New York State Common Retirement Fund Sells 3,450 Shares of Essex Property Trust Inc (NYSE:ESS)

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New York State Common Retirement Fund lessened its holdings in shares of Essex Property Trust Inc (NYSE:ESS) by 2.8% in the fourth quarter, Holdings Channel.com reports. The fund owned 120,800 shares of the real estate investment trust’s stock after selling 3,450 shares during the period. New York State Common Retirement Fund’s holdings in Essex Property Trust were worth $36,344,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. State Street Corp raised its holdings in Essex Property Trust by 0.8% in the third quarter. State Street Corp now owns 5,488,791 shares of the real estate investment trust’s stock worth $1,803,505,000 after purchasing an additional 44,268 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Essex Property Trust by 12.7% in the fourth quarter. Principal Financial Group Inc. now owns 2,160,491 shares of the real estate investment trust’s stock worth $650,005,000 after acquiring an additional 243,451 shares during the last quarter. California Public Employees Retirement System grew its stake in shares of Essex Property Trust by 9.2% in the third quarter. California Public Employees Retirement System now owns 552,461 shares of the real estate investment trust’s stock worth $180,461,000 after acquiring an additional 46,588 shares during the last quarter. Russell Investments Group Ltd. grew its stake in shares of Essex Property Trust by 13.7% in the third quarter. Russell Investments Group Ltd. now owns 387,819 shares of the real estate investment trust’s stock worth $126,737,000 after acquiring an additional 46,873 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Essex Property Trust by 8.7% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 358,857 shares of the real estate investment trust’s stock worth $107,966,000 after acquiring an additional 28,589 shares during the last quarter. Institutional investors own 95.30% of the company’s stock.

Essex Property Trust stock opened at $324.17 on Friday. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.59 and a quick ratio of 1.59. Essex Property Trust Inc has a one year low of $271.58 and a one year high of $334.17. The stock has a market capitalization of $21.25 billion, a PE ratio of 24.07, a price-to-earnings-growth ratio of 3.83 and a beta of 0.32. The business’s fifty day moving average is $306.95 and its 200 day moving average is $314.39.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings data on Wednesday, January 29th. The real estate investment trust reported $1.95 EPS for the quarter, missing the consensus estimate of $3.42 by ($1.47). Essex Property Trust had a net margin of 30.08% and a return on equity of 6.90%. The business had revenue of $375.37 million for the quarter, compared to analysts’ expectations of $373.65 million. During the same period last year, the business earned $3.19 earnings per share. As a group, sell-side analysts expect that Essex Property Trust Inc will post 14.02 EPS for the current fiscal year.

In related news, CEO Michael J. Schall sold 13,068 shares of the stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $319.90, for a total transaction of $4,180,453.20. Following the sale, the chief executive officer now directly owns 55,177 shares of the company’s stock, valued at $17,651,122.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Craig K. Zimmerman sold 4,379 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $310.59, for a total value of $1,360,073.61. Following the sale, the executive vice president now directly owns 12,845 shares in the company, valued at $3,989,528.55. The disclosure for this sale can be found here. Insiders have sold 27,163 shares of company stock worth $8,571,786 over the last ninety days. 3.60% of the stock is currently owned by insiders.

A number of research firms have recently commented on ESS. BMO Capital Markets cut Essex Property Trust from a “market perform” rating to an “underperform” rating and cut their target price for the stock from $320.00 to $295.00 in a research note on Tuesday, January 28th. Royal Bank of Canada cut Essex Property Trust from an “outperform” rating to a “sector perform” rating and cut their target price for the stock from $320.00 to $315.00 in a research note on Wednesday, December 18th. Goldman Sachs Group began coverage on Essex Property Trust in a research note on Friday, November 8th. They issued a “buy” rating and a $355.00 target price on the stock. Evercore ISI raised Essex Property Trust from an “in-line” rating to an “outperform” rating and set a $341.00 target price on the stock in a research note on Tuesday, November 19th. Finally, Stifel Nicolaus set a $355.00 target price on Essex Property Trust and gave the stock a “buy” rating in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company’s stock. Essex Property Trust currently has a consensus rating of “Hold” and an average price target of $331.77.

Essex Property Trust 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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