310,765 Shares of Essex Property Trust, Inc. $ESS Acquired by Aew Capital Management Inc.

Key Points

• Aew Capital Management acquired 310,765 shares of Essex Property Trust in the third quarter, worth approximately $83.7 million. The stake represents about 0.48% of Essex and 5.5% of Aew’s portfolio.
• Other institutions also increased or initiated positions; institutional investors and hedge funds collectively own 96.51% of Essex shares.
• Analysts’ consensus rating is “Moderate Buy,” with a $297.52 average target price. Essex reported quarterly revenue of $492.69 million, slightly above expectations, but EPS of $1.52 missed the $4.01 consensus estimate.

Aew Capital Management Inc. acquired a new stake in shares of Essex Property Trust, Inc. (NYSE:ESS - Free Report) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 310,765 shares of the real estate investment trust's stock, valued at approximately $83,717,000. Essex Property Trust comprises about 5.5% of Aew Capital Management Inc.'s portfolio, making the stock its 7th largest holding. Aew Capital Management Inc. owned about 0.48% of Essex Property Trust at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in ESS. BlackRock Inc. bought a new position in Essex Property Trust during the 2nd quarter valued at about $2,166,555,000. Legal & General Group Plc bought a new position in Essex Property Trust during the second quarter worth $260,252,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Essex Property Trust by 23,177.2% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 757,439 shares of the real estate investment trust's stock valued at $220,862,000 after purchasing an additional 754,185 shares during the period. Bank of New York Mellon Corp acquired a new position in Essex Property Trust in the 2nd quarter valued at $135,837,000. Finally, Bank of America Corp DE acquired a new position in Essex Property Trust during the second quarter valued at approximately $80,281,000. Institutional investors and hedge funds own 96.51% of the company's stock.

More Essex Property Trust News

Investors following ESS have been watching these news items:

• Positive Sentiment: UBS raised its price target to $286 from $275 and maintained a neutral rating. Truist Financial also lifted its target, to $288 from $286, while keeping a hold rating. UBS target update
• Neutral Sentiment: ESS crossed above its 50-day moving average after an analyst downgrade, a potentially supportive technical signal amid the mixed analyst news. Stock crosses 50-day average
• Negative Sentiment: Cantor Fitzgerald lowered its price target to $305. While that target remains above the recent share price, the cut adds to the recent pattern of downward revisions. Cantor Fitzgerald target update

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ESS. Deutsche Bank set a $325.00 target price on shares of Essex Property Trust in a research report on Tuesday, August 18th. Wells Fargo & Company dropped their price target on shares of Essex Property Trust from $297.00 to $279.00 and set an "equal weight" rating for the company in a research report on Monday, October 19th. Barclays reduced their price objective on shares of Essex Property Trust from $297.00 to $285.00 and set an "equal weight" rating on the stock in a research report on Wednesday, October 14th. UBS Group increased their price objective on shares of Essex Property Trust from $275.00 to $286.00 and gave the company a "neutral" rating in a research report on Tuesday. Finally, Piper Sandler reissued an "overweight" rating and issued a $320.00 target price (down from $326.00) on shares of Essex Property Trust in a report on Thursday, October 29th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Essex Property Trust currently has a consensus rating of "Moderate Buy" and a consensus target price of $297.52.

Essex Property Trust Trading Down 0.6%

Shares of ESS opened at $274.07 on Thursday. The firm has a market capitalization of $17.63 billion, a P/E ratio of 50.85, a P/E/G ratio of 9.80 and a beta of 0.69. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.21. Essex Property Trust, Inc. has a 12-month low of $238.46 and a 12-month high of $303.35. The firm has a 50-day moving average price of $272.12 and a 200 day moving average price of $270.35.

Essex Property Trust (NYSE:ESS - Get Free Report) last announced its earnings results on Tuesday, October 27th. The real estate investment trust reported $1.52 EPS for the quarter, missing analysts' consensus estimates of $4.01 by ($2.49). Essex Property Trust had a net margin of 17.84% and a return on equity of 6.24%. The firm had revenue of $492.69 million for the quarter, compared to analysts' expectations of $491.01 million. During the same quarter last year, the business earned $3.97 earnings per share. Sell-side analysts forecast that Essex Property Trust, Inc. will post 16.08 EPS for the current year.

Essex Property Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were given a $2.59 dividend. The ex-dividend date was Wednesday, September 30th. This represents a $10.36 annualized dividend and a dividend yield of 3.8%. Essex Property Trust's dividend payout ratio is currently 192.21%.

About Essex Property Trust

Essex Property Trust, Inc. is a real estate investment trust focused on owning, operating, acquiring, developing and redeveloping apartment communities. Its portfolio serves renters in major coastal markets in Southern California, Northern California and the Seattle metropolitan area. Founded in 1971, the company became publicly traded in 1994. Essex's primary business is providing rental housing, with property operations and development activities supporting its apartment portfolio.

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