MBB Public Markets I LLC Takes $1.23 Million Position in Essex Property Trust, Inc. (NYSE:ESS)

MBB Public Markets I LLC purchased a new position in Essex Property Trust, Inc. (NYSE:ESS) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 4,510 shares of the real estate investment trust’s stock, valued at approximately $1,228,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Continuum Advisory LLC grew its stake in Essex Property Trust by 214.3% during the second quarter. Continuum Advisory LLC now owns 110 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 75 shares in the last quarter. UMB Bank n.a. lifted its holdings in shares of Essex Property Trust by 600.0% during the 2nd quarter. UMB Bank n.a. now owns 112 shares of the real estate investment trust’s stock worth $30,000 after acquiring an additional 96 shares during the period. Family Firm Inc. acquired a new stake in shares of Essex Property Trust during the 2nd quarter worth approximately $31,000. Vima LLC bought a new position in Essex Property Trust in the fourth quarter valued at approximately $40,000. Finally, Whittier Trust Co. of Nevada Inc. raised its position in Essex Property Trust by 121.8% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 193 shares of the real estate investment trust’s stock valued at $53,000 after purchasing an additional 106 shares in the last quarter. Institutional investors and hedge funds own 96.51% of the company’s stock.

Essex Property Trust Trading Up 1.1 %

NYSE ESS opened at $295.42 on Tuesday. Essex Property Trust, Inc. has a 12 month low of $203.85 and a 12 month high of $317.73. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 1.11. The firm has a market capitalization of $18.97 billion, a PE ratio of 36.11, a price-to-earnings-growth ratio of 4.90 and a beta of 0.88. The business’s 50-day moving average price is $294.06 and its two-hundred day moving average price is $271.11.

Essex Property Trust (NYSE:ESS) last announced its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.45 EPS for the quarter, missing the consensus estimate of $3.85 by ($2.40). The company had revenue of $442.36 million during the quarter, compared to the consensus estimate of $433.26 million. Essex Property Trust had a net margin of 30.31% and a return on equity of 9.14%. During the same quarter in the previous year, the company earned $3.77 earnings per share. On average, analysts expect that Essex Property Trust, Inc. will post 15.55 EPS for the current year.

Essex Property Trust Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be paid a dividend of $2.45 per share. This represents a $9.80 dividend on an annualized basis and a yield of 3.32%. The ex-dividend date of this dividend is Monday, September 30th. Essex Property Trust’s dividend payout ratio is presently 119.80%.

Insider Activity at Essex Property Trust

In other Essex Property Trust news, Director Amal M. Johnson sold 7,298 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $316.31, for a total transaction of $2,308,430.38. Following the completion of the sale, the director now directly owns 2,585 shares in the company, valued at approximately $817,661.35. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Essex Property Trust news, Director Amal M. Johnson sold 2,453 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $300.00, for a total value of $735,900.00. Following the transaction, the director now directly owns 2,585 shares of the company’s stock, valued at $775,500. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Amal M. Johnson sold 7,298 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $316.31, for a total value of $2,308,430.38. Following the transaction, the director now owns 2,585 shares in the company, valued at $817,661.35. The disclosure for this sale can be found here. Insiders have sold a total of 20,402 shares of company stock worth $6,399,663 over the last quarter. Company insiders own 3.80% of the company’s stock.

Analyst Ratings Changes

ESS has been the topic of several recent analyst reports. Wells Fargo & Company lifted their price target on Essex Property Trust from $269.00 to $314.00 and gave the company an “equal weight” rating in a research note on Monday, August 26th. JPMorgan Chase & Co. lifted their target price on Essex Property Trust from $265.00 to $297.00 and gave the company a “neutral” rating in a research report on Monday, September 16th. Stifel Nicolaus increased their target price on shares of Essex Property Trust from $267.00 to $268.00 and gave the stock a “hold” rating in a report on Wednesday, July 31st. Royal Bank of Canada lifted their price target on shares of Essex Property Trust from $284.00 to $288.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. Finally, Bank of America downgraded shares of Essex Property Trust from a “buy” rating to a “neutral” rating and increased their price objective for the company from $307.00 to $321.00 in a research note on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $293.40.

Essex Property Trust 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 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.