Essex Property Trust Inc (ESS) Stake Lessened by Westpac Banking Corp
Westpac Banking Corp reduced its stake in shares of Essex Property Trust Inc (NYSE:ESS) by 15.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 104,301 shares of the real estate investment trust’s stock after selling 18,998 shares during the quarter. Westpac Banking Corp’s holdings in Essex Property Trust were worth $25,175,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of ESS. Federated Investors Inc. PA boosted its stake in shares of Essex Property Trust by 9.5% during the second quarter. Federated Investors Inc. PA now owns 1,837 shares of the real estate investment trust’s stock valued at $473,000 after purchasing an additional 159 shares during the period. Franklin Resources Inc. boosted its stake in shares of Essex Property Trust by 14.9% during the second quarter. Franklin Resources Inc. now owns 43,904 shares of the real estate investment trust’s stock valued at $11,295,000 after purchasing an additional 5,691 shares during the period. Wells Fargo & Company MN raised its holdings in shares of Essex Property Trust by 23.3% in the second quarter. Wells Fargo & Company MN now owns 47,297 shares of the real estate investment trust’s stock valued at $12,168,000 after acquiring an additional 8,930 shares in the last quarter. AXA bought a new stake in shares of Essex Property Trust in the second quarter valued at about $231,000. Finally, BT Investment Management Ltd bought a new stake in shares of Essex Property Trust in the second quarter valued at about $1,114,000. 97.15% of the stock is owned by hedge funds and other institutional investors.
ESS has been the subject of several recent research reports. BTIG Research upgraded Essex Property Trust from a “neutral” rating to a “buy” rating and set a $273.00 price objective for the company in a report on Wednesday, December 13th. Royal Bank of Canada restated a “buy” rating on shares of Essex Property Trust in a report on Sunday, November 12th. Cantor Fitzgerald restated a “buy” rating and issued a $279.00 price objective on shares of Essex Property Trust in a report on Wednesday, November 8th. Zacks Investment Research upgraded Essex Property Trust from a “hold” rating to a “buy” rating and set a $289.00 price objective for the company in a report on Tuesday, October 10th. Finally, Barclays restated a “buy” rating and issued a $283.00 price objective on shares of Essex Property Trust in a report on Thursday, October 19th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. Essex Property Trust has a consensus rating of “Hold” and a consensus price target of $269.41.
Essex Property Trust (NYSE:ESS) last announced its earnings results on Wednesday, November 1st. The real estate investment trust reported $1.22 EPS for the quarter, missing the Zacks’ consensus estimate of $2.96 by ($1.74). Essex Property Trust had a return on equity of 8.19% and a net margin of 38.95%. equities analysts predict that Essex Property Trust Inc will post 11.89 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th were issued a $1.75 dividend. The ex-dividend date of this dividend was Thursday, December 28th. This represents a $7.00 dividend on an annualized basis and a yield of 3.08%. Essex Property Trust’s dividend payout ratio is presently 87.61%.
In other Essex Property Trust news, Director Gary P. Martin sold 1,000 shares of the business’s stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $255.59, for a total value of $255,590.00. Following the completion of the transaction, the director now directly owns 6,236 shares in the company, valued at $1,593,859.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Angela L. Kleiman sold 600 shares of the business’s stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $247.16, for a total transaction 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 $1,922,163.32. The disclosure for this sale can be found here. Insiders sold 9,687 shares of company stock valued at $2,408,772 over the last quarter. 3.30% of the stock is currently owned by corporate insiders.
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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.
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