Sei Investments Co. Reduces Position in Essex Property Trust, Inc. (NYSE:ESS)

Sei Investments Co. cut its holdings in shares of Essex Property Trust, Inc. (NYSE:ESS) by 13.0% during the 1st quarter, Holdings Channel.com reports. The firm owned 311,704 shares of the real estate investment trust’s stock after selling 46,621 shares during the quarter. Sei Investments Co.’s holdings in Essex Property Trust were worth $76,308,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Lindbrook Capital LLC lifted its holdings in Essex Property Trust by 111.5% during the fourth quarter. Lindbrook Capital LLC now owns 110 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 58 shares during the last quarter. Venturi Wealth Management LLC lifted its holdings in Essex Property Trust by 112.3% during the first quarter. Venturi Wealth Management LLC now owns 138 shares of the real estate investment trust’s stock valued at $34,000 after purchasing an additional 73 shares during the last quarter. Vima LLC purchased a new stake in Essex Property Trust during the fourth quarter valued at about $40,000. Bruce G. Allen Investments LLC purchased a new stake in Essex Property Trust during the fourth quarter valued at about $41,000. Finally, Bear Mountain Capital Inc. purchased a new stake in Essex Property Trust during the fourth quarter valued at about $55,000. 96.51% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Essex Property Trust

In other news, Director Keith R. Guericke sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $274.57, for a total value of $2,745,700.00. Following the transaction, the director now owns 16,118 shares in the company, valued at $4,425,519.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Keith R. Guericke sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $274.57, for a total value of $2,745,700.00. Following the transaction, the director now owns 16,118 shares in the company, valued at $4,425,519.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Angela L. Kleiman sold 3,780 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $278.27, for a total transaction of $1,051,860.60. Following the completion of the transaction, the chief executive officer now owns 9,494 shares in the company, valued at approximately $2,641,895.38. The disclosure for this sale can be found here. Company insiders own 3.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on ESS shares. Truist Financial increased their price target on shares of Essex Property Trust from $255.00 to $282.00 and gave the stock a “hold” rating in a report on Monday, June 24th. Wells Fargo & Company increased their price target on shares of Essex Property Trust from $232.00 to $269.00 and gave the stock an “equal weight” rating in a report on Friday, May 31st. StockNews.com raised shares of Essex Property Trust from a “sell” rating to a “hold” rating in a report on Wednesday, May 1st. Evercore ISI increased their price target on shares of Essex Property Trust from $254.00 to $260.00 and gave the stock an “in-line” rating in a report on Tuesday, July 9th. Finally, Piper Sandler reissued an “overweight” rating and issued a $315.00 price target on shares of Essex Property Trust in a report on Friday, June 28th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $261.05.

Essex Property Trust Price Performance

NYSE ESS traded up $1.76 on Monday, reaching $276.09. 323,778 shares of the company’s stock traded hands, compared to its average volume of 375,421. Essex Property Trust, Inc. has a 12 month low of $203.85 and a 12 month high of $284.77. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.19 and a quick ratio of 3.19. The stock has a 50-day simple moving average of $268.17 and a 200 day simple moving average of $249.62. The stock has a market cap of $17.73 billion, a PE ratio of 33.75, a P/E/G ratio of 3.84 and a beta of 0.86.

Essex Property Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 24th. Shareholders of record on Friday, June 28th will be given a dividend of $2.45 per share. This represents a $9.80 dividend on an annualized basis and a yield of 3.55%. The ex-dividend date is Friday, June 28th. Essex Property Trust’s payout ratio is currently 119.80%.

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 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.