Sequoia Financial Advisors LLC lifted its position in Essex Property Trust, Inc. (NYSE:ESS – Free Report) by 6.3% during the first quarter, Holdings Channel reports. The institutional investor owned 778 shares of the real estate investment trust’s stock after buying an additional 46 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Essex Property Trust were worth $239,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Assetmark Inc. raised its stake in shares of Essex Property Trust by 124.0% in the 4th quarter. Assetmark Inc. now owns 224 shares of the real estate investment trust’s stock worth $64,000 after buying an additional 124 shares in the last quarter. QRG Capital Management Inc. bought a new stake in shares of Essex Property Trust in the 1st quarter worth $653,000. CWA Asset Management Group LLC raised its stake in shares of Essex Property Trust by 10.0% in the 1st quarter. CWA Asset Management Group LLC now owns 883 shares of the real estate investment trust’s stock worth $271,000 after buying an additional 80 shares in the last quarter. Intact Investment Management Inc. bought a new stake in shares of Essex Property Trust in the 1st quarter worth $705,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Essex Property Trust during the fourth quarter worth $7,027,000. Institutional investors own 96.51% of the company’s stock.
Essex Property Trust Stock Up 0.3%
Shares of Essex Property Trust stock opened at $284.20 on Friday. The stock has a 50-day moving average price of $282.82 and a 200 day moving average price of $285.64. The company has a market cap of $18.30 billion, a P/E ratio of 27.20, a P/E/G ratio of 5.93 and a beta of 0.78. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.18. Essex Property Trust, Inc. has a 1 year low of $243.85 and a 1 year high of $317.73.
Essex Property Trust (NYSE:ESS – Get Free Report) last issued its earnings results on Tuesday, April 29th. The real estate investment trust reported $3.97 EPS for the quarter, beating analysts’ consensus estimates of $3.92 by $0.05. Essex Property Trust had a return on equity of 11.81% and a net margin of 37.08%. The firm had revenue of $464.58 million for the quarter, compared to the consensus estimate of $458.03 million. During the same quarter in the previous year, the company posted $3.83 earnings per share. As a group, analysts expect that Essex Property Trust, Inc. will post 15.96 EPS for the current fiscal year.
Essex Property Trust Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a $2.57 dividend. The ex-dividend date is Monday, June 30th. This represents a $10.28 dividend on an annualized basis and a yield of 3.62%. Essex Property Trust’s dividend payout ratio (DPR) is currently 98.37%.
Wall Street Analyst Weigh In
A number of equities research analysts have recently issued reports on ESS shares. Wall Street Zen lowered Essex Property Trust from a “hold” rating to a “sell” rating in a research report on Saturday. Barclays boosted their target price on Essex Property Trust from $303.00 to $328.00 and gave the stock an “equal weight” rating in a research report on Friday, May 9th. Piper Sandler reaffirmed an “overweight” rating and set a $355.00 target price (down from $370.00) on shares of Essex Property Trust in a research report on Friday, May 23rd. Royal Bank Of Canada cut their target price on Essex Property Trust from $311.00 to $309.00 and set an “outperform” rating on the stock in a research report on Thursday, May 1st. Finally, Mizuho cut their target price on Essex Property Trust from $314.00 to $293.00 and set an “outperform” rating on the stock in a research report on Friday, May 23rd. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $310.28.
View Our Latest Stock Analysis on Essex Property Trust
About Essex Property Trust
(Free Report)
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 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.
Further Reading
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