Los Angeles Capital Management & Equity Research Inc. grew its stake in Essex Property Trust Inc (NYSE:ESS) by 103.5% during the third quarter, HoldingsChannel.com reports. The firm owned 68,512 shares of the real estate investment trust’s stock after purchasing an additional 34,840 shares during the quarter. Los Angeles Capital Management & Equity Research Inc.’s holdings in Essex Property Trust were worth $16,903,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently added to or reduced their stakes in the company. Cbre Clarion Securities LLC grew its holdings in Essex Property Trust by 59.4% during the second quarter. Cbre Clarion Securities LLC now owns 1,377,419 shares of the real estate investment trust’s stock worth $329,300,000 after acquiring an additional 513,352 shares during the period. Millennium Management LLC grew its holdings in Essex Property Trust by 43,018.5% during the second quarter. Millennium Management LLC now owns 482,496 shares of the real estate investment trust’s stock worth $115,350,000 after acquiring an additional 481,377 shares during the period. Daiwa Securities Group Inc. grew its holdings in Essex Property Trust by 24.4% during the third quarter. Daiwa Securities Group Inc. now owns 2,094,825 shares of the real estate investment trust’s stock worth $516,815,000 after acquiring an additional 411,401 shares during the period. Renaissance Technologies LLC grew its holdings in Essex Property Trust by 54.9% during the second quarter. Renaissance Technologies LLC now owns 628,626 shares of the real estate investment trust’s stock worth $150,286,000 after acquiring an additional 222,800 shares during the period. Finally, Advisors Asset Management Inc. grew its holdings in Essex Property Trust by 2,360.8% during the second quarter. Advisors Asset Management Inc. now owns 152,743 shares of the real estate investment trust’s stock worth $1,751,000 after acquiring an additional 146,536 shares during the period. 95.81% of the stock is currently owned by institutional investors and hedge funds.
ESS opened at $253.93 on Friday. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.88. The firm has a market cap of $16.85 billion, a price-to-earnings ratio of 20.58, a PEG ratio of 3.34 and a beta of 0.20. Essex Property Trust Inc has a one year low of $214.03 and a one year high of $259.83.
The company also recently announced a quarterly dividend, which was paid on Friday, October 12th. Shareholders of record on Friday, September 28th were given a dividend of $1.86 per share. The ex-dividend date was Thursday, September 27th. This represents a $7.44 dividend on an annualized basis and a yield of 2.93%. Essex Property Trust’s payout ratio is 62.47%.
In other Essex Property Trust news, insider John F. Burkart sold 834 shares of the business’s stock in a transaction on Tuesday, October 30th. The stock was sold at an average price of $256.11, for a total transaction of $213,595.74. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael J. Schall sold 3,012 shares of the business’s stock in a transaction on Wednesday, October 24th. The stock was sold at an average price of $252.63, for a total value of $760,921.56. Following the sale, the chief executive officer now owns 47,997 shares in the company, valued at $12,125,482.11. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,597 shares of company stock worth $1,659,153. 3.30% of the stock is owned by company insiders.
ESS has been the topic of a number of recent analyst reports. Barclays dropped their price objective on Essex Property Trust from $272.00 to $269.00 and set an “overweight” rating on the stock in a report on Tuesday, July 17th. ValuEngine lowered Essex Property Trust from a “hold” rating to a “sell” rating in a report on Wednesday, July 18th. Raymond James raised Essex Property Trust from an “underperform” rating to a “market perform” rating in a report on Monday, July 23rd. Zacks Investment Research raised Essex Property Trust from a “hold” rating to a “buy” rating and set a $257.00 price objective on the stock in a report on Monday, July 23rd. Finally, Stifel Nicolaus raised Essex Property Trust from a “hold” rating to a “buy” rating and upped their price objective for the stock from $235.00 to $260.00 in a report on Thursday, August 2nd. Thirteen analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Essex Property Trust has an average rating of “Hold” and a consensus price target of $264.42.
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. 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.
Further Reading: Discover Your Risk Tolerance
Want to see what other hedge funds are holding ESS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Essex Property Trust Inc (NYSE:ESS).
Receive News & Ratings for Essex Property Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Essex Property Trust and related companies with MarketBeat.com's FREE daily email newsletter.