Spirit of America Management Corp NY Cuts Stake in Essex Property Trust Inc. (ESS)
Spirit of America Management Corp NY cut its position in Essex Property Trust Inc. (NYSE:ESS) by 8.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,496 shares of the real estate investment trust’s stock after selling 1,525 shares during the period. Spirit of America Management Corp NY’s holdings in Essex Property Trust were worth $3,673,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ESS. Globeflex Capital L P acquired a new position in Essex Property Trust during the second quarter worth $1,719,000. Bank of Montreal Can acquired a new position in Essex Property Trust during the second quarter worth $36,845,000. Boston Private Wealth LLC acquired a new position in Essex Property Trust during the second quarter worth $22,823,000. Livforsakringsbolaget Skandia Omsesidigt raised its position in Essex Property Trust by 47.9% in the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 7,100 shares of the real estate investment trust’s stock worth $1,619,000 after buying an additional 2,300 shares during the period. Finally, BlackRock Advisors LLC raised its position in Essex Property Trust by 4.0% in the second quarter. BlackRock Advisors LLC now owns 69,942 shares of the real estate investment trust’s stock worth $15,954,000 after buying an additional 2,662 shares during the period. 98.05% of the stock is currently owned by institutional investors and hedge funds.
Shares of Essex Property Trust Inc. (NYSE:ESS) traded up 0.02% during midday trading on Wednesday, reaching $215.92. 576,047 shares of the company were exchanged. The company has a market capitalization of $14.15 billion, a PE ratio of 47.92 and a beta of 0.54. Essex Property Trust Inc. has a 52-week low of $191.25 and a 52-week high of $244.71. The stock’s 50-day moving average price is $212.43 and its 200-day moving average price is $221.12.
Essex Property Trust (NYSE:ESS) last released its quarterly earnings data on Thursday, October 27th. The real estate investment trust reported $2.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.76 by $0.05. Essex Property Trust had a net margin of 23.54% and a return on equity of 4.76%. The company earned $329.17 million during the quarter, compared to analyst estimates of $325.44 million. During the same quarter in the prior year, the business earned $2.49 earnings per share. The business’s quarterly revenue was up 8.1% compared to the same quarter last year. Analysts anticipate that Essex Property Trust Inc. will post $11.04 EPS for the current year.
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ESS has been the subject of a number of recent analyst reports. BTIG Research initiated coverage on shares of Essex Property Trust in a report on Thursday, August 25th. They set a “buy” rating and a $260.00 price target for the company. Bank of America Corp. downgraded shares of Essex Property Trust from a “buy” rating to a “neutral” rating and set a $232.00 price target for the company. in a report on Wednesday, November 23rd. Cantor Fitzgerald restated a “buy” rating and set a $252.00 price target on shares of Essex Property Trust in a report on Friday, October 28th. Evercore ISI upgraded shares of Essex Property Trust from a “hold” rating to a “buy” rating and raised their price target for the stock from $234.00 to $238.00 in a report on Monday. Finally, Barclays PLC restated a “hold” rating and set a $232.00 price target on shares of Essex Property Trust in a report on Tuesday, November 8th. Thirteen research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $241.94.
In other news, insider John D. Eudy sold 2,500 shares of the stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $226.41, for a total value of $566,025.00. Following the completion of the sale, the insider now owns 9,268 shares of the company’s stock, valued at $2,098,367.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 3.50% of the stock is currently owned by insiders.
About Essex Property Trust
Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company owns all of its interest in its real estate and other investments directly or indirectly through Essex Portfolio, L.P. (the Operating Partnership). The Company is engaged in the ownership, operation, management, acquisition, development and redevelopment of apartment communities.
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