SVB Wealth LLC Makes New $216,000 Investment in Essex Property Trust, Inc. (NYSE:ESS)

SVB Wealth LLC purchased a new position in shares of Essex Property Trust, Inc. (NYSE:ESS) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 871 shares of the real estate investment trust’s stock, valued at approximately $216,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bruce G. Allen Investments LLC bought a new position in Essex Property Trust during the fourth quarter worth about $41,000. Bear Mountain Capital Inc. bought a new position in Essex Property Trust during the fourth quarter worth about $55,000. Blue Trust Inc. lifted its stake in Essex Property Trust by 645.2% during the fourth quarter. Blue Trust Inc. now owns 231 shares of the real estate investment trust’s stock worth $57,000 after purchasing an additional 200 shares during the period. Tobam bought a new position in Essex Property Trust during the fourth quarter worth about $60,000. Finally, Planned Solutions Inc. bought a new position in Essex Property Trust during the fourth quarter worth about $76,000. Institutional investors own 96.51% of the company’s stock.

Essex Property Trust Price Performance

ESS opened at $239.89 on Tuesday. The company has a fifty day moving average price of $237.58 and a two-hundred day moving average price of $231.20. The company has a debt-to-equity ratio of 1.11, a quick ratio of 3.26 and a current ratio of 3.26. Essex Property Trust, Inc. has a 52 week low of $203.85 and a 52 week high of $252.85. The firm has a market capitalization of $15.40 billion, a PE ratio of 38.02, a P/E/G ratio of 3.47 and a beta of 0.80.

Essex Property Trust Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were issued a dividend of $2.45 per share. This represents a $9.80 dividend on an annualized basis and a yield of 4.09%. The ex-dividend date was Wednesday, March 27th. This is a positive change from Essex Property Trust’s previous quarterly dividend of $2.31. Essex Property Trust’s payout ratio is currently 155.31%.

Wall Street Analyst Weigh In

ESS has been the subject of a number of analyst reports. Morgan Stanley raised their price target on shares of Essex Property Trust from $227.00 to $230.00 and gave the stock an “equal weight” rating in a research note on Monday, February 26th. Bank of America upgraded shares of Essex Property Trust from a “neutral” rating to a “buy” rating and lifted their target price for the company from $250.00 to $275.00 in a research note on Monday, April 1st. Jefferies Financial Group upgraded shares of Essex Property Trust from a “hold” rating to a “buy” rating and lifted their target price for the company from $215.00 to $281.00 in a research note on Tuesday, January 2nd. StockNews.com cut shares of Essex Property Trust from a “hold” rating to a “sell” rating in a research note on Saturday, April 13th. Finally, Mizuho upgraded shares of Essex Property Trust from a “neutral” rating to a “buy” rating and cut their target price for the company from $255.00 to $250.00 in a research note on Wednesday, February 28th. Four analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus 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.