The Manufacturers Life Insurance Company reduced its stake in Essex Property Trust, Inc. (NYSE:ESS – Get Rating) by 7.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 48,592 shares of the real estate investment trust's stock after selling 3,848 shares during the period. The Manufacturers Life Insurance Company owned 0.08% of Essex Property Trust worth $11,770,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors also recently made changes to their positions in the company. Covenant Partners LLC lifted its stake in shares of Essex Property Trust by 26.8% in the 2nd quarter. Covenant Partners LLC now owns 838 shares of the real estate investment trust's stock worth $219,000 after acquiring an additional 177 shares during the period. Centiva Capital LP lifted its stake in shares of Essex Property Trust by 113.1% in the 2nd quarter. Centiva Capital LP now owns 3,840 shares of the real estate investment trust's stock worth $1,004,000 after acquiring an additional 2,038 shares during the period. Corient Capital Partners LLC lifted its stake in shares of Essex Property Trust by 28.5% in the 2nd quarter. Corient Capital Partners LLC now owns 815 shares of the real estate investment trust's stock worth $213,000 after acquiring an additional 181 shares during the period. Kayne Anderson Rudnick Investment Management LLC lifted its stake in shares of Essex Property Trust by 7.7% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 5,192 shares of the real estate investment trust's stock worth $1,358,000 after acquiring an additional 373 shares during the period. Finally, Park Avenue Securities LLC lifted its stake in shares of Essex Property Trust by 150.1% in the 3rd quarter. Park Avenue Securities LLC now owns 2,171 shares of the real estate investment trust's stock worth $526,000 after acquiring an additional 1,303 shares during the period. 91.76% of the stock is owned by institutional investors and hedge funds.
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Essex Property Trust Stock Up 0.4 %
Essex Property Trust stock opened at $217.59 on Friday. The firm has a market cap of $14.09 billion, a PE ratio of 39.42, a P/E/G ratio of 1.96 and a beta of 0.72. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.13 and a current ratio of 1.13. The firm's 50 day moving average price is $214.50 and its two-hundred day moving average price is $239.95. Essex Property Trust, Inc. has a twelve month low of $205.24 and a twelve month high of $363.36.
Essex Property Trust Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, January 13th. Shareholders of record on Tuesday, January 3rd were given a $2.20 dividend. This represents a $8.80 annualized dividend and a yield of 4.04%. The ex-dividend date was Friday, December 30th. Essex Property Trust's dividend payout ratio is 159.42%.
Analysts Set New Price Targets
A number of analysts recently commented on the stock. Jefferies Financial Group dropped their target price on shares of Essex Property Trust from $280.00 to $237.00 and set a "hold" rating on the stock in a report on Wednesday, October 19th. Raymond James downgraded shares of Essex Property Trust from an "outperform" rating to a "market perform" rating in a report on Wednesday, November 23rd. Truist Financial boosted their target price on shares of Essex Property Trust from $247.00 to $250.00 and gave the stock a "buy" rating in a report on Tuesday, January 17th. Stifel Nicolaus dropped their target price on shares of Essex Property Trust from $336.00 to $291.00 in a report on Friday, October 7th. Finally, Royal Bank of Canada dropped their target price on shares of Essex Property Trust from $288.00 to $265.00 and set an "outperform" rating on the stock in a report on Friday, October 28th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $254.85.
Insiders Place Their Bets
In other Essex Property Trust news, Director Amal M. Johnson bought 500 shares of the firm's stock in a transaction on Friday, December 2nd. The stock was bought at an average cost of $218.44 per share, with a total value of $109,220.00. Following the completion of the transaction, the director now directly owns 2,000 shares of the company's stock, valued at approximately $436,880. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 3.70% of the company's stock.
Essex Property Trust Company Profile
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Essex Property Trust, Inc operates as a real estate investment trust. It engages in the ownership, operation, management, acquisition, development, and redevelopment of predominantly apartment communities. The company was founded by George M. Marcus in 1971 and is headquartered in San Mateo, CA.
Further Reading
- Get a free copy of the StockNews.com research report on Essex Property Trust (ESS)
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