State Treasurer State of Michigan lowered its holdings in Essex Property Trust, Inc. (NYSE:ESS) by 7.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 20,002 shares of the real estate investment trust’s stock after selling 1,600 shares during the quarter. State Treasurer State of Michigan’s holdings in Essex Property Trust were worth $5,081,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of ESS. Bank of New York Mellon Corp increased its stake in Essex Property Trust by 38.3% in the second quarter. Bank of New York Mellon Corp now owns 1,488,052 shares of the real estate investment trust’s stock valued at $382,832,000 after acquiring an additional 412,316 shares during the period. Koch Industries Inc. bought a new stake in Essex Property Trust during the second quarter worth about $301,000. American Century Companies Inc. bought a new stake in Essex Property Trust during the second quarter worth about $61,713,000. Renaissance Technologies LLC grew its stake in Essex Property Trust by 120.1% during the second quarter. Renaissance Technologies LLC now owns 250,900 shares of the real estate investment trust’s stock worth $64,549,000 after buying an additional 136,900 shares during the last quarter. Finally, Janus Henderson Group PLC grew its stake in Essex Property Trust by 1,333.6% during the second quarter. Janus Henderson Group PLC now owns 119,666 shares of the real estate investment trust’s stock worth $30,787,000 after buying an additional 111,319 shares during the last quarter. 99.98% of the stock is currently owned by institutional investors and hedge funds.
Shares of Essex Property Trust, Inc. (NYSE:ESS) traded down $0.57 during trading hours on Friday, reaching $256.38. 266,900 shares of the company’s stock traded hands, compared to its average volume of 310,719. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.83 and a quick ratio of 1.83. Essex Property Trust, Inc. has a 1 year low of $208.92 and a 1 year high of $270.04. The company has a market capitalization of $16,930.57, a P/E ratio of 21.91, a PEG ratio of 3.63 and a beta of 0.54.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 16th. Stockholders of record on Friday, September 29th were given a dividend of $1.75 per share. This represents a $7.00 annualized dividend and a dividend yield of 2.73%. The ex-dividend date of this dividend was Thursday, September 28th. Essex Property Trust’s dividend payout ratio is 87.61%.
In other news, insider Angela L. Kleiman sold 2,466 shares of the stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $263.37, for a total transaction of $649,470.42. Following the completion of the sale, the insider now owns 9,643 shares of the company’s stock, valued at $2,539,676.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John D. Eudy sold 166 shares of the stock in a transaction on Tuesday, October 10th. The stock was sold at an average price of $257.92, for a total transaction of $42,814.72. The disclosure for this sale can be found here. Insiders have sold 10,480 shares of company stock valued at $2,774,961 in the last three months. 3.30% of the stock is owned by insiders.
ESS has been the topic of several research analyst reports. Canaccord Genuity set a $270.00 price objective on shares of Essex Property Trust and gave the stock a “hold” rating in a research note on Monday, July 31st. Mitsubishi UFJ Financial Group reaffirmed a “neutral” rating on shares of Essex Property Trust in a research note on Friday, November 3rd. Morgan Stanley upped their price objective on shares of Essex Property Trust from $260.00 to $267.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 16th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $276.00 price objective (up from $267.00) on shares of Essex Property Trust in a research note on Sunday, August 13th. Finally, Stifel Nicolaus initiated coverage on shares of Essex Property Trust in a research note on Friday, September 1st. They set a “buy” rating and a $294.00 price objective on the stock. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Essex Property Trust has an average rating of “Hold” and an average target price of $266.87.
About Essex Property Trust
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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