Crestline Management LP Buys New Stake in Essex Property Trust, Inc. (NYSE:ESS)

Crestline Management LP purchased a new position in Essex Property Trust, Inc. (NYSE:ESS - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 16,528 shares of the real estate investment trust's stock, valued at approximately $4,718,000.

A number of other large investors have also made changes to their positions in ESS. Cubist Systematic Strategies LLC acquired a new stake in shares of Essex Property Trust during the fourth quarter worth about $192,000. Cetera Investment Advisers boosted its position in Essex Property Trust by 4.0% in the 4th quarter. Cetera Investment Advisers now owns 3,014 shares of the real estate investment trust's stock worth $860,000 after purchasing an additional 115 shares in the last quarter. Bramshill Investments LLC purchased a new stake in Essex Property Trust in the 4th quarter worth approximately $700,000. Bridgefront Capital LLC acquired a new stake in shares of Essex Property Trust during the 4th quarter worth approximately $1,088,000. Finally, Captrust Financial Advisors lifted its stake in shares of Essex Property Trust by 11.5% in the 4th quarter. Captrust Financial Advisors now owns 1,629 shares of the real estate investment trust's stock valued at $465,000 after purchasing an additional 168 shares during the period. 96.51% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft raised Essex Property Trust from a "hold" rating to a "buy" rating and upped their target price for the stock from $308.00 to $310.00 in a research note on Tuesday, January 21st. Truist Financial upped their target price on shares of Essex Property Trust from $292.00 to $304.00 and gave the stock a "hold" rating in a report on Monday, March 10th. Royal Bank of Canada reduced their target price on shares of Essex Property Trust from $311.00 to $309.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. BMO Capital Markets upgraded shares of Essex Property Trust from a "market perform" rating to an "outperform" rating and lowered their price target for the stock from $323.00 to $310.00 in a research report on Monday, January 13th. Finally, Wells Fargo & Company cut their price objective on shares of Essex Property Trust from $314.00 to $305.00 and set an "equal weight" rating for the company in a report on Friday, January 24th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $306.79.

Essex Property Trust Price Performance

Essex Property Trust stock opened at $286.30 on Wednesday. Essex Property Trust, Inc. has a 1 year low of $243.85 and a 1 year high of $317.73. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.14 and a current ratio of 1.14. The firm has a 50 day moving average price of $288.05 and a 200 day moving average price of $290.60. The company has a market cap of $18.43 billion, a price-to-earnings ratio of 24.81, a PEG ratio of 6.84 and a beta of 0.78.

Essex Property Trust (NYSE:ESS - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $3.97 earnings per share for the quarter, topping analysts' consensus estimates of $3.92 by $0.05. Essex Property Trust had a return on equity of 13.05% and a net margin of 41.79%. The firm had revenue of $464.58 million during the quarter, compared to analysts' expectations of $458.03 million. During the same quarter in the prior year, the business earned $3.83 EPS. Sell-side analysts predict that Essex Property Trust, Inc. will post 15.96 earnings per share for the current year.

Essex Property Trust Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a $2.57 dividend. This represents a $10.28 dividend on an annualized basis and a dividend yield of 3.59%. The ex-dividend date of this dividend was Monday, March 31st. This is a positive change from Essex Property Trust's previous quarterly dividend of $2.45. Essex Property Trust's dividend payout ratio is 98.37%.

Insider Transactions at Essex Property Trust

In other news, CEO Angela L. Kleiman sold 4,929 shares of Essex Property Trust stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $314.99, for a total value of $1,552,585.71. Following the completion of the transaction, the chief executive officer now directly owns 13,662 shares of the company's stock, valued at approximately $4,303,393.38. The trade was a 26.51 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Keith R. Guericke sold 7,298 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $315.00, for a total transaction of $2,298,870.00. Following the sale, the director now owns 16,118 shares in the company, valued at approximately $5,077,170. This trade represents a 31.17 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,345 shares of company stock valued at $6,682,539. Insiders own 3.46% of the company's stock.

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.

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