Connectus Wealth LLC Takes Position in Essex Property Trust, Inc. (NYSE:ESS)

Connectus Wealth LLC bought a new stake in shares of Essex Property Trust, Inc. (NYSE:ESSGet Rating) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,301 shares of the real estate investment trust’s stock, valued at approximately $810,000.

Several other hedge funds have also recently made changes to their positions in the business. BlackRock Inc. increased its stake in shares of Essex Property Trust by 3.8% during the fourth quarter. BlackRock Inc. now owns 6,686,520 shares of the real estate investment trust’s stock valued at $2,355,194,000 after buying an additional 242,033 shares during the period. State Street Corp grew its stake in Essex Property Trust by 4.8% in the fourth quarter. State Street Corp now owns 4,902,579 shares of the real estate investment trust’s stock worth $1,736,904,000 after purchasing an additional 224,989 shares during the period. Principal Financial Group Inc. grew its stake in Essex Property Trust by 0.7% in the fourth quarter. Principal Financial Group Inc. now owns 2,825,512 shares of the real estate investment trust’s stock worth $993,858,000 after purchasing an additional 19,073 shares during the period. Norges Bank purchased a new stake in Essex Property Trust in the fourth quarter worth $721,012,000. Finally, Geode Capital Management LLC grew its stake in Essex Property Trust by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 1,389,431 shares of the real estate investment trust’s stock worth $488,302,000 after purchasing an additional 16,445 shares during the period. 96.09% of the stock is owned by hedge funds and other institutional investors.

Essex Property Trust Trading Up 0.3 %

Shares of NYSE:ESS opened at $278.75 on Friday. The company has a market cap of $18.15 billion, a P/E ratio of 47.17, a PEG ratio of 3.19 and a beta of 0.77. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.30 and a quick ratio of 1.30. Essex Property Trust, Inc. has a 1 year low of $250.62 and a 1 year high of $363.36. The stock’s fifty day moving average price is $269.28 and its 200-day moving average price is $307.14.

Essex Property Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 15th. Shareholders of record on Thursday, June 30th were issued a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date was Wednesday, June 29th. Essex Property Trust’s dividend payout ratio is 148.90%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on ESS shares. Scotiabank reduced their price target on Essex Property Trust from $340.00 to $333.00 in a research note on Thursday, May 19th. Raymond James reaffirmed an “upgrade” rating and issued a $300.00 price target on shares of Essex Property Trust in a research note on Thursday. Piper Sandler dropped their target price on Essex Property Trust from $340.00 to $320.00 and set an “overweight” rating on the stock in a report on Wednesday, July 20th. Jefferies Financial Group dropped their target price on Essex Property Trust from $316.00 to $235.00 and set a “hold” rating on the stock in a report on Thursday, June 30th. Finally, Stifel Nicolaus dropped their target price on Essex Property Trust from $390.00 to $352.00 in a report on Thursday, June 9th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Essex Property Trust currently has a consensus rating of “Hold” and a consensus price target of $312.82.

Essex Property Trust Profile

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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 246 apartment communities comprising approximately 60,000 apartment homes 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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