US Bancorp DE Cuts Position in Essex Property Trust, Inc. (NYSE:ESS)

US Bancorp DE cut its stake in Essex Property Trust, Inc. (NYSE:ESS) by 2.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,077 shares of the real estate investment trust’s stock after selling 97 shares during the quarter. US Bancorp DE’s holdings in Essex Property Trust were worth $1,205,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Continuum Advisory LLC grew its stake in Essex Property Trust by 214.3% during the 2nd quarter. Continuum Advisory LLC now owns 110 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 75 shares during the last quarter. UMB Bank n.a. grew its stake in Essex Property Trust by 600.0% during the 2nd quarter. UMB Bank n.a. now owns 112 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 96 shares during the last quarter. Family Firm Inc. purchased a new position in Essex Property Trust during the 2nd quarter worth $31,000. Whittier Trust Co. of Nevada Inc. grew its stake in Essex Property Trust by 121.8% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 193 shares of the real estate investment trust’s stock worth $53,000 after buying an additional 106 shares during the last quarter. Finally, Ridgewood Investments LLC purchased a new position in Essex Property Trust during the 2nd quarter worth $66,000. 96.51% of the stock is currently owned by hedge funds and other institutional investors.

Essex Property Trust Stock Performance

NYSE ESS opened at $296.54 on Friday. The stock has a market capitalization of $19.06 billion, a price-to-earnings ratio of 34.64, a PEG ratio of 5.07 and a beta of 0.88. Essex Property Trust, Inc. has a twelve month low of $204.64 and a twelve month high of $317.73. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.13. The stock has a 50-day moving average of $297.44 and a 200 day moving average of $280.77.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $1.84 earnings per share for the quarter, missing analysts’ consensus estimates of $3.88 by ($2.04). The business had revenue of $450.70 million during the quarter, compared to analyst estimates of $445.88 million. Essex Property Trust had a return on equity of 9.72% and a net margin of 31.55%. During the same period in the previous year, the company posted $3.78 EPS. Sell-side analysts anticipate that Essex Property Trust, Inc. will post 15.56 EPS for the current fiscal year.

Essex Property Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were paid a dividend of $2.45 per share. The ex-dividend date was Monday, September 30th. This represents a $9.80 annualized dividend and a yield of 3.30%. Essex Property Trust’s dividend payout ratio (DPR) is currently 114.49%.

Analyst Ratings Changes

Several brokerages recently weighed in on ESS. Evercore ISI boosted their target price on Essex Property Trust from $283.00 to $287.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. BNP Paribas started coverage on Essex Property Trust in a research report on Wednesday, September 11th. They set an “outperform” rating and a $333.00 price target for the company. Piper Sandler lifted their price target on Essex Property Trust from $315.00 to $355.00 and gave the stock an “overweight” rating in a research report on Monday, August 26th. Scotiabank lifted their price target on Essex Property Trust from $309.00 to $329.00 and gave the stock a “sector outperform” rating in a research report on Monday, September 16th. Finally, UBS Group lifted their price target on Essex Property Trust from $261.00 to $283.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $293.40.

Insiders Place Their Bets

In other Essex Property Trust news, CEO Angela L. Kleiman sold 8,080 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $315.10, for a total transaction of $2,546,008.00. Following the completion of the sale, the chief executive officer now directly owns 9,494 shares in the company, valued at approximately $2,991,559.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Essex Property Trust news, CEO Angela L. Kleiman sold 8,080 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $315.10, for a total transaction of $2,546,008.00. Following the completion of the sale, the chief executive officer now directly owns 9,494 shares in the company, valued at approximately $2,991,559.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Amal M. Johnson sold 2,453 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $300.00, for a total value of $735,900.00. Following the completion of the sale, the director now owns 2,585 shares of the company’s stock, valued at $775,500. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 20,402 shares of company stock worth $6,399,663. Corporate insiders own 3.90% 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 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.