Oakbrook Investments LLC Cuts Stake in Essex Property Trust Inc (NYSE:ESS)

Oakbrook Investments LLC reduced its holdings in shares of Essex Property Trust Inc (NYSE:ESS) by 32.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,810 shares of the real estate investment trust’s stock after selling 850 shares during the period. Oakbrook Investments LLC’s holdings in Essex Property Trust were worth $545,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in ESS. Principal Financial Group Inc. increased its stake in Essex Property Trust by 12.7% during the 4th quarter. Principal Financial Group Inc. now owns 2,160,491 shares of the real estate investment trust’s stock worth $650,005,000 after buying an additional 243,451 shares during the period. Johanson Financial Advisors Inc. acquired a new position in Essex Property Trust during the 4th quarter worth approximately $398,000. Russell Investments Group Ltd. grew its holdings in Essex Property Trust by 13.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 387,819 shares of the real estate investment trust’s stock worth $126,737,000 after acquiring an additional 46,873 shares in the last quarter. California Public Employees Retirement System grew its holdings in Essex Property Trust by 9.2% during the 3rd quarter. California Public Employees Retirement System now owns 552,461 shares of the real estate investment trust’s stock worth $180,461,000 after acquiring an additional 46,588 shares in the last quarter. Finally, State Street Corp grew its holdings in Essex Property Trust by 0.8% during the 3rd quarter. State Street Corp now owns 5,488,791 shares of the real estate investment trust’s stock worth $1,803,505,000 after acquiring an additional 44,268 shares in the last quarter. 95.30% 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 company’s stock in a transaction 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 completion of 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 SEC, which is available at this link. Also, Director Irving F. Lyons III sold 2,838 shares of the company’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $309.92, for a total transaction of $879,552.96. Following the completion of the transaction, the director now 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 90 days, insiders sold 27,163 shares of company stock valued at $8,571,786. Company insiders own 3.60% of the company’s stock.

NYSE ESS opened at $324.17 on Friday. The company has a quick ratio of 1.59, a current ratio of 1.59 and a debt-to-equity ratio of 0.91. Essex Property Trust Inc has a 52 week low of $271.58 and a 52 week high of $334.17. The stock has a market capitalization of $21.25 billion, a PE ratio of 24.07, a price-to-earnings-growth ratio of 3.83 and a beta of 0.32. The firm has a 50 day moving average of $306.95 and a two-hundred day moving average of $314.39.

Essex Property Trust (NYSE:ESS) last issued its earnings results on Wednesday, January 29th. The real estate investment trust reported $1.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.42 by ($1.47). Essex Property Trust had a net margin of 30.08% and a return on equity of 6.90%. The company had revenue of $375.37 million during the quarter, compared to analyst estimates of $373.65 million. During the same quarter in the previous year, the company posted $3.19 EPS. On average, equities research analysts expect that Essex Property Trust Inc will post 14.02 earnings per share for the current fiscal year.

Several research analysts have commented on the stock. Goldman Sachs Group assumed coverage on shares of Essex Property Trust in a report on Friday, November 8th. They set a “buy” rating and a $355.00 price target for the company. BTIG Research cut shares of Essex Property Trust from a “buy” rating to a “neutral” rating in a report on Monday, November 25th. Royal Bank of Canada cut shares of Essex Property Trust from an “outperform” rating to a “sector perform” rating and lowered their price target for the stock from $320.00 to $315.00 in a report on Wednesday, December 18th. Stifel Nicolaus set a $355.00 price target on shares of Essex Property Trust and gave the stock a “buy” rating in a report on Friday, October 25th. Finally, Evercore ISI upgraded shares of Essex Property Trust from an “in-line” rating to an “outperform” rating and set a $341.00 price target for the company in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $331.77.

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 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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