CIBC Asset Management Inc raised its stake in Essex Property Trust Inc (NYSE:ESS) by 1.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,663 shares of the real estate investment trust’s stock after acquiring an additional 86 shares during the period. CIBC Asset Management Inc’s holdings in Essex Property Trust were worth $1,298,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ESS. Retirement Network acquired a new position in Essex Property Trust in the first quarter valued at $31,000. BDO Wealth Advisors LLC acquired a new stake in shares of Essex Property Trust during the first quarter worth about $33,000. Private Capital Group LLC boosted its stake in shares of Essex Property Trust by 50.0% during the first quarter. Private Capital Group LLC now owns 231 shares of the real estate investment trust’s stock worth $51,000 after buying an additional 77 shares during the period. Valeo Financial Advisors LLC boosted its stake in shares of Essex Property Trust by 111.0% during the first quarter. Valeo Financial Advisors LLC now owns 211 shares of the real estate investment trust’s stock worth $52,000 after buying an additional 111 shares during the period. Finally, Quadrant Capital Group LLC boosted its stake in shares of Essex Property Trust by 18.9% during the fourth quarter. Quadrant Capital Group LLC now owns 384 shares of the real estate investment trust’s stock worth $108,000 after buying an additional 61 shares during the period. Institutional investors own 94.52% of the company’s stock.
Shares of Essex Property Trust stock opened at $220.74 on Friday. Essex Property Trust Inc has a 12-month low of $175.81 and a 12-month high of $334.17. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 1.01. The stock has a market cap of $14.44 billion, a PE ratio of 22.95, a price-to-earnings-growth ratio of 6.08 and a beta of 0.67. The company has a 50-day moving average of $229.73 and a two-hundred day moving average of $256.98.
Essex Property Trust (NYSE:ESS) last issued its earnings results on Wednesday, May 6th. The real estate investment trust reported $4.76 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.40 by $1.36. Essex Property Trust had a net margin of 42.47% and a return on equity of 9.94%. The company had revenue of $392.37 million during the quarter, compared to analysts’ expectations of $383.23 million. During the same period last year, the company posted $3.23 earnings per share. On average, sell-side analysts forecast that Essex Property Trust Inc will post 13.29 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a $2.0775 dividend. The ex-dividend date was Monday, June 29th. This represents a $8.31 dividend on an annualized basis and a yield of 3.76%. Essex Property Trust’s dividend payout ratio (DPR) is presently 62.11%.
ESS has been the subject of several recent research reports. Stifel Nicolaus increased their target price on shares of Essex Property Trust from $248.00 to $270.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. SunTrust Banks increased their target price on shares of Essex Property Trust from $262.00 to $268.00 and gave the stock a “hold” rating in a research note on Wednesday, May 27th. Raymond James downgraded shares of Essex Property Trust from a “market perform” rating to an “underperform” rating in a research note on Friday, June 12th. Piper Sandler reduced their price objective on shares of Essex Property Trust from $265.00 to $255.00 and set an “overweight” rating for the company in a research report on Monday, July 27th. Finally, Royal Bank of Canada restated a “hold” rating on shares of Essex Property Trust in a research report on Tuesday, July 21st. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company’s stock. Essex Property Trust presently has a consensus rating of “Hold” and a consensus price target of $290.54.
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 245 apartment communities with an additional 6 properties in various stages of active development.
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