Adage Capital Partners GP L.L.C. Purchases 49,332 Shares of Essex Property Trust, Inc. $ESS

Key Points

• Adage Capital Partners GP L.L.C. increased its stake in Essex Property Trust by 140.9%, owning approximately 0.13% of the company, valued at $25.85 million as of the latest SEC filing.
• Essex Property Trust reported earnings per share (EPS) of $4.03 for the last quarter, exceeding analysts' expectations of $3.99, with revenue slightly below projections at $465.84 million.
• The company declared a quarterly dividend of $2.57, representing a 3.9% yield, with a payout ratio of 82.64% and upcoming payment scheduled for October 15.

Adage Capital Partners GP L.L.C. increased its holdings in shares of Essex Property Trust, Inc. (NYSE:ESS - Free Report) by 140.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 84,332 shares of the real estate investment trust's stock after acquiring an additional 49,332 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 0.13% of Essex Property Trust worth $25,854,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in ESS. WPG Advisers LLC acquired a new position in shares of Essex Property Trust during the 1st quarter worth approximately $31,000. Zions Bancorporation National Association UT acquired a new position in shares of Essex Property Trust during the 1st quarter worth approximately $34,000. GKV Capital Management Co. Inc. acquired a new position in shares of Essex Property Trust during the 1st quarter worth approximately $35,000. Capital Analysts LLC increased its holdings in shares of Essex Property Trust by 56.3% during the 1st quarter. Capital Analysts LLC now owns 136 shares of the real estate investment trust's stock worth $42,000 after acquiring an additional 49 shares during the last quarter. Finally, Brooklyn Investment Group increased its holdings in shares of Essex Property Trust by 34.8% during the 1st quarter. Brooklyn Investment Group now owns 190 shares of the real estate investment trust's stock worth $58,000 after acquiring an additional 49 shares during the last quarter. 96.51% of the stock is owned by institutional investors and hedge funds.

Essex Property Trust Price Performance

Shares of ESS stock traded down $2.46 on Wednesday, hitting $266.41. 42,229 shares of the company's stock were exchanged, compared to its average volume of 481,076. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.09 and a quick ratio of 1.09. Essex Property Trust, Inc. has a 12 month low of $243.85 and a 12 month high of $317.73. The stock has a market cap of $17.16 billion, a P/E ratio of 21.42, a price-to-earnings-growth ratio of 6.83 and a beta of 0.83. The company has a 50 day moving average of $271.56 and a 200 day moving average of $281.19.

Essex Property Trust (NYSE:ESS - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The real estate investment trust reported $4.03 earnings per share for the quarter, topping the consensus estimate of $3.99 by $0.04. Essex Property Trust had a return on equity of 13.98% and a net margin of 43.51%.The business had revenue of $465.84 million during the quarter, compared to the consensus estimate of $466.47 million. During the same period in the prior year, the company earned $3.94 EPS. Essex Property Trust has set its Q3 2025 guidance at 3.890-3.990 EPS. FY 2025 guidance at 15.800-16.020 EPS. On average, equities research analysts predict that Essex Property Trust, Inc. will post 15.96 EPS for the current year.

Essex Property Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be given a dividend of $2.57 per share. This represents a $10.28 annualized dividend and a dividend yield of 3.9%. The ex-dividend date is Tuesday, September 30th. Essex Property Trust's dividend payout ratio is currently 82.64%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on ESS shares. Scotiabank decreased their target price on Essex Property Trust from $320.00 to $309.00 and set a "sector outperform" rating on the stock in a report on Tuesday, August 5th. Morgan Stanley decreased their price objective on Essex Property Trust from $304.00 to $285.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 13th. Wells Fargo & Company decreased their price objective on Essex Property Trust from $325.00 to $279.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 27th. Barclays decreased their price objective on Essex Property Trust from $335.00 to $298.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 12th. Finally, Mizuho decreased their price objective on Essex Property Trust from $314.00 to $293.00 and set an "outperform" rating on the stock in a report on Friday, May 23rd. Seven research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $300.44.

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.