Kentucky Retirement Systems Lowers Holdings in Essex Property Trust, Inc. (NYSE:ESS)

Kentucky Retirement Systems reduced its position in Essex Property Trust, Inc. (NYSE:ESS) by 1.4% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 4,412 shares of the real estate investment trust’s stock after selling 61 shares during the quarter. Kentucky Retirement Systems’ holdings in Essex Property Trust were worth $1,259,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Handelsbanken Fonder AB raised its stake in shares of Essex Property Trust by 37.8% during the 4th quarter. Handelsbanken Fonder AB now owns 56,929 shares of the real estate investment trust’s stock worth $16,250,000 after buying an additional 15,608 shares in the last quarter. Ieq Capital LLC lifted its holdings in Essex Property Trust by 20.1% in the fourth quarter. Ieq Capital LLC now owns 4,221 shares of the real estate investment trust’s stock valued at $1,205,000 after acquiring an additional 705 shares during the period. Alberta Investment Management Corp purchased a new stake in shares of Essex Property Trust during the 4th quarter worth $3,086,000. Kestra Investment Management LLC acquired a new position in shares of Essex Property Trust during the 4th quarter worth $25,000. Finally, Venturi Wealth Management LLC grew its stake in shares of Essex Property Trust by 315.3% during the 4th quarter. Venturi Wealth Management LLC now owns 1,304 shares of the real estate investment trust’s stock worth $372,000 after purchasing an additional 990 shares during the period. 96.51% of the stock is currently owned by institutional investors and hedge funds.

Essex Property Trust Price Performance

Shares of Essex Property Trust stock opened at $294.47 on Monday. The stock has a market capitalization of $18.93 billion, a P/E ratio of 25.52, a PEG ratio of 6.84 and a beta of 0.92. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.15. The business’s fifty day moving average price is $284.91 and its 200 day moving average price is $293.16. Essex Property Trust, Inc. has a twelve month low of $225.40 and a twelve month high of $317.73.

Essex Property Trust (NYSE:ESS) last posted its quarterly earnings results on Tuesday, February 4th. The real estate investment trust reported $3.92 EPS for the quarter, beating the consensus estimate of $1.40 by $2.52. Essex Property Trust had a net margin of 41.79% and a return on equity of 13.05%. As a group, research analysts anticipate that Essex Property Trust, Inc. will post 15.96 earnings per share for the current year.

Essex Property Trust Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $2.57 per share. This represents a $10.28 dividend on an annualized basis and a dividend yield of 3.49%. The ex-dividend date is Monday, March 31st. This is a boost from Essex Property Trust’s previous quarterly dividend of $2.45. Essex Property Trust’s payout ratio is currently 84.92%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on ESS shares. Mizuho lowered their target price on shares of Essex Property Trust from $325.00 to $300.00 and set an “outperform” rating on the stock in a research report on Monday, January 6th. Wells Fargo & Company decreased their target price on Essex Property Trust from $314.00 to $305.00 and set an “equal weight” rating on the stock in a research report on Friday, January 24th. Barclays raised their price target on Essex Property Trust from $302.00 to $304.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 19th. Royal Bank of Canada lifted their target price on shares of Essex Property Trust from $302.00 to $315.00 and gave the stock an “outperform” rating in a research report on Thursday, February 6th. Finally, Deutsche Bank Aktiengesellschaft upgraded Essex Property Trust from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $308.00 to $310.00 in a research report on Tuesday, January 21st. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Essex Property Trust has a consensus rating of “Hold” and a consensus price target of $306.63.

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.