Alberta Investment Management Corp lowered its position in shares of Essex Property Trust Inc (NYSE:ESS) by 47.1% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 19,100 shares of the real estate investment trust’s stock after selling 17,000 shares during the quarter. Alberta Investment Management Corp’s holdings in Essex Property Trust were worth $4,207,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. boosted its position in Essex Property Trust by 10.4% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 91,152 shares of the real estate investment trust’s stock worth $27,424,000 after acquiring an additional 8,603 shares during the last quarter. IBM Retirement Fund boosted its position in Essex Property Trust by 61.2% during the 1st quarter. IBM Retirement Fund now owns 1,538 shares of the real estate investment trust’s stock worth $339,000 after acquiring an additional 584 shares during the last quarter. Bank of America Corp DE boosted its position in Essex Property Trust by 3.8% during the 4th quarter. Bank of America Corp DE now owns 247,933 shares of the real estate investment trust’s stock worth $74,593,000 after acquiring an additional 9,117 shares during the last quarter. Dupont Capital Management Corp boosted its position in Essex Property Trust by 3.2% during the 1st quarter. Dupont Capital Management Corp now owns 15,460 shares of the real estate investment trust’s stock worth $3,405,000 after acquiring an additional 485 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Essex Property Trust by 57.8% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 40,392 shares of the real estate investment trust’s stock worth $8,896,000 after acquiring an additional 14,802 shares during the last quarter. 95.76% of the stock is owned by hedge funds and other institutional investors.
ESS has been the topic of a number of analyst reports. Stifel Nicolaus upped their price objective on Essex Property Trust from $248.00 to $270.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Zelman & Associates upgraded Essex Property Trust from a “sell” rating to a “hold” rating in a research note on Wednesday, March 25th. Goldman Sachs Group cut Essex Property Trust from a “buy” rating to a “neutral” rating and dropped their price target for the company from $320.00 to $238.00 in a research note on Thursday, April 2nd. SunTrust Banks dropped their price target on Essex Property Trust from $298.00 to $262.00 and set a “hold” rating on the stock in a research note on Thursday, April 2nd. Finally, Morgan Stanley cut Essex Property Trust from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $354.00 to $203.00 in a research report on Wednesday, April 1st. One analyst has rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $293.69.
ESS stock opened at $235.43 on Friday. The stock’s fifty day simple moving average is $235.66 and its two-hundred day simple moving average is $282.61. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 1.01. Essex Property Trust Inc has a 1-year low of $175.81 and a 1-year high of $334.17. The stock has a market cap of $15.43 billion, a P/E ratio of 24.47, a P/E/G ratio of 4.82 and a beta of 0.70.
Essex Property Trust (NYSE:ESS) last issued its earnings results on Wednesday, May 6th. The real estate investment trust reported $4.76 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.40 by $1.36. The firm had revenue of $392.37 million for the quarter, compared to analyst estimates of $383.23 million. Essex Property Trust had a return on equity of 9.94% and a net margin of 42.47%. During the same period in the previous year, the company posted $3.23 earnings per share. As a group, analysts forecast that Essex Property Trust Inc will post 13.42 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a dividend of $2.0775 per share. The ex-dividend date of this dividend is Monday, June 29th. This represents a $8.31 dividend on an annualized basis and a dividend yield of 3.53%. Essex Property Trust’s payout ratio is 62.11%.
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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