MQS Management LLC Decreases Stock Position in Essex Property Trust, Inc. (NYSE:ESS)

MQS Management LLC trimmed its holdings in shares of Essex Property Trust, Inc. (NYSE:ESS) by 26.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,154 shares of the real estate investment trust’s stock after selling 1,132 shares during the period. Essex Property Trust makes up about 0.5% of MQS Management LLC’s investment portfolio, making the stock its 20th largest holding. MQS Management LLC’s holdings in Essex Property Trust were worth $932,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. State Board of Administration of Florida Retirement System lifted its position in Essex Property Trust by 2.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 81,456 shares of the real estate investment trust’s stock valued at $19,941,000 after purchasing an additional 2,083 shares during the period. Canada Pension Plan Investment Board boosted its stake in shares of Essex Property Trust by 8.7% in the 1st quarter. Canada Pension Plan Investment Board now owns 225,045 shares of the real estate investment trust’s stock worth $55,093,000 after buying an additional 18,000 shares during the last quarter. Mizuho Markets Americas LLC boosted its stake in shares of Essex Property Trust by 107.9% in the 1st quarter. Mizuho Markets Americas LLC now owns 43,802 shares of the real estate investment trust’s stock worth $10,723,000 after buying an additional 22,736 shares during the last quarter. ORG Partners LLC bought a new stake in shares of Essex Property Trust in the second quarter worth $743,000. Finally, Caxton Associates LP purchased a new stake in Essex Property Trust during the first quarter valued at $532,000. Institutional investors own 96.51% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on ESS. Wells Fargo & Company raised their target price on Essex Property Trust from $269.00 to $314.00 and gave the stock an “equal weight” rating in a research report on Monday, August 26th. Royal Bank of Canada boosted their target price on shares of Essex Property Trust from $284.00 to $288.00 and gave the company an “outperform” rating in a research report on Thursday, August 1st. Raymond James downgraded shares of Essex Property Trust from an “outperform” rating to a “market perform” rating in a research report on Monday, October 21st. The Goldman Sachs Group initiated coverage on shares of Essex Property Trust in a research report on Wednesday, September 4th. They set a “neutral” rating and a $318.00 price objective for the company. Finally, Truist Financial raised their target price on Essex Property Trust from $282.00 to $294.00 and gave the stock a “hold” rating in a report on Tuesday, August 27th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $297.00.

Insiders Place Their Bets

In related news, CEO Angela L. Kleiman sold 8,080 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $315.10, for a total value of $2,546,008.00. Following the sale, the chief executive officer now owns 9,494 shares in the company, valued at approximately $2,991,559.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Amal M. Johnson sold 7,298 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $316.31, for a total value of $2,308,430.38. Following the completion of the transaction, the director now owns 2,585 shares of the company’s stock, valued at approximately $817,661.35. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Angela L. Kleiman sold 8,080 shares of Essex Property Trust stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $315.10, for a total value of $2,546,008.00. Following the completion of the transaction, the chief executive officer now owns 9,494 shares of the company’s stock, valued at approximately $2,991,559.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,402 shares of company stock valued at $6,399,663 in the last quarter. 3.90% of the stock is currently owned by insiders.

Essex Property Trust Price Performance

ESS stock opened at $300.81 on Wednesday. The company has a market capitalization of $19.33 billion, a PE ratio of 35.14, a price-to-earnings-growth ratio of 5.50 and a beta of 0.88. The company’s fifty day moving average price is $297.48 and its 200-day moving average price is $282.62. Essex Property Trust, Inc. has a one year low of $204.64 and a one year high of $317.73. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.14 and a current ratio of 1.14.

Essex Property Trust (NYSE:ESS) last announced its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $1.84 EPS for the quarter, missing the consensus estimate of $3.88 by ($2.04). The company had revenue of $450.70 million during the quarter, compared to analysts’ expectations of $445.88 million. Essex Property Trust had a return on equity of 9.72% and a net margin of 31.55%. During the same quarter in the previous year, the firm earned $3.78 EPS. On average, equities analysts anticipate that Essex Property Trust, Inc. will post 15.56 EPS for the current fiscal year.

Essex Property Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were issued a dividend of $2.45 per share. This represents a $9.80 annualized dividend and a yield of 3.26%. The ex-dividend date was Monday, September 30th. Essex Property Trust’s dividend payout ratio is presently 114.49%.

Essex Property Trust Profile

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 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.