Surevest Inc. Grows Holdings in Essex Property Trust Inc (NYSE:ESS)

Surevest Inc. lifted its holdings in Essex Property Trust Inc (NYSE:ESS) by 8.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 7,074 shares of the real estate investment trust’s stock after acquiring an additional 535 shares during the quarter. Surevest Inc.’s holdings in Essex Property Trust were worth $2,128,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in ESS. APG Asset Management N.V. grew its position in Essex Property Trust by 2.8% during the 2nd quarter. APG Asset Management N.V. now owns 14,768 shares of the real estate investment trust’s stock valued at $3,786,000 after purchasing an additional 400 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in Essex Property Trust by 4.3% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 330,268 shares of the real estate investment trust’s stock valued at $107,882,000 after purchasing an additional 13,718 shares during the last quarter. Eventide Asset Management LLC purchased a new stake in Essex Property Trust during the 3rd quarter valued at about $588,000. Millennium Management LLC grew its position in Essex Property Trust by 255.2% during the 3rd quarter. Millennium Management LLC now owns 51,215 shares of the real estate investment trust’s stock valued at $16,729,000 after purchasing an additional 36,797 shares during the last quarter. Finally, Virtu Financial LLC purchased a new stake in Essex Property Trust during the 3rd quarter valued at about $678,000. 96.51% of the stock is currently owned by hedge funds and other institutional investors.

In other news, EVP Craig K. Zimmerman sold 4,379 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $310.59, for a total value of $1,360,073.61. Following the transaction, the executive vice president now owns 12,845 shares in the company, valued at approximately $3,989,528.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.60% of the stock is owned by corporate insiders.

ESS opened at $305.50 on Tuesday. The company’s 50-day simple moving average is $303.35 and its two-hundred day simple moving average is $312.53. Essex Property Trust Inc has a 52-week low of $247.45 and a 52-week high of $334.17. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.59 and a current ratio of 1.59. The stock has a market capitalization of $19.98 billion, a P/E ratio of 24.30, a P/E/G ratio of 3.44 and a beta of 0.27.

Essex Property Trust (NYSE:ESS) last issued its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.53 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.36 by ($1.83). Essex Property Trust had a return on equity of 6.73% and a net margin of 29.78%. The business had revenue of $366.93 million during the quarter, compared to the consensus estimate of $365.49 million. During the same quarter last year, the company earned $3.15 EPS. Research analysts forecast that Essex Property Trust Inc will post 13.35 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Thursday, January 2nd will be paid a $1.95 dividend. This represents a $7.80 annualized dividend and a dividend yield of 2.55%. The ex-dividend date of this dividend is Tuesday, December 31st. Essex Property Trust’s dividend payout ratio (DPR) is presently 62.05%.

ESS has been the topic of several recent analyst reports. Royal Bank of Canada downgraded shares of Essex Property Trust from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from $320.00 to $315.00 in a research report on Wednesday, December 18th. ValuEngine cut shares of Essex Property Trust from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Stifel Nicolaus set a $355.00 target price on shares of Essex Property Trust and gave the company a “buy” rating in a research note on Friday, October 25th. Sandler O’Neill upgraded shares of Essex Property Trust from a “hold” rating to a “buy” rating and set a $355.00 target price on the stock in a research note on Monday, November 18th. Finally, Goldman Sachs Group started coverage on shares of Essex Property Trust in a research note on Friday, November 8th. They set a “buy” rating and a $355.00 target price on the stock. Nine equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $330.21.

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

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