First Trust Advisors LP reduced its position in shares of Essex Property Trust Inc (NYSE:ESS) by 47.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 15,647 shares of the real estate investment trust’s stock after selling 14,017 shares during the quarter. First Trust Advisors LP’s holdings in Essex Property Trust were worth $3,777,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Breton Hill Capital Ltd. bought a new stake in shares of Essex Property Trust during the 3rd quarter valued at about $200,000. Beacon Investment Advisory Services Inc. bought a new stake in shares of Essex Property Trust during the 3rd quarter valued at about $200,000. Shelton Capital Management bought a new stake in shares of Essex Property Trust during the 4th quarter valued at about $208,000. Checchi Capital Advisers LLC bought a new stake in shares of Essex Property Trust during the 4th quarter valued at about $217,000. Finally, Vident Investment Advisory LLC bought a new stake in shares of Essex Property Trust during the 3rd quarter valued at about $240,000. Institutional investors and hedge funds own 97.24% of the company’s stock.
Essex Property Trust Inc (ESS) opened at $237.52 on Monday. The stock has a market capitalization of $15,685.89, a P/E ratio of 19.96, a P/E/G ratio of 3.23 and a beta of 0.45. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.27 and a current ratio of 1.27. Essex Property Trust Inc has a 52 week low of $214.03 and a 52 week high of $270.04.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Thursday, March 29th will be issued a $1.86 dividend. The ex-dividend date is Wednesday, March 28th. This is a boost from Essex Property Trust’s previous quarterly dividend of $1.75. This represents a $7.44 dividend on an annualized basis and a yield of 3.13%. Essex Property Trust’s payout ratio is currently 106.38%.
In related news, insider Glenn Olnick sold 1,600,000 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $0.10, for a total value of $160,000.00. Also, Director Gary P. Martin sold 500 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $223.43, for a total value of $111,715.00. Following the completion of the transaction, the director now directly owns 5,736 shares in the company, valued at $1,281,594.48. The disclosure for this sale can be found here. 3.30% of the stock is currently owned by insiders.
A number of equities research analysts have issued reports on the company. BMO Capital Markets restated a “hold” rating and set a $250.00 price target on shares of Essex Property Trust in a research note on Tuesday, January 9th. Citigroup upgraded Essex Property Trust to an “overweight” rating and boosted their price target for the company from $253.00 to $278.00 in a research note on Wednesday, January 3rd. They noted that the move was a valuation call. Sandler O’Neill set a $235.00 price target on Essex Property Trust and gave the company a “hold” rating in a research note on Friday, February 9th. Royal Bank of Canada restated a “buy” rating on shares of Essex Property Trust in a research note on Sunday, November 12th. Finally, Cantor Fitzgerald set a $264.00 price objective on Essex Property Trust and gave the company a “buy” rating in a research note on Wednesday, February 21st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Essex Property Trust presently has an average rating of “Buy” and a consensus target price of $264.35.
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Essex Property Trust Company Profile
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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