Bank of America Corp DE Buys New Position in Essex Property Trust, Inc. $ESS

Key Points

• Bank of America acquired 275,322 shares of Essex Property Trust in the second quarter, worth approximately $80.3 million and representing about 0.43% of the REIT. Institutional investors collectively own 96.51% of the company.
• Essex reported quarterly revenue of $489.05 million and adjusted earnings of $4.08 per share, substantially exceeding analysts’ $1.46 EPS estimate. The company projects third-quarter 2026 EPS of $3.93–$4.05 and full-year EPS of $16.03–$16.25.
• The REIT declared a quarterly dividend of $2.59 per share, or $10.36 annualized, yielding about 3.8%. Analysts maintain a consensus “Hold” rating with an average price target of $303.24, versus a recent share price of $269.62.

Bank of America Corp DE purchased a new stake in Essex Property Trust, Inc. (NYSE:ESS - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 275,322 shares of the real estate investment trust's stock, valued at approximately $80,281,000. Bank of America Corp DE owned about 0.43% of Essex Property Trust at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Nemes Rush Group LLC purchased a new position in Essex Property Trust during the fourth quarter worth about $27,000. Cassaday & Co Wealth Management LLC purchased a new stake in Essex Property Trust in the 1st quarter valued at about $38,000. Elevation Wealth Partners LLC increased its stake in Essex Property Trust by 523.1% in the 2nd quarter. Elevation Wealth Partners LLC now owns 162 shares of the real estate investment trust's stock valued at $47,000 after buying an additional 136 shares during the last quarter. Western Wealth Management LLC purchased a new stake in Essex Property Trust in the 1st quarter valued at about $44,000. Finally, Hantz Financial Services Inc. lifted its position in shares of Essex Property Trust by 67.8% during the 4th quarter. Hantz Financial Services Inc. now owns 193 shares of the real estate investment trust's stock worth $51,000 after buying an additional 78 shares in the last quarter. 96.51% of the stock is currently owned by institutional investors.

Essex Property Trust Price Performance

Essex Property Trust stock opened at $269.62 on Friday. Essex Property Trust, Inc. has a 12 month low of $238.46 and a 12 month high of $303.35. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.22. The business's 50 day simple moving average is $285.14 and its 200 day simple moving average is $272.94. The company has a market cap of $17.33 billion, a price-to-earnings ratio of 41.93, a PEG ratio of 9.87 and a beta of 0.69.

Essex Property Trust (NYSE:ESS - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The real estate investment trust reported $4.08 EPS for the quarter, beating analysts' consensus estimates of $1.46 by $2.62. Essex Property Trust had a return on equity of 7.33% and a net margin of 21.48%.The firm had revenue of $489.05 million for the quarter, compared to analysts' expectations of $485.12 million. During the same quarter in the prior year, the firm earned $4.03 EPS. Essex Property Trust has set its Q3 2026 guidance at 3.930-4.050 EPS and its FY 2026 guidance at 16.030-16.250 EPS. Sell-side analysts forecast that Essex Property Trust, Inc. will post 16.18 EPS for the current year.

Essex Property Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given a $2.59 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $10.36 annualized dividend and a dividend yield of 3.8%. Essex Property Trust's payout ratio is 161.12%.

Analysts Set New Price Targets

Several research firms have recently issued reports on ESS. Wells Fargo & Company upped their target price on Essex Property Trust from $280.00 to $297.00 and gave the company an "equal weight" rating in a report on Wednesday, July 22nd. Stifel Nicolaus set a $292.75 price target on Essex Property Trust in a report on Thursday, July 30th. UBS Group reissued a "neutral" rating and issued a $286.00 price objective (up from $278.00) on shares of Essex Property Trust in a research report on Tuesday. Morgan Stanley upped their price objective on Essex Property Trust from $293.00 to $302.00 and gave the company an "equal weight" rating in a research note on Thursday, June 25th. Finally, Scotiabank decreased their target price on Essex Property Trust from $307.00 to $293.00 and set a "sector outperform" rating for the company in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $303.24.

Essex Property Trust Profile

Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust that owns, operates, develops and redevelops multifamily residential communities. Its portfolio primarily consists of apartment homes, supported by property management, maintenance and resident services.

The company focuses on high-demand coastal markets on the West Coast, particularly Northern and Southern California and the Seattle metropolitan area in Washington. Essex's properties are generally located near employment centers, transportation networks and other amenities, serving renters in major urban and suburban communities.

Founded in 1971, Essex Property Trust became a publicly traded real estate investment trust in 1994.

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