Essex Property Trust, Inc. (NYSE:ESS) Shares Sold by RB Capital Management LLC

RB Capital Management LLC reduced its position in Essex Property Trust, Inc. (NYSE:ESS) by 8.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,701 shares of the real estate investment trust’s stock after selling 255 shares during the period. RB Capital Management LLC’s holdings in Essex Property Trust were worth $670,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Lindbrook Capital LLC raised 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 acquiring an additional 58 shares during the period. Bruce G. Allen Investments LLC acquired a new stake in shares of Essex Property Trust in the fourth quarter valued at approximately $41,000. Bear Mountain Capital Inc. acquired a new stake in shares of Essex Property Trust in the fourth quarter valued at approximately $55,000. Blue Trust Inc. increased its stake in shares of Essex Property Trust by 645.2% in the fourth quarter. Blue Trust Inc. now owns 231 shares of the real estate investment trust’s stock valued at $57,000 after purchasing an additional 200 shares during the period. Finally, Tobam acquired a new stake in shares of Essex Property Trust in the fourth quarter valued at approximately $60,000. 96.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on ESS. Truist Financial dropped their price target on shares of Essex Property Trust from $259.00 to $255.00 and set a “hold” rating on the stock in a research note on Tuesday, April 9th. StockNews.com lowered shares of Essex Property Trust from a “hold” rating to a “sell” rating in a research note on Saturday, April 13th. Barclays raised their price objective on shares of Essex Property Trust from $224.00 to $225.00 and gave the company an “underweight” rating in a research note on Tuesday, February 20th. Mizuho upgraded shares of Essex Property Trust from a “neutral” rating to a “buy” rating and lowered their price objective for the company from $255.00 to $250.00 in a research note on Wednesday, February 28th. Finally, Bank of America upgraded shares of Essex Property Trust from a “neutral” rating to a “buy” rating and raised their price objective for the company from $250.00 to $275.00 in a research note on Monday, April 1st. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $247.24.

Essex Property Trust Trading Down 0.3 %

NYSE:ESS traded down $0.78 during trading hours on Wednesday, hitting $245.47. The stock had a trading volume of 714,328 shares, compared to its average volume of 401,813. Essex Property Trust, Inc. has a one year low of $203.85 and a one year high of $252.85. The company has a debt-to-equity ratio of 1.11, a quick ratio of 3.26 and a current ratio of 3.26. The company has a market cap of $15.76 billion, a price-to-earnings ratio of 38.95, a P/E/G ratio of 3.66 and a beta of 0.80. The business’s 50 day moving average is $239.32 and its 200-day moving average is $232.35.

Essex Property Trust Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 29th were issued a $2.45 dividend. This represents a $9.80 annualized dividend and a dividend yield of 3.99%. The ex-dividend date of this dividend was Wednesday, March 27th. This is a boost from Essex Property Trust’s previous quarterly dividend of $2.31. Essex Property Trust’s dividend payout ratio is 155.31%.

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