Louisiana State Employees Retirement System Takes Position in Essex Property Trust, Inc. (NYSE:ESS)

Louisiana State Employees Retirement System bought a new stake in shares of Essex Property Trust, Inc. (NYSE:ESS) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 3,900 shares of the real estate investment trust’s stock, valued at approximately $967,000.

Several other hedge funds have also modified their holdings of the stock. Perigon Wealth Management LLC acquired a new position in Essex Property Trust in the 4th quarter worth about $6,746,000. Cerity Partners LLC increased its position in Essex Property Trust by 28.3% in the 4th quarter. Cerity Partners LLC now owns 1,623 shares of the real estate investment trust’s stock worth $402,000 after purchasing an additional 358 shares during the last quarter. Sequoia Financial Advisors LLC acquired a new position in Essex Property Trust in the 4th quarter worth about $286,000. Tobam acquired a new position in Essex Property Trust in the 4th quarter worth about $60,000. Finally, JLP Asset Management LLC acquired a new position in Essex Property Trust in the 4th quarter worth about $2,802,000. 96.51% of the stock is owned by hedge funds and other institutional investors.

Essex Property Trust Price Performance

Shares of ESS stock opened at $247.74 on Thursday. The stock has a 50 day moving average of $238.32 and a two-hundred day moving average of $231.49. The company has a current ratio of 3.26, a quick ratio of 3.26 and a debt-to-equity ratio of 1.11. Essex Property Trust, Inc. has a 12 month low of $203.85 and a 12 month high of $252.85. The company has a market capitalization of $15.91 billion, a P/E ratio of 39.26, a P/E/G ratio of 3.54 and a beta of 0.80.

Essex Property Trust Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were given a $2.45 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $9.80 dividend on an annualized basis and a dividend yield of 3.96%. This is an increase from Essex Property Trust’s previous quarterly dividend of $2.31. Essex Property Trust’s dividend payout ratio (DPR) is currently 155.31%.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Morgan Stanley increased their price objective on Essex Property Trust from $227.00 to $230.00 and gave the company an “equal weight” rating in a report on Monday, February 26th. Deutsche Bank Aktiengesellschaft assumed coverage on Essex Property Trust in a report on Tuesday, January 30th. They set a “hold” rating and a $240.00 price objective on the stock. Bank of America raised Essex Property Trust from a “neutral” rating to a “buy” rating and increased their price objective for the company from $250.00 to $275.00 in a report on Monday, April 1st. Barclays increased their price objective on Essex Property Trust from $224.00 to $225.00 and gave the company an “underweight” rating in a report on Tuesday, February 20th. Finally, Raymond James raised Essex Property Trust from a “market perform” rating to an “outperform” rating and set a $265.00 price objective on the stock in a report on Monday, March 18th. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Essex Property Trust has an average rating of “Hold” and an average target price of $245.37.

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.