Bank of Nova Scotia Invests $3.15 Million in Essex Property Trust, Inc. $ESS

Key Points

• Bank of Nova Scotia acquired 10,797 shares of Essex Property Trust valued at approximately $3.15 million during the second quarter. Institutional investors collectively own 96.51% of the REIT’s outstanding stock.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $304.79, although one analyst issued a sell rating.
• Essex reported quarterly EPS of $4.08, beating estimates of $1.46, while revenue reached $489.05 million versus expectations of $485.12 million. Shares opened at $292.00, near their 52-week high of $303.35.

Bank of Nova Scotia acquired a new stake in Essex Property Trust, Inc. (NYSE:ESS - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 10,797 shares of the real estate investment trust's stock, valued at approximately $3,148,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Nomura Asset Management Co. Ltd. increased its position in shares of Essex Property Trust by 2.6% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 255,533 shares of the real estate investment trust's stock worth $66,868,000 after purchasing an additional 6,422 shares during the last quarter. Norges Bank acquired a new position in Essex Property Trust in the fourth quarter valued at about $230,690,000. Centersquare Investment Management LLC lifted its position in Essex Property Trust by 6.0% in the fourth quarter. Centersquare Investment Management LLC now owns 548,017 shares of the real estate investment trust's stock valued at $143,405,000 after buying an additional 31,261 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in Essex Property Trust by 29.3% during the fourth quarter. BNP Paribas Financial Markets now owns 160,122 shares of the real estate investment trust's stock worth $41,901,000 after buying an additional 36,293 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in Essex Property Trust by 21.9% during the fourth quarter. Principal Financial Group Inc. now owns 1,679,607 shares of the real estate investment trust's stock worth $439,520,000 after buying an additional 301,349 shares during the period. 96.51% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have issued reports on ESS shares. Stifel Nicolaus set a $292.75 target price on Essex Property Trust in a research report on Thursday, July 30th. 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. Citigroup upgraded Essex Property Trust from a "buy" rating to an "outperform" rating in a report on Friday, July 31st. Wall Street Zen downgraded Essex Property Trust from a "hold" rating to a "sell" rating in a research report on Saturday, August 1st. Finally, Truist Financial increased their price target on shares of Essex Property Trust from $273.00 to $286.00 and gave the stock a "hold" rating in a research report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $304.79.

Essex Property Trust Stock Down 0.5%

Shares of NYSE:ESS opened at $292.00 on Wednesday. The stock has a market cap of $18.77 billion, a P/E ratio of 45.41, a P/E/G ratio of 10.74 and a beta of 0.69. The firm has a fifty day moving average price of $289.20 and a 200 day moving average price of $270.40. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.60 and a quick ratio of 0.60. Essex Property Trust, Inc. has a 1-year low of $238.46 and a 1-year high of $303.35.

Essex Property Trust (NYSE:ESS - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The real estate investment trust reported $4.08 earnings per share for the quarter, topping 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 company had revenue of $489.05 million during the quarter, compared to analysts' expectations of $485.12 million. During the same period last 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 predict that Essex Property Trust, Inc. will post 16.18 EPS for the current year.

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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