Shell Asset Management Co. decreased its holdings in Essex Property Trust Inc (NYSE:ESS) by 2.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,536 shares of the real estate investment trust’s stock after selling 377 shares during the period. Shell Asset Management Co.’s holdings in Essex Property Trust were worth $3,586,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also added to or reduced their stakes in the company. Piedmont Investment Advisors LLC bought a new position in shares of Essex Property Trust in the 2nd quarter valued at about $185,000. Virtu Financial LLC bought a new stake in shares of Essex Property Trust during the 2nd quarter worth about $460,000. Aperio Group LLC boosted its holdings in shares of Essex Property Trust by 7.6% during the 2nd quarter. Aperio Group LLC now owns 31,186 shares of the real estate investment trust’s stock worth $7,456,000 after buying an additional 2,203 shares during the period. TD Asset Management Inc. boosted its holdings in shares of Essex Property Trust by 1.7% during the 2nd quarter. TD Asset Management Inc. now owns 19,605 shares of the real estate investment trust’s stock worth $4,687,000 after buying an additional 336 shares during the period. Finally, Los Angeles Capital Management & Equity Research Inc. boosted its holdings in shares of Essex Property Trust by 1,076.5% during the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 33,672 shares of the real estate investment trust’s stock worth $8,050,000 after buying an additional 30,810 shares during the period. Institutional investors and hedge funds own 96.64% of the company’s stock.
In related news, CEO Michael J. Schall sold 3,012 shares of the company’s stock in a transaction that occurred on Wednesday, October 24th. The shares were sold at an average price of $252.63, for a total transaction of $760,921.56. Following the completion of the transaction, the chief executive officer now directly owns 47,997 shares in the company, valued at approximately $12,125,482.11. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider John D. Eudy sold 1,834 shares of the company’s stock in a transaction that occurred on Wednesday, October 24th. The stock was sold at an average price of $252.13, for a total transaction of $462,406.42. Following the transaction, the insider now owns 11,486 shares of the company’s stock, valued at $2,895,965.18. The disclosure for this sale can be found here. Insiders sold a total of 6,429 shares of company stock valued at $1,626,398 over the last 90 days. Corporate insiders own 3.30% of the company’s stock.
Essex Property Trust (NYSE:ESS) last issued its earnings results on Monday, October 29th. The real estate investment trust reported $1.22 EPS for the quarter, missing the consensus estimate of $3.14 by ($1.92). The firm had revenue of $350.92 million during the quarter, compared to analyst estimates of $351.58 million. Essex Property Trust had a net margin of 27.01% and a return on equity of 5.52%. During the same quarter in the previous year, the firm posted $2.98 earnings per share. As a group, research analysts expect that Essex Property Trust Inc will post 12.56 EPS for the current year.
Several analysts recently commented on the stock. Jefferies Financial Group raised shares of Essex Property Trust from a “hold” rating to a “buy” rating and lifted their target price for the stock from $262.00 to $297.00 in a report on Friday. DA Davidson reiterated a “neutral” rating on shares of Essex Property Trust in a research note on Monday, August 6th. Citigroup cut shares of Essex Property Trust from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $280.00 to $260.00 in a research note on Friday, September 14th. Stifel Nicolaus reiterated a “buy” rating and issued a $275.00 price objective on shares of Essex Property Trust in a research note on Wednesday, October 31st. Finally, ValuEngine upgraded shares of Essex Property Trust from a “sell” rating to a “hold” rating in a research note on Tuesday, September 4th. Eleven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $266.68.
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About Essex Property Trust
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. The Company currently has ownership interests in 248 apartment communities comprising approximately 60,000 apartment homes, excluding six properties in various stages of active development, one commercial building, preferred equity co-investments, and loan investments.
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