1832 Asset Management L.P. Has $5.46 Million Position in Essex Property Trust, Inc. (NYSE:ESS)

1832 Asset Management L.P. lowered its stake in shares of Essex Property Trust, Inc. (NYSE:ESS) by 4.7% in the first quarter, HoldingsChannel reports. The institutional investor owned 22,300 shares of the real estate investment trust’s stock after selling 1,100 shares during the period. 1832 Asset Management L.P.’s holdings in Essex Property Trust were worth $5,459,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. Lindbrook Capital LLC raised its holdings in shares of Essex Property Trust by 111.5% during the 4th quarter. Lindbrook Capital LLC now owns 110 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 58 shares in the last quarter. Venturi Wealth Management LLC raised its holdings in shares of Essex Property Trust by 112.3% during the 1st quarter. Venturi Wealth Management LLC now owns 138 shares of the real estate investment trust’s stock valued at $34,000 after purchasing an additional 73 shares in the last quarter. Vima LLC bought a new position in shares of Essex Property Trust during the 4th quarter valued at $40,000. Bear Mountain Capital Inc. bought a new position in shares of Essex Property Trust during the 4th quarter valued at $55,000. Finally, Blue Trust Inc. raised its holdings in shares of Essex Property Trust by 645.2% during the 4th quarter. Blue Trust Inc. now owns 231 shares of the real estate investment trust’s stock valued at $57,000 after purchasing an additional 200 shares in the last quarter. Institutional investors and hedge funds own 96.51% of the company’s stock.

Insiders Place Their Bets

In other news, Director Keith R. Guericke sold 10,000 shares of the stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $274.57, for a total value of $2,745,700.00. Following the transaction, the director now directly owns 16,118 shares of the company’s stock, valued at $4,425,519.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Angela L. Kleiman sold 3,780 shares of the stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $278.27, for a total value of $1,051,860.60. Following the transaction, the chief executive officer now directly owns 9,494 shares of the company’s stock, valued at $2,641,895.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Keith R. Guericke sold 10,000 shares of the stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $274.57, for a total transaction of $2,745,700.00. Following the completion of the transaction, the director now directly owns 16,118 shares in the company, valued at $4,425,519.26. The disclosure for this sale can be found here. Insiders own 3.80% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on ESS shares. Bank of America upgraded shares of Essex Property Trust from a “neutral” rating to a “buy” rating and raised their price target for the company from $250.00 to $275.00 in a report on Monday, April 1st. JPMorgan Chase & Co. lifted their target price on shares of Essex Property Trust from $244.00 to $265.00 and gave the stock a “neutral” rating in a report on Monday, June 17th. Piper Sandler reiterated an “overweight” rating and issued a $315.00 target price on shares of Essex Property Trust in a report on Friday, June 28th. StockNews.com upgraded shares of Essex Property Trust from a “sell” rating to a “hold” rating in a research report on Wednesday, May 1st. Finally, Mizuho raised their price target on shares of Essex Property Trust from $250.00 to $266.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Essex Property Trust has an average rating of “Hold” and an average price target of $262.15.

Essex Property Trust Stock Performance

NYSE ESS traded up $4.02 on Friday, hitting $286.74. 234,415 shares of the stock were exchanged, compared to its average volume of 297,383. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.19 and a quick ratio of 3.19. The business’s fifty day moving average is $272.85 and its 200 day moving average is $252.21. Essex Property Trust, Inc. has a 52 week low of $203.85 and a 52 week high of $292.37. The company has a market capitalization of $18.41 billion, a PE ratio of 35.05, a P/E/G ratio of 3.95 and a beta of 0.86.

Essex Property Trust Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 24th. Shareholders of record on Friday, June 28th were given a dividend of $2.45 per share. This represents a $9.80 annualized dividend and a yield of 3.42%. The ex-dividend date was Friday, June 28th. Essex Property Trust’s dividend payout ratio (DPR) is currently 119.80%.

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. Essex currently has ownership interests in 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.