Timbercreek Investment Management Inc. Acquires 100 Shares of Essex Property Trust Inc (ESS)
Timbercreek Investment Management Inc. boosted its position in Essex Property Trust Inc (NYSE:ESS) by 0.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,934 shares of the real estate investment trust’s stock after buying an additional 100 shares during the quarter. Essex Property Trust accounts for approximately 3.0% of Timbercreek Investment Management Inc.’s holdings, making the stock its 15th biggest holding. Timbercreek Investment Management Inc. owned about 0.06% of Essex Property Trust worth $10,283,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Prudential Financial Inc. lifted its holdings in Essex Property Trust by 33.3% in the 3rd quarter. Prudential Financial Inc. now owns 109,483 shares of the real estate investment trust’s stock worth $27,011,000 after buying an additional 27,366 shares in the last quarter. Tower Research Capital LLC TRC acquired a new position in Essex Property Trust in the 2nd quarter worth $1,082,000. Marshall Wace LLP acquired a new position in Essex Property Trust in the 2nd quarter worth $12,862,000. Oakbrook Investments LLC lifted its holdings in Essex Property Trust by 41.2% in the 3rd quarter. Oakbrook Investments LLC now owns 3,601 shares of the real estate investment trust’s stock worth $888,000 after buying an additional 1,050 shares in the last quarter. Finally, Commonwealth Bank of Australia lifted its holdings in Essex Property Trust by 52.0% in the 2nd quarter. Commonwealth Bank of Australia now owns 1,117 shares of the real estate investment trust’s stock worth $266,000 after buying an additional 382 shares in the last quarter. Hedge funds and other institutional investors own 96.91% of the company’s stock.
Shares of ESS traded up $0.29 during midday trading on Friday, hitting $248.97. The company had a trading volume of 9,367 shares, compared to its average volume of 342,155. The company has a market capitalization of $16.19 billion, a P/E ratio of 20.87, a PEG ratio of 3.09 and a beta of 0.33. Essex Property Trust Inc has a 52 week low of $214.03 and a 52 week high of $267.41. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.31 and a current ratio of 1.31.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Wednesday, January 2nd will be given a dividend of $1.86 per share. This represents a $7.44 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date of this dividend is Monday, December 31st. Essex Property Trust’s dividend payout ratio is presently 62.47%.
In related news, insider John D. Eudy sold 5,000 shares of the business’s stock in a transaction dated Friday, December 21st. The shares were sold at an average price of $256.98, for a total transaction of $1,284,900.00. Following the completion of the sale, the insider now owns 15,455 shares of the company’s stock, valued at approximately $3,971,625.90. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP John D. Eudy sold 166 shares of the business’s stock in a transaction dated Monday, November 12th. The shares were sold at an average price of $254.03, for a total transaction of $42,168.98. Following the sale, the executive vice president now directly owns 9,818 shares of the company’s stock, valued at approximately $2,494,066.54. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 12,174 shares of company stock valued at $3,107,566. Insiders own 3.40% of the company’s stock.
ESS has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lowered shares of Essex Property Trust from an “overweight” rating to a “neutral” rating in a report on Wednesday, December 19th. Mizuho reissued a “hold” rating and issued a $265.00 target price on shares of Essex Property Trust in a research report on Monday, November 5th. Zacks Investment Research downgraded shares of Essex Property Trust from a “buy” rating to a “hold” rating in a research report on Thursday, October 4th. Scotiabank began coverage on shares of Essex Property Trust in a research report on Tuesday, October 16th. They issued an “outperform” rating for the company. Finally, Janney Montgomery Scott raised shares of Essex Property Trust from a “neutral” rating to a “buy” rating and set a $255.60 target price for the company in a research report on Wednesday, December 19th. Ten equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $268.92.
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. The Company currently has ownership interests in 248 apartment communities comprising approximately 60,000 apartment homes, excluding six properties in various stages of active development, one commercial building, preferred equity co-investments, and loan investments.
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