Essex Property Trust, Inc. (NYSE:ESS) Shares Sold by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund cut its holdings in Essex Property Trust, Inc. (NYSE:ESS) by 38.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 28,209 shares of the real estate investment trust’s stock after selling 17,368 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Essex Property Trust were worth $6,994,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Lindbrook Capital LLC lifted its stake in Essex Property Trust by 111.5% in the 4th quarter. Lindbrook Capital LLC now owns 110 shares of the real estate investment trust’s stock valued at $27,000 after buying an additional 58 shares in the last quarter. Bruce G. Allen Investments LLC purchased a new position in shares of Essex Property Trust in the fourth quarter valued at approximately $41,000. Bear Mountain Capital Inc. acquired a new stake in shares of Essex Property Trust in the fourth quarter worth approximately $55,000. Blue Trust Inc. increased its position in shares of Essex Property Trust by 645.2% during the fourth quarter. Blue Trust Inc. now owns 231 shares of the real estate investment trust’s stock worth $57,000 after purchasing an additional 200 shares in the last quarter. Finally, Tobam purchased a new stake in shares of Essex Property Trust during the fourth quarter worth approximately $60,000. 96.51% of the stock is owned by institutional investors and hedge funds.

Essex Property Trust Price Performance

Shares of ESS opened at $242.15 on Wednesday. The firm has a 50-day simple moving average of $237.91 and a two-hundred day simple moving average of $231.38. The stock has a market cap of $15.55 billion, a PE ratio of 38.38, a P/E/G ratio of 3.54 and a beta of 0.80. Essex Property Trust, Inc. has a 1-year low of $203.85 and a 1-year high of $252.85. The company has a debt-to-equity ratio of 1.11, a current ratio of 3.26 and a quick ratio of 3.26.

Essex Property Trust Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 29th were issued a $2.45 dividend. This represents a $9.80 annualized dividend and a yield of 4.05%. The ex-dividend date of this dividend was Wednesday, March 27th. This is an increase from Essex Property Trust’s previous quarterly dividend of $2.31. Essex Property Trust’s dividend payout ratio (DPR) is 155.31%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Piper Sandler reissued an “overweight” rating and issued a $291.00 price target on shares of Essex Property Trust in a research note on Tuesday, March 26th. StockNews.com cut Essex Property Trust from a “hold” rating to a “sell” rating in a report on Saturday, April 13th. Mizuho upgraded Essex Property Trust from a “neutral” rating to a “buy” rating and dropped their price target for the company from $255.00 to $250.00 in a research report on Wednesday, February 28th. Truist Financial reduced their price objective on Essex Property Trust from $259.00 to $255.00 and set a “hold” rating on the stock in a research report on Tuesday, April 9th. Finally, Barclays boosted their price objective on Essex Property Trust from $224.00 to $225.00 and gave the stock an “underweight” rating in a research note on Tuesday, February 20th. Four equities research analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $245.37.

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 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.