Essex Property Trust Inc (ESS) Shares Sold by Cadence Capital Management LLC
Cadence Capital Management LLC reduced its position in Essex Property Trust Inc (NYSE:ESS) by 10.1% in the 4th quarter, HoldingsChannel.com reports. The fund owned 4,769 shares of the real estate investment trust’s stock after selling 533 shares during the quarter. Cadence Capital Management LLC’s holdings in Essex Property Trust were worth $1,151,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also recently bought and sold shares of ESS. Janus Henderson Group PLC boosted its holdings in shares of Essex Property Trust by 292.6% in the third quarter. Janus Henderson Group PLC now owns 469,858 shares of the real estate investment trust’s stock valued at $119,358,000 after acquiring an additional 350,192 shares during the period. Koch Industries Inc. acquired a new stake in shares of Essex Property Trust in the second quarter valued at approximately $301,000. Barings LLC acquired a new stake in shares of Essex Property Trust in the third quarter valued at approximately $63,549,000. Canada Pension Plan Investment Board boosted its holdings in shares of Essex Property Trust by 7,265.5% in the third quarter. Canada Pension Plan Investment Board now owns 184,505 shares of the real estate investment trust’s stock valued at $46,870,000 after acquiring an additional 182,000 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in shares of Essex Property Trust by 3.6% in the third quarter. Principal Financial Group Inc. now owns 2,328,165 shares of the real estate investment trust’s stock valued at $591,424,000 after acquiring an additional 80,573 shares during the period. 96.31% of the stock is owned by institutional investors and hedge funds.
ESS has been the subject of several research analyst reports. Raymond James Financial reissued an “underperform” rating on shares of Essex Property Trust in a report on Monday, January 8th. Barclays decreased their price objective on Essex Property Trust from $277.00 to $271.00 and set an “overweight” rating for the company in a report on Tuesday, January 30th. BMO Capital Markets reissued a “hold” rating and issued a $257.00 price objective on shares of Essex Property Trust in a report on Monday, November 27th. Stifel Nicolaus downgraded Essex Property Trust from a “buy” rating to a “hold” rating and decreased their price objective for the company from $280.00 to $235.00 in a report on Friday, January 19th. Finally, Mitsubishi UFJ Financial Group reissued a “neutral” rating on shares of Essex Property Trust in a report on Friday, November 3rd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Essex Property Trust presently has an average rating of “Hold” and a consensus target price of $262.76.
Essex Property Trust (NYSE:ESS) last issued its quarterly earnings results on Wednesday, February 7th. The real estate investment trust reported $3.01 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.00 by $0.01. Essex Property Trust had a return on equity of 6.76% and a net margin of 31.75%. The firm had revenue of $345.06 million during the quarter, compared to the consensus estimate of $346.50 million. During the same period last year, the company earned $2.85 earnings per share. analysts anticipate that Essex Property Trust Inc will post 12.45 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Friday, December 29th were issued a dividend of $1.75 per share. This represents a $7.00 annualized dividend and a dividend yield of 3.07%. The ex-dividend date of this dividend was Thursday, December 28th. Essex Property Trust’s dividend payout ratio is presently 106.54%.
In other Essex Property Trust news, insider Craig K. Zimmerman sold 1,001 shares of the stock in a transaction on Monday, December 11th. The stock was sold at an average price of $247.24, for a total value of $247,487.24. Following the completion of the transaction, the insider now owns 11,284 shares in the company, valued at $2,789,856.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Angela L. Kleiman sold 600 shares of the stock in a transaction on Monday, December 11th. The stock was sold at an average price of $247.16, for a total value of $148,296.00. Following the completion of the transaction, the chief financial officer now owns 7,777 shares of the company’s stock, valued at approximately $1,922,163.32. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 8,102 shares of company stock valued at $2,003,715. Corporate insiders own 3.30% of the company’s stock.
Essex Property Trust Company 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.
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