Resolution Capital Ltd Decreases Stock Holdings in Essex Property Trust, Inc. $ESS

Resolution Capital Ltd lessened its stake in shares of Essex Property Trust, Inc. (NYSE:ESS) by 1.7% during the first quarter, HoldingsChannel.com reports. The fund owned 673,020 shares of the real estate investment trust’s stock after selling 11,959 shares during the quarter. Essex Property Trust accounts for about 3.4% of Resolution Capital Ltd’s portfolio, making the stock its 11th biggest position. Resolution Capital Ltd’s holdings in Essex Property Trust were worth $162,871,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the stock. Empowered Funds LLC lifted its position in Essex Property Trust by 50.1% during the first quarter. Empowered Funds LLC now owns 2,095 shares of the real estate investment trust’s stock valued at $507,000 after purchasing an additional 699 shares during the period. Quantinno Capital Management LP boosted its holdings in Essex Property Trust by 42.6% in the first quarter. Quantinno Capital Management LP now owns 381,042 shares of the real estate investment trust’s stock worth $92,212,000 after purchasing an additional 113,861 shares during the last quarter. Weiss Asset Management LP bought a new stake in Essex Property Trust in the 1st quarter worth approximately $2,206,000. OMERS ADMINISTRATION Corp grew its position in Essex Property Trust by 30.4% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 2,998 shares of the real estate investment trust’s stock worth $726,000 after purchasing an additional 699 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its stake in Essex Property Trust by 59.2% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 4,054 shares of the real estate investment trust’s stock valued at $981,000 after buying an additional 1,508 shares during the last quarter. 96.51% of the stock is owned by hedge funds and other institutional investors.

Essex Property Trust Stock Performance

NYSE:ESS opened at $294.42 on Wednesday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.98 and a current ratio of 0.98. The stock has a 50-day simple moving average of $286.21 and a two-hundred day simple moving average of $265.58. The firm has a market capitalization of $18.92 billion, a PE ratio of 33.08, a P/E/G ratio of 12.53 and a beta of 0.70. Essex Property Trust, Inc. has a 52-week low of $238.46 and a 52-week high of $303.35.

Essex Property Trust (NYSE:ESS) last posted its quarterly earnings data on Tuesday, April 28th. The real estate investment trust reported $1.65 EPS for the quarter, missing the consensus estimate of $3.96 by ($2.31). Essex Property Trust had a return on equity of 10.00% and a net margin of 30.03%.The company had revenue of $484.76 million during the quarter, compared to the consensus estimate of $479.89 million. During the same period last year, the business earned $3.97 EPS. Analysts forecast that Essex Property Trust, Inc. will post 16.11 EPS for the current year.

Essex Property Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a $2.59 dividend. This represents a $10.36 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend was Tuesday, June 30th. Essex Property Trust’s dividend payout ratio is currently 116.40%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $330.00 price target on shares of Essex Property Trust in a report on Monday, July 20th. Royal Bank Of Canada lifted their price objective on Essex Property Trust from $282.00 to $288.00 and gave the stock an “outperform” rating in a report on Thursday, April 30th. Jefferies Financial Group raised Essex Property Trust to a “strong-buy” rating in a report on Wednesday, July 22nd. Mizuho raised their target price on Essex Property Trust from $285.00 to $308.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 10th. Finally, Morgan Stanley raised their target price on Essex Property Trust from $293.00 to $302.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 25th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $299.08.

Insider Buying and Selling

In other Essex Property Trust news, Director Mary Kasaris sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $279.45, for a total transaction of $167,670.00. Following the sale, the director owned 2,394 shares in the company, valued at approximately $669,003.30. This trade represents a 20.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.47% of the company’s stock.

Essex Property Trust Company Profile

Essex Property Trust, Inc (NYSE: ESS) is a publicly traded real estate investment trust that acquires, develops, owns and operates multifamily residential properties. The company focuses on market-rate apartment communities and delivers a full suite of property services including leasing, resident services, asset management, and capital improvement programs designed to preserve and enhance long‑term property values.

Essex concentrates its portfolio in West Coast markets, with a significant presence in California and the Pacific Northwest.