Everence Capital Management Inc. Invests $249,000 in Essex Property Trust Inc (ESS) Stock

Everence Capital Management Inc. purchased a new position in Essex Property Trust Inc (NYSE:ESS) during the 4th quarter, Holdings Channel reports. The firm purchased 1,031 shares of the real estate investment trust’s stock, valued at approximately $249,000.

A number of other hedge funds and other institutional investors have also modified their holdings of ESS. Janus Henderson Group PLC increased its position in Essex Property Trust by 292.6% in the 3rd quarter. Janus Henderson Group PLC now owns 469,858 shares of the real estate investment trust’s stock worth $119,358,000 after buying an additional 350,192 shares during the period. Koch Industries Inc. bought a new position in Essex Property Trust in the 2nd quarter worth approximately $301,000. Barings LLC bought a new position in Essex Property Trust in the 3rd quarter worth approximately $63,549,000. Canada Pension Plan Investment Board increased its position in Essex Property Trust by 7,265.5% in the 3rd quarter. Canada Pension Plan Investment Board now owns 184,505 shares of the real estate investment trust’s stock worth $46,870,000 after buying an additional 182,000 shares during the period. Finally, Principal Financial Group Inc. increased its position in Essex Property Trust by 3.6% in the 3rd quarter. Principal Financial Group Inc. now owns 2,328,165 shares of the real estate investment trust’s stock worth $591,424,000 after buying an additional 80,573 shares during the period. 96.82% of the stock is currently owned by institutional investors.

Shares of Essex Property Trust Inc (NYSE:ESS) opened at $217.81 on Thursday. Essex Property Trust Inc has a fifty-two week low of $214.03 and a fifty-two week high of $270.04. The firm has a market capitalization of $14,450.22, a P/E ratio of 27.26, a PEG ratio of 2.83 and a beta of 0.42. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.88.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th were issued a dividend of $1.75 per share. This represents a $7.00 annualized dividend and a dividend yield of 3.21%. The ex-dividend date of this dividend was Thursday, December 28th. Essex Property Trust’s payout ratio is presently 87.61%.

ESS has been the topic of several recent analyst reports. Raymond James Financial reaffirmed an “underperform” rating on shares of Essex Property Trust in a research report on Monday, January 8th. Mitsubishi UFJ Financial Group reaffirmed a “neutral” rating on shares of Essex Property Trust in a research report on Friday, November 3rd. Sandler O’Neill set a $250.00 price target on Essex Property Trust and gave the stock a “hold” rating in a research report on Friday, January 12th. Evercore ISI raised Essex Property Trust from an “in-line” rating to an “outperform” rating and set a $274.00 price objective on the stock in a report on Monday, December 11th. Finally, Zacks Investment Research lowered Essex Property Trust from a “buy” rating to a “hold” rating in a report on Friday, October 13th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating, ten have issued 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 $265.24.

In related news, insider Craig K. Zimmerman sold 167 shares of the business’s stock in a transaction on Friday, November 10th. The stock was sold at an average price of $255.50, for a total value of $42,668.50. Following the sale, the insider now owns 10,450 shares of the company’s stock, valued at approximately $2,669,975. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michael J. Schall sold 334 shares of the business’s stock in a transaction on Friday, November 10th. The shares were sold at an average price of $255.50, for a total value of $85,337.00. Following the completion of the sale, the chief executive officer now directly owns 45,097 shares in the company, valued at approximately $11,522,283.50. The disclosure for this sale can be found here. Insiders have sold a total of 8,687 shares of company stock worth $2,153,182 in the last three months. 3.30% of the stock is owned by insiders.

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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.

Want to see what other hedge funds are holding ESS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Essex Property Trust Inc (NYSE:ESS).

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

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