Vert Asset Management LLC Increases Holdings in Essex Property Trust, Inc. (NYSE:ESS)

Vert Asset Management LLC increased its position in shares of Essex Property Trust, Inc. (NYSE:ESS) by 5.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 29,940 shares of the real estate investment trust’s stock after purchasing an additional 1,573 shares during the quarter. Essex Property Trust accounts for approximately 3.2% of Vert Asset Management LLC’s investment portfolio, making the stock its 12th largest holding. Vert Asset Management LLC’s holdings in Essex Property Trust were worth $9,179,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Kestra Investment Management LLC acquired a new stake in Essex Property Trust during the 4th quarter valued at approximately $25,000. Newbridge Financial Services Group Inc. acquired a new position in Essex Property Trust during the fourth quarter valued at $45,000. Ameriflex Group Inc. acquired a new position in Essex Property Trust during the fourth quarter valued at $59,000. Assetmark Inc. boosted its holdings in Essex Property Trust by 124.0% in the fourth quarter. Assetmark Inc. now owns 224 shares of the real estate investment trust’s stock valued at $64,000 after purchasing an additional 124 shares during the last quarter. Finally, Jones Financial Companies Lllp grew its position in Essex Property Trust by 486.8% during the 4th quarter. Jones Financial Companies Lllp now owns 223 shares of the real estate investment trust’s stock worth $64,000 after purchasing an additional 185 shares during the period. Hedge funds and other institutional investors own 96.51% of the company’s stock.

Insider Activity at Essex Property Trust

In related news, Director Mary Kasaris sold 2,800 shares of Essex Property Trust stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $300.80, for a total transaction of $842,240.00. Following the transaction, the director now owns 1,755 shares in the company, valued at approximately $527,904. This trade represents a 61.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 3.46% of the stock is owned by corporate insiders.

Essex Property Trust Price Performance

Shares of Essex Property Trust stock opened at $279.32 on Monday. The stock has a market capitalization of $17.98 billion, a P/E ratio of 24.20, a PEG ratio of 6.84 and a beta of 0.78. The business has a 50 day simple moving average of $278.13 and a two-hundred day simple moving average of $287.95. Essex Property Trust, Inc. has a 12 month low of $243.85 and a 12 month high of $317.73. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.14 and a quick ratio of 1.14.

Essex Property Trust (NYSE:ESS) last posted its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $3.97 EPS for the quarter, beating the consensus estimate of $3.92 by $0.05. The firm had revenue of $464.58 million during the quarter, compared to the consensus estimate of $458.03 million. Essex Property Trust had a return on equity of 13.05% and a net margin of 41.79%. During the same period in the prior year, the company earned $3.83 EPS. As a group, analysts predict that Essex Property Trust, Inc. will post 15.96 EPS for the current fiscal year.

Essex Property Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a dividend of $2.57 per share. The ex-dividend date is Monday, June 30th. This represents a $10.28 dividend on an annualized basis and a yield of 3.68%. Essex Property Trust’s payout ratio is presently 98.37%.

Analyst Upgrades and Downgrades

ESS has been the subject of several analyst reports. Truist Financial boosted their price objective on Essex Property Trust from $292.00 to $304.00 and gave the company a “hold” rating in a report on Monday, March 10th. BMO Capital Markets boosted their price target on Essex Property Trust from $315.00 to $317.00 and gave the company an “outperform” rating in a report on Wednesday, May 28th. Scotiabank upped their price objective on Essex Property Trust from $329.00 to $344.00 and gave the stock a “sector outperform” rating in a research report on Monday, May 12th. Mizuho cut their target price on shares of Essex Property Trust from $314.00 to $293.00 and set an “outperform” rating for the company in a report on Friday, May 23rd. Finally, Piper Sandler reiterated an “overweight” rating and issued a $355.00 target price (down from $370.00) on shares of Essex Property Trust in a research note on Friday, May 23rd. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $312.17.

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. Essex currently has ownership interests in 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.