex Property Trust Inc will post 12.56 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, October 12th. Shareholders of record on Friday, September 28th were paid a dividend of $1.86 per share. This represents a $7.44 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date of this dividend was Thursday, September 27th. Essex Property Trust’s dividend payout ratio is presently 62.47%.

About Essex Property Trust

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 247 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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