Sumitomo Mitsui Asset Management Company LTD reduced its stake in shares of Essex Property Trust, Inc. (NYSE:ESS) by 4.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,162 shares of the real estate investment trust’s stock after selling 402 shares during the quarter. Sumitomo Mitsui Asset Management Company LTD’s holdings in Essex Property Trust were worth $2,073,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Quantitative Systematic Strategies LLC bought a new stake in shares of Essex Property Trust during the third quarter valued at about $807,000. LMR Partners LLP raised its position in Essex Property Trust by 15.7% in the second quarter. LMR Partners LLP now owns 3,263 shares of the real estate investment trust’s stock worth $840,000 after acquiring an additional 443 shares in the last quarter. NN Investment Partners Holdings N.V. raised its position in Essex Property Trust by 4.0% in the second quarter. NN Investment Partners Holdings N.V. now owns 240,093 shares of the real estate investment trust’s stock worth $61,769,000 after acquiring an additional 9,300 shares in the last quarter. Principal Financial Group Inc. raised its position in Essex Property Trust by 4.3% in the second quarter. Principal Financial Group Inc. now owns 2,247,592 shares of the real estate investment trust’s stock worth $578,237,000 after acquiring an additional 91,814 shares in the last quarter. Finally, Old Mutual Global Investors UK Ltd. bought a new stake in Essex Property Trust in the second quarter worth about $2,102,000. Institutional investors and hedge funds own 99.63% of the company’s stock.

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Essex Property Trust, Inc. (ESS) opened at $253.98 on Friday. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.88. The firm has a market capitalization of $16.75 billion, a P/E ratio of 21.70, a P/E/G ratio of 3.59 and a beta of 0.54.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 16th. Shareholders of record on Friday, September 29th were issued a $1.75 dividend. This represents a $7.00 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date was Thursday, September 28th. Essex Property Trust’s dividend payout ratio is presently 87.61%.

In other Essex Property Trust news, insider John D. Eudy sold 167 shares of Essex Property Trust stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $263.97, for a total value of $44,082.99. Following the completion of the transaction, the insider now owns 8,597 shares of the company’s stock, valued at $2,269,350.09. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Byron A. Scordelis sold 6,265 shares of Essex Property Trust stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $267.39, for a total transaction of $1,675,198.35. Following the completion of the transaction, the director now directly owns 4,986 shares of the company’s stock, valued at approximately $1,333,206.54. The disclosure for this sale can be found here. In the last ninety days, insiders sold 10,064 shares of company stock valued at $2,673,529. 3.30% of the stock is currently owned by corporate insiders.

Several equities research analysts have commented on the stock. SunTrust Banks, Inc. reiterated a “hold” rating and issued a $270.00 price target on shares of Essex Property Trust in a research report on Friday. Royal Bank Of Canada restated a “buy” rating and set a $276.00 price objective on shares of Essex Property Trust in a report on Friday, October 20th. Barclays PLC restated a “buy” rating and set a $283.00 price objective on shares of Essex Property Trust in a report on Thursday, October 19th. Robert W. Baird restated a “buy” rating and set a $273.00 price objective on shares of Essex Property Trust in a report on Tuesday, October 17th. Finally, Zacks Investment Research downgraded Essex Property Trust from a “buy” rating to a “hold” rating in a report on Friday, October 13th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Essex Property Trust currently has an average rating of “Hold” and a consensus price target of $269.13.

Essex Property Trust Profile

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.

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

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