Allstate Corp Purchases 7,368 Shares of Essex Property Trust, Inc. $ESS

Key Points

• Allstate Corp increased its stake in Essex Property Trust, Inc. by 170% in Q1, acquiring a total of 11,701 shares valued at approximately $3.59 million.
• Institutional investors and hedge funds collectively own 96.51% of Essex Property Trust’s stock, indicating significant interest from larger financial entities.
• Essex Property Trust recently reported $4.03 earnings per share for the last quarter, slightly exceeding the consensus estimate of $3.99.

Allstate Corp raised its stake in shares of Essex Property Trust, Inc. (NYSE:ESS - Free Report) by 170.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,701 shares of the real estate investment trust's stock after purchasing an additional 7,368 shares during the quarter. Allstate Corp's holdings in Essex Property Trust were worth $3,587,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Zions Bancorporation National Association UT purchased a new position in Essex Property Trust during the 1st quarter valued at $34,000. GKV Capital Management Co. Inc. purchased a new position in Essex Property Trust during the 1st quarter valued at $35,000. Capital Analysts LLC increased its position in 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 valued at $42,000 after purchasing an additional 49 shares during the period. Brooklyn Investment Group increased its position in 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 valued at $58,000 after purchasing an additional 49 shares during the period. Finally, Ameriflex Group Inc. purchased a new position in Essex Property Trust during the 4th quarter valued at $59,000. 96.51% of the stock is owned by hedge funds and other institutional investors.

Essex Property Trust Stock Performance

NYSE ESS traded down $1.57 on Thursday, reaching $266.06. 53,890 shares of the stock were exchanged, compared to its average volume of 486,858. The firm has a market capitalization of $17.13 billion, a PE ratio of 21.37, a PEG ratio of 6.81 and a beta of 0.80. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.16. Essex Property Trust, Inc. has a one year low of $243.85 and a one year high of $317.73. The company's 50-day simple moving average is $274.91 and its two-hundred day simple moving average is $282.80.

Essex Property Trust (NYSE:ESS - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The real estate investment trust reported $4.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.99 by $0.04. Essex Property Trust had a net margin of 43.51% and a return on equity of 13.98%. The firm had revenue of $465.84 million for the quarter, compared to analysts' expectations of $466.47 million. During the same quarter last year, the business posted $3.94 earnings per share. Essex Property Trust has set its Q3 2025 guidance at 3.890-3.990 EPS. FY 2025 guidance at 15.800-16.020 EPS. Analysts expect that Essex Property Trust, Inc. will post 15.96 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ESS shares. Royal Bank Of Canada upped their target price on shares of Essex Property Trust from $306.00 to $307.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. UBS Group cut their price objective on shares of Essex Property Trust from $297.00 to $295.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 15th. Scotiabank cut their price objective on shares of Essex Property Trust from $320.00 to $309.00 and set a "sector outperform" rating on the stock in a research report on Tuesday, August 5th. Mizuho cut their price objective on shares of Essex Property Trust from $314.00 to $293.00 and set an "outperform" rating on the stock in a research report on Friday, May 23rd. Finally, Barclays cut their price objective on shares of Essex Property Trust from $335.00 to $298.00 and set an "equal weight" rating on the stock in a research report on Tuesday, August 12th. Seven investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $301.42.

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.