Park Avenue Securities LLC Boosts Holdings in Essex Property Trust, Inc. (NYSE:ESS)

Park Avenue Securities LLC grew its position in shares of Essex Property Trust, Inc. (NYSE:ESS) by 55.7% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,325 shares of the real estate investment trust’s stock after buying an additional 474 shares during the quarter. Park Avenue Securities LLC’s holdings in Essex Property Trust were worth $324,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in ESS. Lindbrook Capital LLC raised its holdings 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 purchasing an additional 58 shares in the last quarter. Vima LLC purchased a new position in shares of Essex Property Trust during the 4th quarter worth approximately $40,000. Bruce G. Allen Investments LLC acquired a new stake in shares of Essex Property Trust in the 4th quarter valued at approximately $41,000. Bear Mountain Capital Inc. purchased a new stake in shares of Essex Property Trust in the fourth quarter valued at approximately $55,000. Finally, Blue Trust Inc. grew its holdings in Essex Property Trust by 645.2% during the fourth quarter. Blue Trust Inc. now owns 231 shares of the real estate investment trust’s stock worth $57,000 after acquiring an additional 200 shares during the period. Institutional investors and hedge funds own 96.51% of the company’s stock.

Essex Property Trust Trading Down 0.4 %

Shares of Essex Property Trust stock opened at $272.20 on Monday. The firm has a market cap of $17.48 billion, a PE ratio of 33.28, a P/E/G ratio of 3.81 and a beta of 0.84. The company has a quick ratio of 3.19, a current ratio of 3.19 and a debt-to-equity ratio of 1.14. Essex Property Trust, Inc. has a fifty-two week low of $203.85 and a fifty-two week high of $284.77. The business’s fifty day moving average is $262.73 and its two-hundred day moving average is $247.63.

Essex Property Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 24th. Shareholders of record on Friday, June 28th will be issued a $2.45 dividend. This represents a $9.80 annualized dividend and a yield of 3.60%. The ex-dividend date is Friday, June 28th. Essex Property Trust’s dividend payout ratio (DPR) is 119.80%.

Insider Activity

In related news, Director Keith R. Guericke sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $274.57, for a total value of $2,745,700.00. Following the sale, the director now directly owns 16,118 shares of the company’s stock, valued at $4,425,519.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Keith R. Guericke sold 10,000 shares of Essex Property Trust stock in a transaction on Friday, June 14th. The stock was sold at an average price of $274.57, for a total value of $2,745,700.00. Following the transaction, the director now owns 16,118 shares in the company, valued at $4,425,519.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Angela L. Kleiman sold 3,780 shares of the business’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $278.27, for a total value of $1,051,860.60. Following the sale, the chief executive officer now directly owns 9,494 shares of the company’s stock, valued at approximately $2,641,895.38. The disclosure for this sale can be found here. Corporate insiders own 3.80% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on ESS. Piper Sandler restated an “overweight” rating and set a $315.00 target price on shares of Essex Property Trust in a research report on Friday. Truist Financial upped their target price on shares of Essex Property Trust from $255.00 to $282.00 and gave the stock a “hold” rating in a research report on Monday, June 24th. UBS Group lifted their price target on shares of Essex Property Trust from $250.00 to $261.00 and gave the company a “neutral” rating in a research report on Tuesday, May 14th. Scotiabank upped their price target on Essex Property Trust from $283.00 to $285.00 and gave the stock a “sector outperform” rating in a report on Friday, June 14th. Finally, Morgan Stanley lifted their price objective on Essex Property Trust from $230.00 to $250.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 14th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Essex Property Trust has a consensus rating of “Hold” and a consensus price target of $258.63.

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.