Covington Capital Management Has $263,000 Position in Essex Property Trust Inc (NYSE:ESS)

Covington Capital Management reduced its stake in shares of Essex Property Trust Inc (NYSE:ESS) by 5.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 874 shares of the real estate investment trust’s stock after selling 50 shares during the quarter. Covington Capital Management’s holdings in Essex Property Trust were worth $263,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of ESS. Principal Financial Group Inc. grew its position in shares of Essex Property Trust by 12.7% in the 4th quarter. Principal Financial Group Inc. now owns 2,160,491 shares of the real estate investment trust’s stock valued at $650,005,000 after purchasing an additional 243,451 shares during the period. Johanson Financial Advisors Inc. acquired a new position in shares of Essex Property Trust in the 4th quarter valued at approximately $398,000. Amundi Pioneer Asset Management Inc. grew its position in shares of Essex Property Trust by 10.9% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 762,230 shares of the real estate investment trust’s stock valued at $229,324,000 after purchasing an additional 75,128 shares during the period. Echo Street Capital Management LLC acquired a new position in shares of Essex Property Trust in the 4th quarter valued at approximately $19,321,000. Finally, Summit Global Investments grew its position in shares of Essex Property Trust by 1,414.0% in the 4th quarter. Summit Global Investments now owns 64,346 shares of the real estate investment trust’s stock valued at $19,359,000 after purchasing an additional 60,096 shares during the period. Institutional investors own 97.12% of the company’s stock.

In other Essex Property Trust news, Director Irving F. Lyons III sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $324.05, for a total transaction of $810,125.00. Following the completion of the transaction, the director now owns 10,372 shares of the company’s stock, valued at approximately $3,361,046.60. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Irving F. Lyons III sold 2,838 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $309.92, for a total value of $879,552.96. Following the transaction, the director now directly owns 10,710 shares of the company’s stock, valued at approximately $3,319,243.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 25,284 shares of company stock valued at $8,021,837. Insiders own 3.60% of the company’s stock.

NYSE:ESS opened at $200.77 on Thursday. Essex Property Trust Inc has a twelve month low of $175.81 and a twelve month high of $334.17. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.91. The business has a 50 day moving average price of $287.28 and a two-hundred day moving average price of $308.00. The company has a market cap of $12.44 billion, a P/E ratio of 30.10, a price-to-earnings-growth ratio of 2.75 and a beta of 0.43.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings results on Wednesday, January 29th. The real estate investment trust reported $1.95 earnings per share for the quarter, missing analysts’ consensus estimates of $3.42 by ($1.47). Essex Property Trust had a return on equity of 6.90% and a net margin of 30.08%. The firm had revenue of $375.37 million for the quarter, compared to analyst estimates of $373.65 million. During the same period last year, the company earned $3.19 EPS. As a group, analysts anticipate that Essex Property Trust Inc will post 13.98 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be given a dividend of $2.0775 per share. The ex-dividend date is Monday, March 30th. This represents a $8.31 dividend on an annualized basis and a yield of 4.14%. This is an increase from Essex Property Trust’s previous quarterly dividend of $1.95. Essex Property Trust’s dividend payout ratio is 58.30%.

Several brokerages recently issued reports on ESS. SunTrust Banks boosted their price objective on Essex Property Trust from $315.00 to $330.00 and gave the company a “hold” rating in a research report on Friday, February 21st. Zelman & Associates upgraded Essex Property Trust from a “sell” rating to a “hold” rating in a research report on Wednesday. Royal Bank of Canada lowered Essex Property Trust from an “outperform” rating to a “sector perform” rating and decreased their price objective for the company from $320.00 to $315.00 in a research report on Wednesday, December 18th. Finally, BMO Capital Markets lowered Essex Property Trust from a “market perform” rating to an “underperform” rating and decreased their price objective for the company from $320.00 to $295.00 in a research report on Tuesday, January 28th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company. Essex Property Trust currently has a consensus rating of “Hold” and a consensus target price of $331.64.

Essex Property Trust Company 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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Institutional Ownership by Quarter for Essex Property Trust (NYSE:ESS)

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