Bank of America Corp DE Has $60.96 Million Position in Essex Property Trust, Inc. $ESS

Key Points

• Bank of America increased its Essex Property Trust stake by 19.9% in the first quarter, acquiring 41,846 additional shares for a total position valued at approximately $60.96 million. Institutional investors and hedge funds collectively own 96.51% of ESS.
• Wall Street maintains a favorable outlook, with a consensus “Moderate Buy” rating and an average price target of $303.99, compared with the stock’s reported price of $283.14.
• Essex Property Trust recently paid a quarterly dividend of $2.59 per share, equivalent to an annualized $10.36 payout and a 3.7% yield; however, its dividend payout ratio is elevated at 161.12%.

Bank of America Corp DE increased its stake in shares of Essex Property Trust, Inc. (NYSE:ESS - Free Report) by 19.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 251,888 shares of the real estate investment trust's stock after acquiring an additional 41,846 shares during the quarter. Bank of America Corp DE owned approximately 0.39% of Essex Property Trust worth $60,957,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. Nemes Rush Group LLC acquired a new stake in shares of Essex Property Trust in the 4th quarter valued at about $27,000. Generali Asset Management SPA SGR acquired a new position in Essex Property Trust during the 4th quarter worth approximately $29,000. Cassaday & Co Wealth Management LLC acquired a new position in Essex Property Trust during the 1st quarter worth approximately $38,000. MUFG Securities EMEA plc bought a new position in Essex Property Trust in the second quarter worth approximately $54,000. Finally, Advisory Services Network LLC acquired a new stake in Essex Property Trust in the third quarter valued at approximately $51,000. 96.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ESS has been the subject of several recent research reports. Cantor Fitzgerald boosted their price objective on Essex Property Trust from $291.00 to $316.00 and gave the company an "overweight" rating in a report on Monday, August 3rd. Scotiabank upped their price objective on shares of Essex Property Trust from $290.00 to $307.00 and gave the stock an "outperform" rating in a report on Thursday, July 9th. Evercore restated an "outperform" rating and set a $303.00 price objective on shares of Essex Property Trust in a report on Thursday, July 30th. Morgan Stanley raised their price objective on shares of 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, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $330.00 price objective on shares of Essex Property Trust in a report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Essex Property Trust has a consensus rating of "Moderate Buy" and a consensus target price of $303.99.

Essex Property Trust Trading Down 1.7%

NYSE ESS opened at $283.14 on Tuesday. 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 has a fifty day simple moving average of $288.13 and a 200 day simple moving average of $267.64. Essex Property Trust, Inc. has a 12 month low of $238.46 and a 12 month high of $303.35. The firm has a market capitalization of $18.20 billion, a P/E ratio of 44.03, a PEG ratio of 10.56 and a beta of 0.69.

Essex Property Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a $2.59 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $10.36 annualized dividend and a yield of 3.7%. Essex Property Trust's dividend payout ratio (DPR) is 161.12%.

Insider Buying and Selling

In other Essex Property Trust news, Director Mary Kasaris sold 600 shares of the business's stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $279.45, for a total value of $167,670.00. Following the transaction, the director owned 2,394 shares of the company's stock, valued at approximately $669,003.30. The trade was a 20.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.47% of the company's stock.

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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