Strs Ohio Cuts Holdings in Essex Property Trust Inc (ESS)
Strs Ohio decreased its holdings in shares of Essex Property Trust Inc (NYSE:ESS) by 8.2% during the first quarter, according to its most recent filing with the SEC. The firm owned 100,129 shares of the real estate investment trust’s stock after selling 9,000 shares during the period. Strs Ohio’s holdings in Essex Property Trust were worth $28,961,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Ironwood Financial llc purchased a new position in Essex Property Trust during the 4th quarter valued at about $25,000. Shine Investment Advisory Services Inc. purchased a new position in Essex Property Trust during the 1st quarter valued at about $32,000. Dubuque Bank & Trust Co. purchased a new position in Essex Property Trust during the 1st quarter valued at about $33,000. Bronfman E.L. Rothschild L.P. increased its position in Essex Property Trust by 21.7% during the 4th quarter. Bronfman E.L. Rothschild L.P. now owns 258 shares of the real estate investment trust’s stock valued at $63,000 after purchasing an additional 46 shares during the period. Finally, Acadian Asset Management LLC purchased a new position in Essex Property Trust during the 4th quarter valued at about $87,000. 97.03% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have commented on the stock. BTIG Research downgraded shares of Essex Property Trust from a “buy” rating to a “neutral” rating in a research report on Monday, March 25th. BMO Capital Markets reissued a “hold” rating and set a $260.00 target price on shares of Essex Property Trust in a research report on Wednesday, January 30th. Barclays reissued a “buy” rating and set a $310.00 target price on shares of Essex Property Trust in a research report on Tuesday, April 16th. KeyCorp raised their price target on shares of Essex Property Trust from $268.00 to $301.00 and gave the company an “overweight” rating in a report on Tuesday, March 19th. Finally, Citigroup set a $275.00 price target on shares of Essex Property Trust and gave the company a “hold” rating in a report on Tuesday, February 5th. Ten analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Essex Property Trust has a consensus rating of “Buy” and an average price target of $279.57.
Essex Property Trust (NYSE:ESS) last released its quarterly earnings results on Wednesday, January 30th. The real estate investment trust reported $3.19 earnings per share for the quarter, meeting analysts’ consensus estimates of $3.19. Essex Property Trust had a net margin of 27.87% and a return on equity of 5.74%. The business had revenue of $353.16 million for the quarter, compared to analysts’ expectations of $351.76 million. During the same period last year, the business earned $3.01 EPS. As a group, equities research analysts forecast that Essex Property Trust Inc will post 13.07 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 29th were issued a $1.95 dividend. This is a boost from Essex Property Trust’s previous quarterly dividend of $1.86. This represents a $7.80 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date was Thursday, March 28th. Essex Property Trust’s dividend payout ratio (DPR) is currently 62.05%.
In related news, insider Michael J. Schall sold 2,682 shares of Essex Property Trust stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $290.10, for a total value of $778,048.20. Following the completion of the sale, the insider now directly owns 43,533 shares in the company, valued at approximately $12,628,923.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John D. Eudy sold 3,750 shares of Essex Property Trust stock in a transaction that occurred on Thursday, February 14th. The stock was sold at an average price of $276.06, for a total transaction of $1,035,225.00. Following the completion of the sale, the insider now owns 14,205 shares of the company’s stock, valued at $3,921,432.30. The disclosure for this sale can be found here. Insiders sold a total of 17,184 shares of company stock worth $4,904,753 over the last 90 days. Company insiders own 3.60% of the company’s stock.
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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.
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