Kayne Anderson Rudnick Investment Management LLC Sells 73 Shares of Essex Property Trust, Inc. (NYSE:ESS)

Kayne Anderson Rudnick Investment Management LLC cut its stake in shares of Essex Property Trust, Inc. (NYSE:ESS) by 0.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,941 shares of the real estate investment trust’s stock after selling 73 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in Essex Property Trust were worth $2,300,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently modified their holdings of the company. IFP Advisors Inc raised its position in shares of Essex Property Trust by 0.3% in the 2nd quarter. IFP Advisors Inc now owns 1,575 shares of the real estate investment trust’s stock worth $405,000 after acquiring an additional 4 shares in the last quarter. BTR Capital Management Inc. increased its position in Essex Property Trust by 0.7% during the 2nd quarter. BTR Capital Management Inc. now owns 1,587 shares of the real estate investment trust’s stock valued at $408,000 after buying an additional 11 shares in the last quarter. Bbva Compass Bancshares Inc. increased its position in Essex Property Trust by 1.4% during the 2nd quarter. Bbva Compass Bancshares Inc. now owns 1,140 shares of the real estate investment trust’s stock valued at $293,000 after buying an additional 16 shares in the last quarter. CIBC Asset Management Inc increased its position in Essex Property Trust by 0.3% during the 2nd quarter. CIBC Asset Management Inc now owns 7,065 shares of the real estate investment trust’s stock valued at $1,818,000 after buying an additional 24 shares in the last quarter. Finally, Tiemann Investment Advisors LLC increased its position in Essex Property Trust by 0.6% during the 1st quarter. Tiemann Investment Advisors LLC now owns 4,050 shares of the real estate investment trust’s stock valued at $938,000 after buying an additional 25 shares in the last quarter. Institutional investors own 99.55% of the company’s stock.

A number of analysts have commented on ESS shares. Royal Bank Of Canada reissued an “outperform” rating and issued a $276.00 target price (up previously from $267.00) on shares of Essex Property Trust in a report on Sunday, August 13th. SunTrust Banks, Inc. downgraded Essex Property Trust from a “buy” rating to a “hold” rating and set a $257.00 price target on the stock. in a research note on Thursday, May 18th. They noted that the move was a valuation call. Canaccord Genuity set a $270.00 price target on Essex Property Trust and gave the stock a “hold” rating in a research note on Monday, July 31st. Stifel Nicolaus initiated coverage on Essex Property Trust in a research note on Friday, September 1st. They issued a “buy” rating and a $294.00 price target on the stock. Finally, Zacks Investment Research downgraded Essex Property Trust from a “buy” rating to a “hold” rating in a research report on Monday, July 17th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Essex Property Trust has an average rating of “Hold” and an average price target of $268.07.

Essex Property Trust, Inc. (NYSE ESS) opened at 262.18 on Friday. The firm’s 50 day moving average price is $264.11 and its 200 day moving average price is $251.94. Essex Property Trust, Inc. has a 12 month low of $200.01 and a 12 month high of $270.04. The stock has a market cap of $17.30 billion, a price-to-earnings ratio of 33.71 and a beta of 0.53.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings data on Thursday, July 27th. The real estate investment trust reported $2.97 EPS for the quarter, topping analysts’ consensus estimates of $2.92 by $0.05. The firm had revenue of $339.06 million for the quarter, compared to the consensus estimate of $336.17 million. Essex Property Trust had a net margin of 38.33% and a return on equity of 8.03%. During the same quarter in the previous year, the firm earned $2.74 earnings per share. On average, equities research analysts predict that Essex Property Trust, Inc. will post $5.89 EPS for the current fiscal year.

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In related news, insider Craig K. Zimmerman sold 167 shares of the company’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $267.02, for a total transaction of $44,592.34. Following the completion of the transaction, the insider now owns 10,450 shares of the company’s stock, valued at $2,790,359. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Byron A. Scordelis sold 6,265 shares of the company’s stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $267.39, for a total transaction of $1,675,198.35. Following the transaction, the director now directly owns 4,986 shares of the company’s stock, valued at approximately $1,333,206.54. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,314 shares of company stock worth $2,999,949. 3.30% of the stock is owned by insiders.

About Essex Property Trust

Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust. The Company is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of predominantly apartment communities, located along the West Coast. Its segments include Southern California, Northern California, Seattle Metro and Other real estate assets.

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

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