1832 Asset Management L.P. Reduces Stock Position in Essex Property Trust, Inc. (NYSE:ESS)

1832 Asset Management L.P. lessened its holdings in Essex Property Trust, Inc. (NYSE:ESS) by 4.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,300 shares of the real estate investment trust’s stock after selling 1,100 shares during the quarter. 1832 Asset Management L.P.’s holdings in Essex Property Trust were worth $5,459,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Lindbrook Capital LLC grew its holdings in shares of Essex Property Trust by 111.5% during the fourth quarter. Lindbrook Capital LLC now owns 110 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 58 shares during the last quarter. Venturi Wealth Management LLC grew its holdings in shares of Essex Property Trust by 112.3% during the first quarter. Venturi Wealth Management LLC now owns 138 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 73 shares during the last quarter. Vima LLC purchased a new position in shares of Essex Property Trust during the fourth quarter worth about $40,000. Bear Mountain Capital Inc. purchased a new position in shares of Essex Property Trust during the fourth quarter worth about $55,000. Finally, Blue Trust Inc. grew its holdings in shares of Essex Property Trust by 645.2% during the fourth quarter. Blue Trust Inc. now owns 231 shares of the real estate investment trust’s stock worth $57,000 after buying an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 96.51% of the company’s stock.

Insider Activity at Essex Property Trust

In related news, CEO Angela L. Kleiman sold 3,780 shares of Essex Property Trust stock in a transaction on Friday, June 21st. The shares were sold at an average price of $278.27, for a total transaction of $1,051,860.60. Following the transaction, the chief executive officer now owns 9,494 shares in the company, valued at approximately $2,641,895.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Essex Property Trust news, Director Keith R. Guericke sold 10,000 shares of the business’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $274.57, for a total value of $2,745,700.00. Following the transaction, the director now owns 16,118 shares in the company, valued at approximately $4,425,519.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Angela L. Kleiman sold 3,780 shares of the business’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $278.27, for a total transaction of $1,051,860.60. Following the completion of the transaction, the chief executive officer now owns 9,494 shares in the company, valued at approximately $2,641,895.38. The disclosure for this sale can be found here. Company insiders own 3.80% of the company’s stock.

Essex Property Trust Trading Up 1.4 %

Shares of NYSE ESS traded up $4.02 during trading on Friday, hitting $286.74. 234,415 shares of the company traded hands, compared to its average volume of 297,383. Essex Property Trust, Inc. has a 1 year low of $203.85 and a 1 year high of $292.37. The company has a 50-day moving average price of $272.85 and a 200-day moving average price of $252.21. The firm has a market capitalization of $18.41 billion, a P/E ratio of 35.05, a P/E/G ratio of 3.95 and a beta of 0.86. The company has a quick ratio of 3.19, a current ratio of 3.19 and a debt-to-equity ratio of 1.14.

Essex Property Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 24th. Investors of record on Friday, June 28th were issued a dividend of $2.45 per share. The ex-dividend date was Friday, June 28th. This represents a $9.80 annualized dividend and a dividend yield of 3.42%. Essex Property Trust’s payout ratio is 119.80%.

Wall Street Analysts Forecast Growth

ESS has been the subject of a number of recent analyst reports. Morgan Stanley raised their price objective on shares of Essex Property Trust from $230.00 to $250.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 14th. Mizuho lifted their price target on shares of Essex Property Trust from $250.00 to $266.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Truist Financial lifted their price target on shares of Essex Property Trust from $255.00 to $282.00 and gave the company a “hold” rating in a research report on Monday, June 24th. Wells Fargo & Company lifted their price target on shares of Essex Property Trust from $232.00 to $269.00 and gave the company an “equal weight” rating in a research report on Friday, May 31st. Finally, StockNews.com upgraded shares of Essex Property Trust from a “sell” rating to a “hold” rating in a research report on Wednesday, May 1st. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Essex Property Trust presently has an average rating of “Hold” and a consensus price target of $262.15.

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