Amundi Pioneer Asset Management Inc. bought a new position in Essex Property Trust Inc (NYSE:ESS) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 78,258 shares of the real estate investment trust’s stock, valued at approximately $18,890,000. Amundi Pioneer Asset Management Inc. owned 0.12% of Essex Property Trust at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of ESS. Tower Research Capital LLC TRC purchased a new stake in shares of Essex Property Trust in the fourth quarter worth about $100,000. Beacon Investment Advisory Services Inc. purchased a new stake in shares of Essex Property Trust in the third quarter worth about $200,000. Shelton Capital Management purchased a new stake in shares of Essex Property Trust in the fourth quarter worth about $208,000. Checchi Capital Advisers LLC purchased a new stake in shares of Essex Property Trust in the fourth quarter worth about $217,000. Finally, Vident Investment Advisory LLC purchased a new stake in shares of Essex Property Trust in the third quarter worth about $240,000. 97.24% of the stock is owned by institutional investors.
Shares of ESS stock opened at $239.46 on Wednesday. Essex Property Trust Inc has a one year low of $214.03 and a one year high of $270.04. The stock has a market capitalization of $15,981.09, a P/E ratio of 36.39, a price-to-earnings-growth ratio of 3.29 and a beta of 0.45. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.89.
Essex Property Trust (NYSE:ESS) last announced its quarterly earnings data on Wednesday, February 7th. The real estate investment trust reported $3.01 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.00 by $0.01. Essex Property Trust had a return on equity of 6.76% and a net margin of 31.75%. The firm had revenue of $345.06 million for the quarter, compared to analysts’ expectations of $346.50 million. During the same quarter in the prior year, the firm posted $2.85 earnings per share. equities research analysts expect that Essex Property Trust Inc will post 12.44 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Thursday, March 29th will be paid a dividend of $1.86 per share. The ex-dividend date is Wednesday, March 28th. This represents a $7.44 annualized dividend and a yield of 3.11%. This is a boost from Essex Property Trust’s previous quarterly dividend of $1.75. Essex Property Trust’s dividend payout ratio is presently 106.38%.
Several equities research analysts have recently weighed in on the company. Mitsubishi UFJ Financial Group raised Essex Property Trust from a “neutral” rating to an “overweight” rating in a research report on Wednesday, January 3rd. Citigroup raised Essex Property Trust to an “overweight” rating and upped their target price for the stock from $253.00 to $278.00 in a research report on Wednesday, January 3rd. They noted that the move was a valuation call. BTIG Research raised Essex Property Trust from a “neutral” rating to a “buy” rating and set a $273.00 target price for the company in a research report on Wednesday, December 13th. Mizuho raised Essex Property Trust from an “underperform” rating to a “neutral” rating and set a $223.00 target price for the company in a research report on Friday, February 9th. They noted that the move was a valuation call. Finally, Evercore ISI raised Essex Property Trust from an “in-line” rating to an “outperform” rating and set a $274.00 target price for the company in a research report on Monday, December 11th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $264.25.
In other news, Director Gary P. Martin sold 500 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $223.43, for a total transaction of $111,715.00. Following the sale, the director now directly owns 5,736 shares in the company, valued at approximately $1,281,594.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Glenn Olnick sold 1,600,000 shares of the stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $0.10, for a total value of $160,000.00. Corporate insiders own 3.30% of the company’s stock.
Essex Property Trust 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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