Profund Advisors LLC trimmed its position in shares of Essex Property Trust (NYSE:ESS) by 22.8% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,232 shares of the real estate investment trust’s stock after selling 954 shares during the quarter. Profund Advisors LLC’s holdings in Essex Property Trust were worth $780,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in ESS. Janus Henderson Group PLC increased its holdings in shares of Essex Property Trust by 292.6% during the third quarter. Janus Henderson Group PLC now owns 469,858 shares of the real estate investment trust’s stock valued at $119,358,000 after acquiring an additional 350,192 shares in the last quarter. Barings LLC acquired a new position in Essex Property Trust in the 3rd quarter worth approximately $63,549,000. Renaissance Technologies LLC increased its holdings in Essex Property Trust by 28.7% in the 4th quarter. Renaissance Technologies LLC now owns 464,126 shares of the real estate investment trust’s stock worth $112,026,000 after buying an additional 103,369 shares during the period. BlackRock Inc. increased its holdings in Essex Property Trust by 1.4% in the 4th quarter. BlackRock Inc. now owns 6,812,160 shares of the real estate investment trust’s stock worth $1,644,253,000 after buying an additional 94,542 shares during the period. Finally, Amundi Pioneer Asset Management Inc. acquired a new position in Essex Property Trust in the 4th quarter worth approximately $18,890,000. 97.28% of the stock is owned by institutional investors and hedge funds.
Several research firms have commented on ESS. Evercore ISI upgraded Essex Property Trust from an “in-line” rating to an “outperform” rating and set a $274.00 price objective on the stock in a research report on Monday, December 11th. BTIG Research upgraded Essex Property Trust from a “neutral” rating to a “buy” rating and set a $273.00 price objective on the stock in a research report on Wednesday, December 13th. Citigroup upgraded Essex Property Trust from a “neutral” rating to a “buy” rating and set a $280.00 target price on the stock in a research report on Thursday, December 14th. JMP Securities reiterated a “hold” rating on shares of Essex Property Trust in a research report on Wednesday, December 27th. Finally, Mitsubishi UFJ Financial Group upgraded Essex Property Trust from a “neutral” rating to an “overweight” rating in a report on Wednesday, January 3rd. One analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $264.25.
In other Essex Property Trust news, insider Glenn Olnick sold 1,600,000 shares of Essex Property Trust stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $0.10, for a total transaction of $160,000.00. Also, Director Gary P. Martin sold 500 shares of Essex Property Trust stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $223.43, for a total value of $111,715.00. Following the transaction, the director now directly owns 5,736 shares in the company, valued at approximately $1,281,594.48. The disclosure for this sale can be found here. 3.30% of the stock is owned by insiders.
Shares of ESS traded up $0.88 during midday trading on Friday, hitting $242.38. The company had a trading volume of 475,080 shares, compared to its average volume of 376,999. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.27 and a current ratio of 1.27. The stock has a market capitalization of $16,006.78, a PE ratio of 20.35, a PEG ratio of 3.30 and a beta of 0.39. Essex Property Trust has a 1 year low of $214.03 and a 1 year high of $270.04.
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 consensus estimate of $3.00 by $0.01. The business had revenue of $345.06 million during the quarter, compared to analysts’ expectations of $346.50 million. Essex Property Trust had a return on equity of 6.76% and a net margin of 31.75%. During the same quarter last year, the business posted $2.85 EPS. analysts predict that Essex Property Trust will post 12.42 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Thursday, March 29th will be paid a dividend of $1.86 per share. This is a boost from Essex Property Trust’s previous quarterly dividend of $1.75. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $7.44 annualized dividend and a yield of 3.07%. Essex Property Trust’s payout ratio is presently 62.47%.
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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. Essex currently has ownership interests in 247 apartment communities with an additional 7 properties in various stages of active development.
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