Standard Life Aberdeen plc Trims Stock Position in Essex Property Trust Inc (NYSE:ESS)

Standard Life Aberdeen plc cut its stake in Essex Property Trust Inc (NYSE:ESS) by 5.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 148,456 shares of the real estate investment trust’s stock after selling 9,211 shares during the quarter. Standard Life Aberdeen plc’s holdings in Essex Property Trust were worth $44,665,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. HWG Holdings LP purchased a new position in Essex Property Trust during the 3rd quarter valued at about $31,000. Valeo Financial Advisors LLC purchased a new stake in shares of Essex Property Trust in the 4th quarter worth approximately $30,000. Evoke Wealth LLC grew its stake in shares of Essex Property Trust by 177.3% in the 4th quarter. Evoke Wealth LLC now owns 183 shares of the real estate investment trust’s stock worth $55,000 after buying an additional 117 shares during the last quarter. Quadrant Capital Group LLC increased its position in Essex Property Trust by 18.9% during the 4th quarter. Quadrant Capital Group LLC now owns 384 shares of the real estate investment trust’s stock valued at $108,000 after buying an additional 61 shares in the last quarter. Finally, Quantum Capital Management bought a new position in Essex Property Trust during the 3rd quarter valued at approximately $150,000. Institutional investors and hedge funds own 97.12% of the company’s stock.

In other Essex Property Trust news, CEO Michael J. Schall sold 13,068 shares of the stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $319.90, for a total value of $4,180,453.20. Following the completion of the sale, the chief executive officer now owns 55,177 shares in the company, valued at approximately $17,651,122.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO John Farias sold 822 shares of the firm’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $316.25, for a total value of $259,957.50. Following the sale, the chief accounting officer now directly owns 1,533 shares in the company, valued at $484,811.25. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 25,284 shares of company stock valued at $8,021,837. 3.60% of the stock is currently owned by corporate insiders.

Several equities research analysts have commented on the company. SunTrust Banks boosted their target price on Essex Property Trust from $315.00 to $330.00 and gave the stock a “hold” rating in a report on Friday, February 21st. BMO Capital Markets downgraded Essex Property Trust from a “market perform” rating to an “underperform” rating and reduced their price target for the company from $320.00 to $295.00 in a report on Tuesday, January 28th. Zelman & Associates raised Essex Property Trust from a “sell” rating to a “hold” rating in a research report on Wednesday. Finally, Royal Bank of Canada cut shares of Essex Property Trust from an “outperform” rating to a “sector perform” rating and dropped their price target for the stock from $320.00 to $315.00 in a research note on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $331.64.

Essex Property Trust stock traded up $17.93 during trading on Thursday, reaching $218.70. The company had a trading volume of 653,394 shares, compared to its average volume of 574,267. Essex Property Trust Inc has a 52 week low of $175.81 and a 52 week high of $334.17. The firm’s 50-day simple moving average is $287.28 and its 200 day simple moving average is $308.00. The firm has a market capitalization of $12.44 billion, a price-to-earnings ratio of 32.79, a price-to-earnings-growth ratio of 2.75 and a beta of 0.43. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.91.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings results on Wednesday, January 29th. The real estate investment trust reported $1.95 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.42 by ($1.47). The company had revenue of $375.37 million for the quarter, compared to the consensus estimate of $373.65 million. Essex Property Trust had a net margin of 30.08% and a return on equity of 6.90%. During the same period in the prior year, the firm posted $3.19 EPS. On average, analysts predict that Essex Property Trust Inc will post 13.98 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be given a dividend of $2.0775 per share. This is a boost from Essex Property Trust’s previous quarterly dividend of $1.95. This represents a $8.31 dividend on an annualized basis and a dividend yield of 3.80%. The ex-dividend date of this dividend is Monday, March 30th. Essex Property Trust’s payout ratio is presently 58.30%.

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 245 apartment communities with an additional 6 properties in various stages of active development.

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Institutional Ownership by Quarter for Essex Property Trust (NYSE:ESS)

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