Spirit of America Management Corp NY increased its position in shares of Essex Property Trust Inc (NYSE:ESS) by 5.1% during the first quarter, HoldingsChannel.com reports. The firm owned 10,336 shares of the real estate investment trust’s stock after buying an additional 500 shares during the period. Spirit of America Management Corp NY’s holdings in Essex Property Trust were worth $2,990,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Ironwood Financial llc bought a new stake in shares of Essex Property Trust during the fourth quarter valued at approximately $25,000. Shine Investment Advisory Services Inc. bought a new stake in shares of Essex Property Trust during the first quarter valued at approximately $32,000. Dubuque Bank & Trust Co. bought a new stake in shares of Essex Property Trust during the first quarter valued at approximately $33,000. Bronfman E.L. Rothschild L.P. boosted its stake in Essex Property Trust by 21.7% in the 4th quarter. Bronfman E.L. Rothschild L.P. now owns 258 shares of the real estate investment trust’s stock valued at $63,000 after buying an additional 46 shares in the last quarter. Finally, Acadian Asset Management LLC acquired a new stake in Essex Property Trust in the 4th quarter valued at $87,000. Institutional investors and hedge funds own 97.03% of the company’s stock.
Essex Property Trust stock traded down $3.58 on Wednesday, reaching $274.92. The company’s stock had a trading volume of 70,321 shares, compared to its average volume of 269,602. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.76 and a current ratio of 1.76. The firm has a market cap of $18.29 billion, a P/E ratio of 21.87, a P/E/G ratio of 3.85 and a beta of 0.48. Essex Property Trust Inc has a twelve month low of $226.22 and a twelve month high of $294.61.
Essex Property Trust (NYSE:ESS) last posted its quarterly earnings data on Wednesday, January 30th. The real estate investment trust reported $3.19 EPS for the quarter, hitting analysts’ consensus estimates of $3.19. The company had revenue of $353.16 million for the quarter, compared to analyst estimates of $351.76 million. Essex Property Trust had a return on equity of 5.74% and a net margin of 27.87%. During the same quarter in the previous year, the firm earned $3.01 earnings per share. On average, equities research analysts predict that Essex Property Trust Inc will post 13.07 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were paid a $1.95 dividend. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $7.80 dividend on an annualized basis and a yield of 2.84%. This is a positive change from Essex Property Trust’s previous quarterly dividend of $1.86. Essex Property Trust’s payout ratio is currently 62.05%.
Several brokerages recently commented on ESS. KeyCorp boosted their price target on Essex Property Trust from $268.00 to $301.00 and gave the company an “overweight” rating in a research note on Tuesday, March 19th. Barclays raised Essex Property Trust from a “neutral” rating to a “positive” rating in a research note on Monday, February 4th. Janney Montgomery Scott raised Essex Property Trust from a “neutral” rating to a “buy” rating and set a $255.60 price target on the stock in a research note on Wednesday, December 19th. Citigroup set a $275.00 price target on Essex Property Trust and gave the company a “hold” rating in a research note on Tuesday, February 5th. Finally, BTIG Research lowered Essex Property Trust from a “buy” rating to a “neutral” rating in a research note on Monday, March 25th. Ten analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Essex Property Trust presently has an average rating of “Buy” and a consensus target price of $279.57.
In other Essex Property Trust news, insider John D. Eudy sold 3,000 shares of the business’s stock in a transaction on Tuesday, March 26th. The stock was sold at an average price of $291.56, for a total value of $874,680.00. Following the transaction, the insider now owns 10,642 shares of the company’s stock, valued at $3,102,781.52. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider John D. Eudy sold 3,750 shares of the business’s stock in a transaction on Thursday, February 14th. The stock was sold at an average price of $276.06, for a total value of $1,035,225.00. Following the completion of the transaction, the insider now directly owns 14,205 shares in the company, valued at approximately $3,921,432.30. The disclosure for this sale can be found here. In the last three months, insiders sold 17,184 shares of company stock worth $4,904,753. Insiders own 3.60% of the company’s stock.
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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 245 apartment communities with an additional 6 properties in various stages of active development.
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