Twinbeech Capital LP Takes $679,000 Position in Essex Property Trust, Inc. (NYSE:ESS)

Twinbeech Capital LP acquired a new stake in shares of Essex Property Trust, Inc. (NYSE:ESS) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 2,496 shares of the real estate investment trust’s stock, valued at approximately $679,000.

Several other large investors also recently made changes to their positions in the company. CX Institutional lifted its position in shares of Essex Property Trust by 32.1% during the 1st quarter. CX Institutional now owns 173 shares of the real estate investment trust’s stock valued at $47,000 after acquiring an additional 42 shares during the last quarter. SOA Wealth Advisors LLC. raised its stake in Essex Property Trust by 74.6% during the 1st quarter. SOA Wealth Advisors LLC. now owns 110 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 47 shares during the period. Franklin Resources Inc. raised its stake in Essex Property Trust by 2.3% during the 1st quarter. Franklin Resources Inc. now owns 2,191 shares of the real estate investment trust’s stock valued at $596,000 after purchasing an additional 49 shares during the period. Cigna Investments Inc. New raised its stake in Essex Property Trust by 2.5% during the 1st quarter. Cigna Investments Inc. New now owns 2,362 shares of the real estate investment trust’s stock valued at $642,000 after purchasing an additional 58 shares during the period. Finally, Assetmark Inc. raised its stake in Essex Property Trust by 6.1% during the 1st quarter. Assetmark Inc. now owns 1,571 shares of the real estate investment trust’s stock valued at $427,000 after purchasing an additional 91 shares during the period. Institutional investors own 92.35% of the company’s stock.

Several analysts have issued reports on ESS shares. Raymond James raised shares of Essex Property Trust from an “underperform” rating to a “market perform” rating in a research note on Monday. Wells Fargo & Company increased their target price on shares of Essex Property Trust from $263.00 to $281.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 13th. Piper Sandler increased their target price on shares of Essex Property Trust from $320.00 to $340.00 and gave the stock an “overweight” rating in a research report on Monday, June 21st. Evercore ISI reissued an “in-line” rating on shares of Essex Property Trust in a research report on Monday, May 10th. Finally, Wolfe Research started coverage on shares of Essex Property Trust in a research report on Monday, June 14th. They set a “peer perform” rating and a $351.00 target price on the stock. Eight investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $299.56.

NYSE ESS opened at $330.53 on Thursday. The company has a current ratio of 2.40, a quick ratio of 2.40 and a debt-to-equity ratio of 0.98. The company has a 50-day moving average of $306.49. Essex Property Trust, Inc. has a twelve month low of $186.30 and a twelve month high of $334.40. The company has a market capitalization of $21.48 billion, a PE ratio of 26.67, a PEG ratio of 7.66 and a beta of 0.73.

Essex Property Trust (NYSE:ESS) last released its earnings results on Tuesday, April 27th. The real estate investment trust reported $2.59 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.04 by ($0.45). Essex Property Trust had a net margin of 28.95% and a return on equity of 6.58%. During the same quarter in the prior year, the firm posted $3.48 earnings per share. On average, sell-side analysts predict that Essex Property Trust, Inc. will post 12.26 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 15th. Shareholders of record on Wednesday, June 30th were paid a dividend of $2.09 per share. This represents a $8.36 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date was Tuesday, June 29th. Essex Property Trust’s dividend payout ratio is 65.21%.

In other Essex Property Trust news, Director Thomas E. Robinson sold 2,838 shares of the firm’s stock in a transaction dated Wednesday, May 12th. The shares were sold at an average price of $280.32, for a total transaction of $795,548.16. Following the completion of the transaction, the director now owns 7,383 shares in the company, valued at $2,069,602.56. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Irving F. Lyons III sold 7,329 shares of the firm’s stock in a transaction dated Tuesday, July 20th. The stock was sold at an average price of $329.90, for a total transaction of $2,417,837.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,776 shares of company stock valued at $4,059,432. Corporate insiders own 3.80% of the company’s stock.

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 246 apartment communities comprising approximately 60,000 apartment homes with an additional 6 properties in various stages of active development.

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Institutional Ownership by Quarter for Essex Property Trust (NYSE:ESS)

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