Spirit of America Management Corp NY increased its position in shares of Essex Property Trust Inc (NYSE:ESS) by 5.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,336 shares of the real estate investment trust’s stock after acquiring an additional 500 shares during the period. Spirit of America Management Corp NY’s holdings in Essex Property Trust were worth $2,990,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in Essex Property Trust by 1.0% in the 4th quarter. BlackRock Inc. now owns 6,957,103 shares of the real estate investment trust’s stock worth $1,705,952,000 after purchasing an additional 66,945 shares in the last quarter. Cohen & Steers Inc. increased its stake in Essex Property Trust by 18.3% in the 3rd quarter. Cohen & Steers Inc. now owns 6,591,248 shares of the real estate investment trust’s stock worth $1,626,127,000 after purchasing an additional 1,021,374 shares in the last quarter. FMR LLC increased its stake in Essex Property Trust by 10.5% in the 4th quarter. FMR LLC now owns 1,882,752 shares of the real estate investment trust’s stock worth $461,670,000 after purchasing an additional 178,866 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Essex Property Trust by 35.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,471,859 shares of the real estate investment trust’s stock worth $363,125,000 after purchasing an additional 386,035 shares in the last quarter. Finally, Northern Trust Corp increased its stake in Essex Property Trust by 4.6% in the 4th quarter. Northern Trust Corp now owns 1,113,281 shares of the real estate investment trust’s stock worth $272,987,000 after purchasing an additional 49,296 shares in the last quarter. 97.03% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Essex Property Trust stock traded down $3.58 during trading on Wednesday, hitting $274.92. 70,321 shares of the stock traded hands, compared to its average volume of 269,602. The firm has a market cap of $18.29 billion, a price-to-earnings ratio of 21.87, a P/E/G ratio of 3.85 and a beta of 0.48. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.76 and a quick ratio of 1.76. Essex Property Trust Inc has a twelve month low of $226.22 and a twelve month high of $294.61.
The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 29th were issued a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a dividend yield of 2.84%. This is a positive change from Essex Property Trust’s previous quarterly dividend of $1.86. The ex-dividend date of this dividend was Thursday, March 28th. Essex Property Trust’s payout ratio is currently 62.05%.
In other news, CFO Angela L. Kleiman sold 1,177 shares of Essex Property Trust stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $289.72, for a total transaction of $341,000.44. Following the completion of the sale, the chief financial officer now directly owns 6,916 shares in the company, valued at approximately $2,003,703.52. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Byron A. Scordelis sold 2,324 shares of Essex Property Trust stock in a transaction dated Friday, February 8th. The shares were sold at an average price of $277.44, for a total value of $644,770.56. Following the sale, the director now owns 4,824 shares of the company’s stock, valued at $1,338,370.56. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,184 shares of company stock valued at $4,904,753. 3.60% of the stock is owned by corporate insiders.
A number of equities research analysts have commented on ESS shares. Janney Montgomery Scott upgraded Essex Property Trust from a “neutral” rating to a “buy” rating and set a $255.60 price objective for the company in a research report on Wednesday, December 19th. Barclays restated a “buy” rating and set a $310.00 price objective on shares of Essex Property Trust in a research report on Tuesday. Jefferies Financial Group lowered Essex Property Trust from a “buy” rating to a “hold” rating and raised their price objective for the stock from $290.00 to $295.00 in a research report on Thursday, February 7th. They noted that the move was a valuation call. Citigroup set a $275.00 price objective on Essex Property Trust and gave the stock a “hold” rating in a research report on Tuesday, February 5th. Finally, BMO Capital Markets restated a “hold” rating and set a $295.00 price objective on shares of Essex Property Trust in a research report on Monday, March 25th. Ten investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $279.57.
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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. Essex currently has ownership interests in 245 apartment communities with an additional 6 properties in various stages of active development.
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