Global Endowment Management LP boosted its stake in Essex Property Trust, Inc. (NYSE:ESS) by 2.6% during the first quarter, according to its most recent filing with the SEC. The firm owned 11,670 shares of the real estate investment trust’s stock after buying an additional 300 shares during the period. Global Endowment Management LP’s holdings in Essex Property Trust were worth $2,702,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of Montreal Can boosted its position in shares of Essex Property Trust by 139.6% in the first quarter. Bank of Montreal Can now owns 950,717 shares of the real estate investment trust’s stock valued at $220,119,000 after buying an additional 553,947 shares in the last quarter. Norges Bank purchased a new position in shares of Essex Property Trust during the fourth quarter valued at about $115,399,000. Brookfield Asset Management Inc. purchased a new position in shares of Essex Property Trust during the third quarter valued at about $96,802,000. Vanguard Group Inc. boosted its position in shares of Essex Property Trust by 2.1% in the first quarter. Vanguard Group Inc. now owns 11,404,375 shares of the real estate investment trust’s stock valued at $2,640,455,000 after buying an additional 229,503 shares in the last quarter. Finally, NN Investment Partners Holdings N.V. boosted its position in shares of Essex Property Trust by 173.3% in the first quarter. NN Investment Partners Holdings N.V. now owns 230,793 shares of the real estate investment trust’s stock valued at $53,435,000 after buying an additional 146,356 shares in the last quarter. Hedge funds and other institutional investors own 98.94% of the company’s stock.
Shares of Essex Property Trust, Inc. (ESS) traded up 0.78% during trading on Monday, reaching $268.39. The company’s stock had a trading volume of 281,081 shares. The company has a 50-day moving average price of $256.24 and a 200-day moving average price of $235.77. The stock has a market cap of $17.61 billion, a price-to-earnings ratio of 34.38 and a beta of 0.52. Essex Property Trust, Inc. has a one year low of $200.01 and a one year high of $268.55.
Essex Property Trust (NYSE:ESS) last released its quarterly earnings results on Thursday, April 27th. The real estate investment trust reported $2.94 EPS for the quarter, beating analysts’ consensus estimates of $2.89 by $0.05. Essex Property Trust had a return on equity of 8.04% and a net margin of 38.94%. The company had revenue of $335.40 million during the quarter, compared to analysts’ expectations of $332.80 million. During the same period last year, the business posted $2.68 earnings per share. On average, equities research analysts forecast that Essex Property Trust, Inc. will post $6.04 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Friday, June 30th will be paid a $1.75 dividend. This represents a $7.00 annualized dividend and a dividend yield of 2.61%. The ex-dividend date of this dividend is Wednesday, June 28th. Essex Property Trust’s payout ratio is 89.74%.
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ESS has been the topic of several recent analyst reports. Zacks Investment Research upgraded shares of Essex Property Trust from a “sell” rating to a “hold” rating in a report on Monday, April 24th. SunTrust Banks, Inc. cut shares of Essex Property Trust from a “buy” rating to a “hold” rating and set a $257.00 target price on the stock. in a report on Thursday, May 18th. They noted that the move was a valuation call. Royal Bank Of Canada restated a “buy” rating and issued a $248.00 target price on shares of Essex Property Trust in a report on Wednesday, March 29th. Mizuho raised Essex Property Trust from a “neutral” rating to a “buy” rating and raised their price target for the stock from $199.00 to $212.00 in a research note on Monday, May 1st. Finally, Barclays PLC reaffirmed an “overweight” rating and issued a $262.00 price target (up previously from $255.00) on shares of Essex Property Trust in a research note on Wednesday, April 19th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the stock. Essex Property Trust has an average rating of “Hold” and a consensus target price of $251.27.
In other news, insider Angela L. Kleiman sold 3,417 shares of the firm’s stock in a transaction dated Wednesday, May 10th. The stock was sold at an average price of $252.35, for a total value of $862,279.95. Following the completion of the transaction, the insider now directly owns 10,594 shares in the company, valued at $2,673,395.90. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Irving F. Lyons III sold 1,024 shares of the firm’s stock in a transaction dated Thursday, May 18th. The stock was sold at an average price of $254.22, for a total value of $260,321.28. Following the completion of the transaction, the director now owns 8,854 shares of the company’s stock, valued at $2,250,863.88. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 57,743 shares of company stock valued at $14,042,328. Company insiders own 3.30% of the company’s stock.
Essex Property Trust Company Profile
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.
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