Delta Investment Management LLC Cuts Stock Holdings in Essex Property Trust, Inc. (NYSE:ESS)

Delta Investment Management LLC lowered its stake in shares of Essex Property Trust, Inc. (NYSE:ESS) by 23.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,736 shares of the real estate investment trust’s stock after selling 1,117 shares during the quarter. Delta Investment Management LLC’s holdings in Essex Property Trust were worth $926,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Lindbrook Capital LLC increased its holdings in Essex Property Trust by 111.5% in the fourth quarter. Lindbrook Capital LLC now owns 110 shares of the real estate investment trust’s stock valued at $27,000 after buying an additional 58 shares during the last quarter. Bruce G. Allen Investments LLC purchased a new position in Essex Property Trust in the fourth quarter valued at $41,000. Bear Mountain Capital Inc. purchased a new position in Essex Property Trust in the fourth quarter valued at $55,000. Blue Trust Inc. increased its holdings in Essex Property Trust by 645.2% in the fourth quarter. Blue Trust Inc. now owns 231 shares of the real estate investment trust’s stock valued at $57,000 after buying an additional 200 shares during the last quarter. Finally, Tobam purchased a new position in Essex Property Trust in the fourth quarter valued at $60,000. Hedge funds and other institutional investors own 96.51% of the company’s stock.

Essex Property Trust Trading Down 0.1 %

Shares of Essex Property Trust stock opened at $246.92 on Friday. The company has a debt-to-equity ratio of 1.11, a current ratio of 3.26 and a quick ratio of 3.26. Essex Property Trust, Inc. has a 1 year low of $203.85 and a 1 year high of $252.85. The company has a market capitalization of $15.85 billion, a P/E ratio of 39.13, a P/E/G ratio of 3.65 and a beta of 0.80. The business has a 50 day moving average price of $238.81 and a 200 day moving average price of $231.90.

Essex Property Trust Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 29th were given a dividend of $2.45 per share. This is an increase from Essex Property Trust’s previous quarterly dividend of $2.31. This represents a $9.80 annualized dividend and a dividend yield of 3.97%. The ex-dividend date was Wednesday, March 27th. Essex Property Trust’s payout ratio is currently 155.31%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Bank of America raised Essex Property Trust from a “neutral” rating to a “buy” rating and increased their target price for the company from $250.00 to $275.00 in a report on Monday, April 1st. Truist Financial decreased their price objective on shares of Essex Property Trust from $259.00 to $255.00 and set a “hold” rating for the company in a research note on Tuesday, April 9th. Morgan Stanley upped their price objective on shares of Essex Property Trust from $227.00 to $230.00 and gave the company an “equal weight” rating in a research note on Monday, February 26th. Royal Bank of Canada raised their price target on Essex Property Trust from $237.00 to $239.00 and gave the stock an “outperform” rating in a report on Thursday, February 8th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Essex Property Trust in a report on Tuesday, January 30th. They issued a “hold” rating and a $240.00 price objective on the stock. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $245.37.

Essex Property Trust Company 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.