Angela L. Kleiman Sells 3,417 Shares of Essex Property Trust, Inc. (ESS) Stock
Essex Property Trust, Inc. (NYSE:ESS) insider Angela L. Kleiman sold 3,417 shares of the business’s stock in a transaction that occurred on Wednesday, May 10th. The stock was sold at an average price of $252.35, for a total value of $862,279.95. Following the sale, the insider now owns 10,594 shares of the company’s stock, valued at approximately $2,673,395.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Essex Property Trust, Inc. (NYSE:ESS) traded up 0.96% on Friday, hitting $266.30. The stock had a trading volume of 515,142 shares. The company’s 50 day moving average price is $256.24 and its 200-day moving average price is $235.77. Essex Property Trust, Inc. has a 12-month low of $200.01 and a 12-month high of $266.71. The company has a market cap of $17.47 billion, a price-to-earnings ratio of 34.11 and a beta of 0.52.
Essex Property Trust (NYSE:ESS) last announced its quarterly earnings results on Thursday, April 27th. The real estate investment trust reported $2.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.89 by $0.05. The business had revenue of $335.40 million for the quarter, compared to the consensus estimate of $332.80 million. Essex Property Trust had a return on equity of 8.04% and a net margin of 38.94%. During the same quarter last year, the business posted $2.68 EPS. Equities research analysts anticipate that Essex Property Trust, Inc. will post $6.04 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, July 14th. Investors of record on Friday, June 30th will be issued a $1.75 dividend. This represents a $7.00 annualized dividend and a dividend yield of 2.63%. The ex-dividend date is Wednesday, June 28th. Essex Property Trust’s dividend payout ratio (DPR) is 89.74%.
Hedge funds have recently made changes to their positions in the company. BlackRock Inc. boosted its stake in Essex Property Trust by 2,296.8% in the first quarter. BlackRock Inc. now owns 6,479,030 shares of the real estate investment trust’s stock valued at $1,500,090,000 after buying an additional 6,208,705 shares in the last quarter. Bank of Montreal Can boosted its stake in Essex Property Trust by 139.6% in the first quarter. Bank of Montreal Can now owns 950,717 shares of the real estate investment trust’s stock valued at $220,119,000 after buying an additional 553,947 shares in the last quarter. Long Pond Capital LP boosted its stake in Essex Property Trust by 118.0% in the third quarter. Long Pond Capital LP now owns 959,566 shares of the real estate investment trust’s stock valued at $213,695,000 after buying an additional 519,308 shares in the last quarter. Norges Bank acquired a new stake in Essex Property Trust during the fourth quarter valued at approximately $115,399,000. Finally, Brookfield Asset Management Inc. acquired a new stake in Essex Property Trust during the third quarter valued at approximately $96,802,000. 98.93% of the stock is currently owned by institutional investors and hedge funds.
ESS has been the topic of several research analyst reports. Mizuho raised Essex Property Trust from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $199.00 to $212.00 in a research report on Monday, May 1st. Royal Bank of Canada reaffirmed a “buy” rating and set a $248.00 price target on shares of Essex Property Trust in a research report on Wednesday, March 29th. Evercore ISI lowered Essex Property Trust to a “buy” rating in a research report on Friday, March 3rd. Cantor Fitzgerald reaffirmed a “buy” rating and set a $269.00 price target on shares of Essex Property Trust in a research report on Wednesday, May 3rd. Finally, Canaccord Genuity set a $255.00 price target on Essex Property Trust and gave the stock a “hold” rating in a research report on Monday, May 1st. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $251.27.
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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