Essex Property Trust, Inc. (NYSE:ESS) Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue cut its holdings in Essex Property Trust, Inc. (NYSE:ESS) by 7.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 50,581 shares of the real estate investment trust’s stock after selling 4,051 shares during the period. State of Alaska Department of Revenue’s holdings in Essex Property Trust were worth $12,381,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Lindbrook Capital LLC lifted its stake in Essex Property Trust by 111.5% during the fourth quarter. Lindbrook Capital LLC now owns 110 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 58 shares in the last quarter. Vima LLC acquired a new position in Essex Property Trust during the fourth quarter worth $40,000. Bruce G. Allen Investments LLC acquired a new position in Essex Property Trust during the fourth quarter worth $41,000. Bear Mountain Capital Inc. acquired a new position in Essex Property Trust during the fourth quarter worth $55,000. Finally, 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 in the last quarter. 96.51% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Essex Property Trust news, CEO Angela L. Kleiman sold 3,780 shares of the firm’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $278.27, for a total transaction of $1,051,860.60. Following the transaction, the chief executive officer now owns 9,494 shares of the company’s stock, valued at $2,641,895.38. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Essex Property Trust news, CEO Angela L. Kleiman sold 3,780 shares of the firm’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $278.27, for a total transaction of $1,051,860.60. Following the transaction, the chief executive officer now owns 9,494 shares of the company’s stock, valued at $2,641,895.38. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Keith R. Guericke sold 10,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The stock was 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 in the company, valued at approximately $4,425,519.26. The disclosure for this sale can be found here. Corporate insiders own 3.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on ESS. Morgan Stanley upped their price target on Essex Property Trust from $230.00 to $250.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 14th. Stifel Nicolaus upped their price objective on Essex Property Trust from $239.50 to $243.50 and gave the stock a “hold” rating in a research report on Wednesday, May 1st. Truist Financial upped their price objective on Essex Property Trust from $255.00 to $282.00 and gave the stock a “hold” rating in a research report on Monday, June 24th. Piper Sandler reaffirmed an “overweight” rating and set a $315.00 price objective on shares of Essex Property Trust in a research report on Friday, June 28th. Finally, Bank of America raised Essex Property Trust from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $250.00 to $275.00 in a research report on Monday, April 1st. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Essex Property Trust has an average rating of “Hold” and a consensus target price of $258.63.

Essex Property Trust Stock Performance

Shares of ESS stock opened at $269.65 on Thursday. The stock’s 50-day moving average is $264.00 and its two-hundred day moving average is $248.00. The firm has a market cap of $17.31 billion, a price-to-earnings ratio of 32.96, a PEG ratio of 3.82 and a beta of 0.86. Essex Property Trust, Inc. has a 1 year low of $203.85 and a 1 year high of $284.77. The company has a debt-to-equity ratio of 1.14, a quick ratio of 3.19 and a current ratio of 3.19.

Essex Property Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 24th. Shareholders of record on Friday, June 28th will be issued a dividend of $2.45 per share. This represents a $9.80 annualized dividend and a dividend yield of 3.63%. The ex-dividend date of this dividend is Friday, June 28th. Essex Property Trust’s payout ratio is 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.