PNC Financial Services Group Inc. Has $2.62 Million Holdings in Essex Property Trust, Inc. (NYSE:ESS)

PNC Financial Services Group Inc. grew its position in shares of Essex Property Trust, Inc. (NYSE:ESS) by 0.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,881 shares of the real estate investment trust’s stock after buying an additional 66 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Essex Property Trust were worth $2,624,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Legacy Wealth Asset Management LLC grew its position in Essex Property Trust by 4.7% during the 3rd quarter. Legacy Wealth Asset Management LLC now owns 775 shares of the real estate investment trust’s stock worth $229,000 after acquiring an additional 35 shares during the last quarter. M&R Capital Management Inc. grew its holdings in shares of Essex Property Trust by 5.4% during the second quarter. M&R Capital Management Inc. now owns 1,014 shares of the real estate investment trust’s stock worth $276,000 after purchasing an additional 52 shares during the last quarter. Quilter Plc increased its stake in shares of Essex Property Trust by 0.6% in the second quarter. Quilter Plc now owns 8,698 shares of the real estate investment trust’s stock valued at $2,368,000 after buying an additional 52 shares in the last quarter. Mather Group LLC. raised its holdings in shares of Essex Property Trust by 7.4% in the third quarter. Mather Group LLC. now owns 781 shares of the real estate investment trust’s stock valued at $231,000 after buying an additional 54 shares during the last quarter. Finally, Truist Financial Corp lifted its position in Essex Property Trust by 0.3% during the 2nd quarter. Truist Financial Corp now owns 20,707 shares of the real estate investment trust’s stock worth $5,636,000 after buying an additional 55 shares in the last quarter. Institutional investors and hedge funds own 96.51% of the company’s stock.

Essex Property Trust Trading Up 1.4 %

NYSE ESS opened at $309.68 on Tuesday. Essex Property Trust, Inc. has a one year low of $210.36 and a one year high of $317.73. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.14 and a quick ratio of 1.14. The firm has a market cap of $19.90 billion, a P/E ratio of 36.18, a P/E/G ratio of 6.01 and a beta of 0.88. The stock’s 50-day moving average is $297.06 and its 200-day moving average is $285.92.

Essex Property Trust (NYSE:ESS) last announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $1.84 EPS for the quarter, missing the consensus estimate of $3.88 by ($2.04). Essex Property Trust had a return on equity of 9.72% and a net margin of 31.55%. The company had revenue of $450.70 million for the quarter, compared to analyst estimates of $445.88 million. During the same quarter last year, the business posted $3.78 earnings per share. Sell-side analysts anticipate that Essex Property Trust, Inc. will post 15.56 earnings per share for the current fiscal year.

Essex Property Trust Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were paid a $2.45 dividend. This represents a $9.80 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date was Monday, September 30th. Essex Property Trust’s payout ratio is presently 114.49%.

Insider Buying and Selling

In other Essex Property Trust news, Director Amal M. Johnson sold 2,453 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $300.00, for a total transaction of $735,900.00. Following the completion of the transaction, the director now owns 2,585 shares of the company’s stock, valued at $775,500. This represents a 48.69 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Angela L. Kleiman sold 8,080 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $315.10, for a total transaction of $2,546,008.00. Following the transaction, the chief executive officer now directly owns 9,494 shares of the company’s stock, valued at $2,991,559.40. This represents a 45.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,402 shares of company stock valued at $6,399,663. Company insiders own 3.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. BNP Paribas began coverage on shares of Essex Property Trust in a research note on Wednesday, September 11th. They issued an “outperform” rating and a $333.00 target price for the company. Evercore ISI upped their price objective on Essex Property Trust from $283.00 to $287.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Wedbush increased their price objective on Essex Property Trust from $264.00 to $301.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Bank of America downgraded Essex Property Trust from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $307.00 to $321.00 in a research report on Tuesday, September 24th. Finally, Piper Sandler raised their price target on Essex Property Trust from $315.00 to $355.00 and gave the company an “overweight” rating in a report on Monday, August 26th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $297.00.

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