Mirae Asset Global Investments Co. Ltd. increased its stake in Essex Property Trust, Inc. (NYSE:ESS – Free Report) by 10.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,109 shares of the real estate investment trust’s stock after purchasing an additional 1,466 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Essex Property Trust were worth $3,625,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Lindbrook Capital LLC boosted its stake in shares of Essex Property Trust by 111.5% during the 4th quarter. Lindbrook Capital LLC now owns 110 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 58 shares during the last quarter. Venturi Wealth Management LLC boosted its stake in shares of Essex Property Trust by 112.3% during the 1st quarter. Venturi Wealth Management LLC now owns 138 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 73 shares during the last quarter. Vima LLC purchased a new position in shares of Essex Property Trust during the 4th quarter worth $40,000. Bruce G. Allen Investments LLC purchased a new position in shares of Essex Property Trust during the 4th quarter worth $41,000. Finally, Bear Mountain Capital Inc. purchased a new position in shares of Essex Property Trust during the 4th quarter worth $55,000. Hedge funds and other institutional investors own 96.51% of the company’s stock.
Analyst Ratings Changes
Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of Essex Property Trust from $244.00 to $265.00 and gave the stock a “neutral” rating in a research note on Monday, June 17th. Truist Financial raised their price objective 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. UBS Group raised their price objective on shares of Essex Property Trust from $250.00 to $261.00 and gave the company a “neutral” rating in a research report on Tuesday, May 14th. Stifel Nicolaus raised their price objective on shares of Essex Property Trust from $243.50 to $267.00 and gave the company a “hold” rating in a research report on Tuesday. Finally, Raymond James upgraded shares of Essex Property Trust from a “market perform” rating to an “outperform” rating and set a $265.00 price objective on the stock in a research report on Monday, March 18th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $261.05.
Read Our Latest Analysis on ESS
Essex Property Trust Stock Performance
Essex Property Trust stock opened at $278.41 on Friday. The company’s 50-day moving average price is $267.69 and its 200-day moving average price is $249.40. Essex Property Trust, Inc. has a twelve month low of $203.85 and a twelve month high of $284.77. The company has a quick ratio of 3.19, a current ratio of 3.19 and a debt-to-equity ratio of 1.14. The company has a market cap of $17.88 billion, a PE ratio of 34.04, a price-to-earnings-growth ratio of 3.82 and a beta of 0.86.
Essex Property Trust Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 24th. Investors of record on Friday, June 28th will be paid a dividend of $2.45 per share. The ex-dividend date is Friday, June 28th. This represents a $9.80 dividend on an annualized basis and a dividend yield of 3.52%. Essex Property Trust’s dividend payout ratio is presently 119.80%.
Insider Buying and Selling
In related news, CEO Angela L. Kleiman sold 3,780 shares of Essex Property Trust stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 9,494 shares of the company’s stock, valued at approximately $2,641,895.38. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Angela L. Kleiman sold 3,780 shares of Essex Property Trust stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 9,494 shares of the company’s stock, valued at approximately $2,641,895.38. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Keith R. Guericke sold 10,000 shares of Essex Property Trust stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $274.57, for a total transaction of $2,745,700.00. Following the transaction, the director now directly owns 16,118 shares of the company’s stock, valued at $4,425,519.26. The disclosure for this sale can be found here. 3.90% of the stock is owned by corporate insiders.
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.
Further Reading
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