Eaton Vance Management Has $2.54 Million Stake in Essex Property Trust Inc (ESS)
Eaton Vance Management reduced its stake in Essex Property Trust Inc (NYSE:ESS) by 7.6% during the 4th quarter, HoldingsChannel.com reports. The firm owned 10,504 shares of the real estate investment trust’s stock after selling 868 shares during the quarter. Eaton Vance Management’s holdings in Essex Property Trust were worth $2,535,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC bought a new stake in shares of Essex Property Trust in the 4th quarter valued at approximately $100,000. Breton Hill Capital Ltd. bought a new stake in Essex Property Trust during the 3rd quarter worth approximately $200,000. Beacon Investment Advisory Services Inc. bought a new stake in Essex Property Trust during the 3rd quarter worth approximately $200,000. Shelton Capital Management bought a new stake in Essex Property Trust during the 4th quarter worth approximately $208,000. Finally, Checchi Capital Advisers LLC bought a new stake in Essex Property Trust during the 4th quarter worth approximately $217,000. Institutional investors own 96.57% of the company’s stock.
Essex Property Trust Inc (NYSE ESS) opened at $222.22 on Friday. Essex Property Trust Inc has a 1-year low of $214.03 and a 1-year high of $270.04. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $14,675.41, a price-to-earnings ratio of 18.67, a price-to-earnings-growth ratio of 3.02 and a beta of 0.45.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Thursday, March 29th will be issued a dividend of $1.86 per share. This is an increase from Essex Property Trust’s previous quarterly dividend of $1.75. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $7.44 annualized dividend and a yield of 3.35%. Essex Property Trust’s dividend payout ratio is currently 106.38%.
A number of research firms recently commented on ESS. BMO Capital Markets restated a “hold” rating and set a $250.00 price target on shares of Essex Property Trust in a research report on Tuesday, January 9th. Citigroup upgraded Essex Property Trust to an “overweight” rating and increased their price target for the stock from $253.00 to $278.00 in a research report on Wednesday, January 3rd. They noted that the move was a valuation call. Mizuho lowered Essex Property Trust from a “neutral” rating to an “underperform” rating and set a $250.00 price target on the stock. in a research report on Monday, November 6th. Sandler O’Neill set a $235.00 price target on Essex Property Trust and gave the stock a “hold” rating in a research report on Friday, February 9th. Finally, Royal Bank of Canada restated a “buy” rating on shares of Essex Property Trust in a research report on Sunday, November 12th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. Essex Property Trust currently has a consensus rating of “Buy” and an average price target of $263.68.
In other Essex Property Trust news, insider Craig K. Zimmerman sold 1,001 shares of the company’s stock in a transaction on Monday, December 11th. The stock was sold at an average price of $247.24, for a total transaction of $247,487.24. Following the transaction, the insider now owns 11,284 shares of the company’s stock, valued at approximately $2,789,856.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Michael J. Schall sold 4,801 shares of the stock in a transaction on Monday, December 11th. The shares were sold at an average price of $247.37, for a total value of $1,187,623.37. Following the completion of the transaction, the chief executive officer now directly owns 49,564 shares in the company, valued at approximately $12,260,646.68. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,608,602 shares of company stock worth $2,275,430. Company insiders own 3.30% of the company’s stock.
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About Essex Property Trust
Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust. The Company is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of predominantly apartment communities, located along the West Coast. Its segments include Southern California, Northern California, Seattle Metro and Other real estate assets.
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