Stewart & Patten Co. LLC acquired a new stake in Essex Property Trust Inc (NYSE:ESS) during the first quarter, HoldingsChannel.com reports. The fund acquired 700 shares of the real estate investment trust’s stock, valued at approximately $202,000.
A number of other large investors have also recently made changes to their positions in ESS. Cohen & Steers Inc. increased its stake in Essex Property Trust by 18.3% in the third quarter. Cohen & Steers Inc. now owns 6,591,248 shares of the real estate investment trust’s stock valued at $1,626,127,000 after acquiring an additional 1,021,374 shares during the last quarter. Deutsche Bank AG boosted its position in Essex Property Trust by 433.7% in the fourth quarter. Deutsche Bank AG now owns 931,785 shares of the real estate investment trust’s stock valued at $228,478,000 after buying an additional 757,183 shares in the last quarter. Norges Bank acquired a new stake in Essex Property Trust in the fourth quarter valued at approximately $142,785,000. Boston Partners acquired a new stake in Essex Property Trust in the fourth quarter valued at approximately $137,800,000. Finally, JPMorgan Chase & Co. boosted its position in Essex Property Trust by 35.6% in the third quarter. JPMorgan Chase & Co. now owns 1,471,859 shares of the real estate investment trust’s stock valued at $363,125,000 after buying an additional 386,035 shares in the last quarter. 97.03% of the stock is currently owned by institutional investors and hedge funds.
In related news, insider John D. Eudy sold 3,750 shares of Essex Property Trust stock in a transaction on Thursday, February 14th. The shares were sold at an average price of $276.06, for a total transaction of $1,035,225.00. Following the completion of the transaction, the insider now owns 14,205 shares of the company’s stock, valued at $3,921,432.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Michael J. Schall sold 2,682 shares of Essex Property Trust stock in a transaction on Friday, March 15th. The stock was sold at an average price of $290.10, for a total transaction of $778,048.20. Following the transaction, the insider now directly owns 43,533 shares of the company’s stock, valued at approximately $12,628,923.30. The disclosure for this sale can be found here. Insiders have sold 17,184 shares of company stock valued at $4,904,753 in the last three months. 3.60% of the stock is owned by insiders.
Essex Property Trust (NYSE:ESS) last announced its earnings results on Wednesday, January 30th. The real estate investment trust reported $3.19 earnings per share for the quarter, hitting analysts’ consensus estimates of $3.19. Essex Property Trust had a net margin of 27.87% and a return on equity of 5.74%. The business had revenue of $353.16 million during the quarter, compared to the consensus estimate of $351.76 million. During the same quarter last year, the firm earned $3.01 earnings per share. As a group, equities analysts expect that Essex Property Trust Inc will post 13.07 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 29th were paid a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date was Thursday, March 28th. This is an increase from Essex Property Trust’s previous quarterly dividend of $1.86. Essex Property Trust’s dividend payout ratio (DPR) is currently 62.05%.
A number of brokerages have weighed in on ESS. KeyCorp raised their target price on shares of Essex Property Trust from $268.00 to $301.00 and gave the company an “overweight” rating in a research report on Tuesday, March 19th. Barclays upgraded shares of Essex Property Trust from a “neutral” rating to a “positive” rating in a report on Monday, February 4th. Janney Montgomery Scott upgraded shares of Essex Property Trust from a “neutral” rating to a “buy” rating and set a $255.60 price target on the stock in a report on Wednesday, December 19th. Citigroup set a $275.00 price target on shares of Essex Property Trust and gave the stock a “hold” rating in a report on Tuesday, February 5th. Finally, BTIG Research lowered shares of Essex Property Trust from a “buy” rating to a “neutral” rating in a report on Monday, March 25th. Ten equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $279.57.
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Essex Property Trust Company 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. Essex currently has ownership interests in 245 apartment communities with an additional 6 properties in various stages of active development.
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