UBS Oconnor LLC Takes $1.84 Million Position in Essex Property Trust Inc (NYSE:ESS)

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UBS Oconnor LLC acquired a new stake in Essex Property Trust Inc (NYSE:ESS) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 6,300 shares of the real estate investment trust’s stock, valued at approximately $1,839,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Krane Funds Advisors LLC acquired a new position in Essex Property Trust during the second quarter worth $25,000. Front Row Advisors LLC increased its holdings in Essex Property Trust by 1,055.6% during the first quarter. Front Row Advisors LLC now owns 104 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 95 shares during the last quarter. Zions Bancorporation N.A. acquired a new position in Essex Property Trust during the first quarter worth $33,000. Flagship Harbor Advisors LLC increased its holdings in Essex Property Trust by 243.9% during the second quarter. Flagship Harbor Advisors LLC now owns 141 shares of the real estate investment trust’s stock worth $41,000 after buying an additional 100 shares during the last quarter. Finally, Valeo Financial Advisors LLC acquired a new position in Essex Property Trust during the second quarter worth $65,000. Institutional investors own 96.85% of the company’s stock.

In other news, insider John F. Burkart sold 13,807 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $312.62, for a total value of $4,316,344.34. Following the completion of the transaction, the insider now owns 17,726 shares of the company’s stock, valued at $5,541,502.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CIO Adam W. Berry sold 9,369 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $314.22, for a total value of $2,943,927.18. Following the completion of the transaction, the executive now directly owns 11,966 shares of the company’s stock, valued at approximately $3,759,956.52. The disclosure for this sale can be found here. In the last three months, insiders have sold 79,051 shares of company stock valued at $25,094,007. Insiders own 3.60% of the company’s stock.

A number of equities analysts have commented on the stock. Robert W. Baird cut shares of Essex Property Trust from an “outperform” rating to a “neutral” rating and lifted their price objective for the stock from $297.00 to $302.00 in a research report on Tuesday, June 18th. BTIG Research raised shares of Essex Property Trust from a “neutral” rating to a “buy” rating and set a $335.00 price objective for the company in a research report on Thursday, August 15th. Capital One Financial reaffirmed an “equal weight” rating on shares of Essex Property Trust in a research report on Monday. BMO Capital Markets set a $310.00 price objective on shares of Essex Property Trust and gave the stock a “hold” rating in a research report on Wednesday, July 24th. Finally, Morgan Stanley lifted their price objective on shares of Essex Property Trust from $320.00 to $354.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $300.84.

Shares of Essex Property Trust stock traded down $1.74 during trading on Friday, reaching $325.19. The company’s stock had a trading volume of 9,347 shares, compared to its average volume of 294,763. The business’s 50-day moving average price is $316.06 and its 200-day moving average price is $297.04. The firm has a market cap of $21.61 billion, a PE ratio of 25.94, a P/E/G ratio of 3.98 and a beta of 0.35. Essex Property Trust Inc has a 52 week low of $235.51 and a 52 week high of $330.80. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.92.

Essex Property Trust (NYSE:ESS) last announced its earnings results on Wednesday, July 24th. The real estate investment trust reported $1.40 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $3.26 by ($1.86). The business had revenue of $361.64 million during the quarter, compared to the consensus estimate of $358.15 million. Essex Property Trust had a net margin of 28.83% and a return on equity of 6.43%. During the same period in the previous year, the firm posted $3.14 EPS. Equities analysts predict that Essex Property Trust Inc will post 13.32 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $1.95 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $7.80 annualized dividend and a yield of 2.40%. Essex Property Trust’s dividend payout ratio is 62.05%.

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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Institutional Ownership by Quarter for Essex Property Trust (NYSE:ESS)

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