Essex Property Trust Inc (NYSE:ESS) insider John D. Eudy sold 166 shares of the company’s stock in a transaction that occurred on Wednesday, July 12th. The shares were sold at an average price of $253.79, for a total transaction of $42,129.14. Following the sale, the insider now owns 8,596 shares in the company, valued at $2,181,578.84. The sale was disclosed in a filing with the SEC, which is available at this link.
Shares of Essex Property Trust Inc (NYSE:ESS) traded down 1.29% during mid-day trading on Friday, hitting $259.14. 216,120 shares of the stock were exchanged. The stock has a 50-day moving average price of $260.52 and a 200 day moving average price of $245.65. Essex Property Trust Inc has a 52-week low of $200.01 and a 52-week high of $268.97. The firm has a market cap of $17.10 billion, a price-to-earnings ratio of 33.32 and a beta of 0.52.
Essex Property Trust (NYSE:ESS) last released its earnings results on Thursday, July 27th. The real estate investment trust reported $2.97 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.92 by $0.05. The business had revenue of $339.06 million for the quarter, compared to analyst estimates of $336.17 million. Essex Property Trust had a return on equity of 4.51% and a net margin of 22.35%. During the same quarter in the previous year, the company posted $2.74 earnings per share. On average, equities research analysts expect that Essex Property Trust Inc will post $5.95 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Friday, June 30th were issued a $1.75 dividend. This represents a $7.00 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date was Wednesday, June 28th. Essex Property Trust’s payout ratio is currently 89.97%.
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Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Federated Investors Inc. PA raised its position in shares of Essex Property Trust by 16.0% in the fourth quarter. Federated Investors Inc. PA now owns 1,715 shares of the real estate investment trust’s stock worth $399,000 after buying an additional 237 shares in the last quarter. Brookfield Asset Management Inc. raised its position in shares of Essex Property Trust by 27.6% in the fourth quarter. Brookfield Asset Management Inc. now owns 554,555 shares of the real estate investment trust’s stock worth $128,934,000 after buying an additional 119,880 shares in the last quarter. UBS Asset Management Americas Inc. raised its position in shares of Essex Property Trust by 4.8% in the fourth quarter. UBS Asset Management Americas Inc. now owns 241,023 shares of the real estate investment trust’s stock worth $56,038,000 after buying an additional 11,015 shares in the last quarter. Teachers Advisors LLC raised its position in shares of Essex Property Trust by 15.2% in the fourth quarter. Teachers Advisors LLC now owns 317,551 shares of the real estate investment trust’s stock worth $73,831,000 after buying an additional 41,956 shares in the last quarter. Finally, Kentucky Retirement Systems acquired a new position in shares of Essex Property Trust during the fourth quarter worth $1,105,000. 98.88% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have recently commented on ESS. Mizuho lowered shares of Essex Property Trust from a “buy” rating to a “neutral” rating and set a $283.00 price target on the stock. in a report on Monday, July 31st. Raymond James Financial, Inc. lowered shares of Essex Property Trust from an “outperform” rating to a “hold” rating and set a $270.00 price target on the stock. in a report on Wednesday. Canaccord Genuity set a $270.00 target price on shares of Essex Property Trust and gave the company a “hold” rating in a report on Monday, July 31st. BMO Capital Markets set a $255.00 target price on shares of Essex Property Trust and gave the company a “hold” rating in a report on Thursday, May 25th. Finally, Cantor Fitzgerald reaffirmed a “buy” rating and set a $269.00 target price on shares of Essex Property Trust in a report on Wednesday, May 3rd. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $263.46.
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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