Lord Abbett & CO. LLC trimmed its holdings in shares of Essex Property Trust Inc (NYSE:ESS) by 60.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 105,500 shares of the real estate investment trust’s stock after selling 160,300 shares during the period. Lord Abbett & CO. LLC’s holdings in Essex Property Trust were worth $25,870,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Ironwood Financial llc acquired a new position in shares of Essex Property Trust during the 4th quarter worth about $25,000. Acadian Asset Management LLC acquired a new position in shares of Essex Property Trust during the 4th quarter worth about $87,000. Capital Guardian Trust Co. acquired a new position in shares of Essex Property Trust during the 3rd quarter worth about $113,000. Loeb Partners Corp acquired a new position in shares of Essex Property Trust during the 4th quarter worth about $123,000. Finally, Girard Partners LTD. acquired a new position in shares of Essex Property Trust during the 3rd quarter worth about $184,000. Institutional investors own 95.88% of the company’s stock.

Shares of ESS stock opened at $289.40 on Friday. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.76 and a quick ratio of 1.76. The company has a market cap of $19.01 billion, a price-to-earnings ratio of 23.02, a P/E/G ratio of 3.83 and a beta of 0.47. Essex Property Trust Inc has a 12-month low of $226.22 and a 12-month high of $291.23.

Essex Property Trust (NYSE:ESS) last issued its quarterly earnings data on Wednesday, January 30th. The real estate investment trust reported $3.19 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $3.19. The firm had revenue of $353.16 million during the quarter, compared to the consensus estimate of $351.76 million. Essex Property Trust had a net margin of 27.87% and a return on equity of 5.74%. During the same period last year, the business posted $3.01 earnings per share. On average, sell-side analysts anticipate that Essex Property Trust Inc will post 13.07 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Friday, March 29th will be given a dividend of $1.95 per share. The ex-dividend date of this dividend is Thursday, March 28th. This is an increase from Essex Property Trust’s previous quarterly dividend of $1.86. This represents a $7.80 annualized dividend and a yield of 2.70%. Essex Property Trust’s dividend payout ratio (DPR) is 59.19%.

Several equities research analysts recently issued reports on the stock. Barclays reiterated a “buy” rating and issued a $303.00 target price on shares of Essex Property Trust in a research note on Friday. Jefferies Financial Group downgraded shares of Essex Property Trust from a “buy” rating to a “hold” rating and raised their target price for the company from $290.00 to $295.00 in a research note on Thursday, February 7th. They noted that the move was a valuation call. Citigroup set a $275.00 target price on shares of Essex Property Trust and gave the company a “hold” rating in a research note on Tuesday, February 5th. BMO Capital Markets reiterated a “hold” rating and issued a $260.00 target price on shares of Essex Property Trust in a research note on Wednesday, January 30th. Finally, Janney Montgomery Scott upgraded shares of Essex Property Trust from a “neutral” rating to a “buy” rating and set a $255.60 target price for the company in a research note on Wednesday, December 19th. Eleven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $272.10.

In other Essex Property Trust news, insider John D. Eudy sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, December 21st. The shares were sold at an average price of $256.98, for a total transaction of $1,284,900.00. Following the completion of the sale, the insider now directly owns 15,455 shares in the company, valued at $3,971,625.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John F. Burkart sold 332 shares of the firm’s stock in a transaction that occurred on Wednesday, December 19th. The stock was sold at an average price of $255.51, for a total transaction of $84,829.32. Following the sale, the executive vice president now owns 7,064 shares of the company’s stock, valued at $1,804,922.64. The disclosure for this sale can be found here. Insiders have sold 11,406 shares of company stock valued at $3,049,725 over the last 90 days. Company insiders own 3.40% of the company’s stock.

COPYRIGHT VIOLATION WARNING: This article was published by Watch List News and is the property of of Watch List News. If you are accessing this article on another domain, it was stolen and republished in violation of U.S. and international trademark & copyright legislation. The correct version of this article can be accessed at https://www.watchlistnews.com/lord-abbett-co-llc-sells-160300-shares-of-essex-property-trust-inc-ess/2897080.html.

About Essex Property Trust

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 245 apartment communities with an additional 6 properties in various stages of active development.

Read More: Market Capitalization – What it Means for Investors

Want to see what other hedge funds are holding ESS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Essex Property Trust Inc (NYSE:ESS).

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

Receive News & Ratings for Essex Property Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Essex Property Trust and related companies with MarketBeat.com's FREE daily email newsletter.