Azzad Asset Management Inc. ADV Decreases Stock Position in Essex Property Trust, Inc. $ESS

Key Points

• Azzad Asset Management cut its stake in Essex Property Trust by 73.6% in the first quarter, leaving it with 1,686 shares worth about $408,000.
• Essex Property Trust reported weaker-than-expected quarterly earnings, posting $1.65 EPS versus the $3.96 consensus estimate, even as revenue came in slightly above forecasts.
• The company declared a quarterly dividend of $2.59 per share, equal to a 3.5% annualized yield, and its stock was trading near $293.33, close to its 52-week high.

Azzad Asset Management Inc. ADV trimmed its position in shares of Essex Property Trust, Inc. (NYSE:ESS - Free Report) by 73.6% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,686 shares of the real estate investment trust's stock after selling 4,697 shares during the quarter. Azzad Asset Management Inc. ADV's holdings in Essex Property Trust were worth $408,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the company. Nemes Rush Group LLC acquired a new stake in Essex Property Trust in the 4th quarter valued at about $27,000. Generali Asset Management SPA SGR purchased a new stake in Essex Property Trust in the 4th quarter valued at $29,000. True Wealth Design LLC raised its holdings in shares of Essex Property Trust by 120.0% during the 4th quarter. True Wealth Design LLC now owns 176 shares of the real estate investment trust's stock worth $46,000 after acquiring an additional 96 shares during the period. MUFG Securities EMEA plc purchased a new position in shares of Essex Property Trust during the 2nd quarter worth $54,000. Finally, Advisory Services Network LLC acquired a new position in shares of Essex Property Trust during the 3rd quarter valued at about $51,000. 96.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Essex Property Trust

In other news, Director Mary Kasaris sold 600 shares of the stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $279.45, for a total transaction of $167,670.00. Following the completion of the sale, the director owned 2,394 shares in the company, valued at approximately $669,003.30. This represents a 20.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 3.47% of the stock is owned by insiders.

Essex Property Trust Stock Up 0.8%

Essex Property Trust stock traded up $2.21 during midday trading on Friday, reaching $293.33. The company's stock had a trading volume of 464,205 shares, compared to its average volume of 439,403. The business has a 50-day simple moving average of $279.91 and a 200-day simple moving average of $262.61. The company has a market cap of $18.85 billion, a P/E ratio of 32.96, a P/E/G ratio of 12.66 and a beta of 0.70. Essex Property Trust, Inc. has a fifty-two week low of $238.46 and a fifty-two week high of $303.35. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.22.

Essex Property Trust (NYSE:ESS - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The real estate investment trust reported $1.65 EPS for the quarter, missing the consensus estimate of $3.96 by ($2.31). The company had revenue of $484.76 million during the quarter, compared to analysts' expectations of $479.89 million. Essex Property Trust had a net margin of 30.03% and a return on equity of 10.00%. During the same quarter in the prior year, the company earned $3.97 earnings per share. Essex Property Trust has set its Q2 2026 guidance at 3.920-4.040 EPS. On average, research analysts expect that Essex Property Trust, Inc. will post 16.11 earnings per share for the current fiscal year.

Essex Property Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be issued a $2.59 dividend. This represents a $10.36 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Tuesday, June 30th. Essex Property Trust's dividend payout ratio is presently 116.40%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ESS. Stifel Nicolaus upped their price objective on shares of Essex Property Trust from $278.00 to $281.50 and gave the company a "hold" rating in a report on Wednesday, April 29th. Cantor Fitzgerald raised their price target on shares of Essex Property Trust from $290.00 to $291.00 and gave the stock an "overweight" rating in a report on Monday, May 4th. Sanford C. Bernstein started coverage on shares of Essex Property Trust in a research report on Friday, June 26th. They set an "outperform" rating and a $320.00 price target on the stock. Weiss Ratings raised Essex Property Trust from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, June 12th. Finally, Morgan Stanley lifted their target price on shares of Essex Property Trust from $293.00 to $302.00 and gave the company an "equal weight" rating in a report on Thursday, June 25th. Nine analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Essex Property Trust has an average rating of "Hold" and a consensus target price of $293.03.

Essex Property Trust Profile

Essex Property Trust, Inc NYSE: ESS is a publicly traded real estate investment trust that acquires, develops, owns and operates multifamily residential properties. The company focuses on market-rate apartment communities and delivers a full suite of property services including leasing, resident services, asset management, and capital improvement programs designed to preserve and enhance long‑term property values.

Essex concentrates its portfolio in West Coast markets, with a significant presence in California and the Pacific Northwest.

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