Vident Investment Advisory LLC raised its position in Essex Property Trust Inc (NYSE:ESS) by 53.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,333 shares of the real estate investment trust’s stock after purchasing an additional 1,861 shares during the period. Vident Investment Advisory LLC’s holdings in Essex Property Trust were worth $1,316,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of ESS. First Hawaiian Bank purchased a new stake in Essex Property Trust during the third quarter valued at approximately $101,000. Capital Guardian Trust Co. acquired a new stake in Essex Property Trust in the 3rd quarter worth approximately $113,000. Girard Partners LTD. acquired a new stake in Essex Property Trust during the 3rd quarter valued at approximately $184,000. Destination Wealth Management acquired a new position in shares of Essex Property Trust in the 3rd quarter valued at $202,000. Finally, First Allied Advisory Services Inc. purchased a new stake in Essex Property Trust in the 2nd quarter worth $230,000. 96.91% of the stock is owned by institutional investors.
In related news, insider John D. Eudy sold 1,834 shares of the business’s stock in a transaction dated Wednesday, October 24th. The shares were 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 in the company, valued at $2,895,965.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael J. Schall sold 3,012 shares of the stock in a transaction on Wednesday, October 24th. The stock was sold at an average price of $252.63, for a total transaction of $760,921.56. Following the completion of the sale, the chief executive officer now directly owns 47,997 shares of the company’s stock, valued at $12,125,482.11. The disclosure for this sale can be found here. Insiders have sold a total of 12,174 shares of company stock worth $3,107,566 in the last three months. Insiders own 3.40% of the company’s stock.
Essex Property Trust (NYSE:ESS) last announced its quarterly earnings data on Monday, October 29th. The real estate investment trust reported $1.22 EPS for the quarter, missing the Zacks’ consensus estimate of $3.14 by ($1.92). The firm had revenue of $350.92 million during the quarter, compared to the consensus estimate of $351.58 million. Essex Property Trust had a return on equity of 5.52% and a net margin of 27.01%. During the same quarter in the prior year, the business posted $2.98 EPS. Equities analysts forecast that Essex Property Trust Inc will post 12.57 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Wednesday, January 2nd will be issued a dividend of $1.86 per share. The ex-dividend date of this dividend is Monday, December 31st. This represents a $7.44 dividend on an annualized basis and a yield of 2.98%. Essex Property Trust’s payout ratio is currently 62.47%.
Several analysts have recently issued reports on ESS shares. Jefferies Financial Group increased their price target on shares of Essex Property Trust to $262.00 in a research report on Sunday, December 2nd. Zacks Investment Research raised Essex Property Trust from a “hold” rating to a “buy” rating and set a $275.00 target price on the stock in a research report on Wednesday, October 3rd. Stifel Nicolaus restated a “buy” rating and issued a $275.00 price objective on shares of Essex Property Trust in a report on Wednesday, October 31st. ValuEngine raised Essex Property Trust from a “hold” rating to a “buy” rating in a report on Wednesday, November 21st. Finally, Janney Montgomery Scott raised Essex Property Trust from a “neutral” rating to a “buy” rating and set a $255.60 target price for the company in a report on Wednesday, December 19th. Ten equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Essex Property Trust has an average rating of “Buy” and an average target price of $268.92.
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Essex Property Trust Profile
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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