Essex Property Trust, Inc. (NYSE:ESS) Stock Holdings Trimmed by Bank of Nova Scotia

Bank of Nova Scotia trimmed its holdings in Essex Property Trust, Inc. (NYSE:ESS - Free Report) by 13.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 7,463 shares of the real estate investment trust's stock after selling 1,119 shares during the period. Bank of Nova Scotia's holdings in Essex Property Trust were worth $2,288,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ESS. Ameriflex Group Inc. acquired a new stake in shares of Essex Property Trust in the fourth quarter worth approximately $59,000. Alpine Bank Wealth Management acquired a new position in Essex Property Trust during the first quarter worth approximately $82,000. CoreCap Advisors LLC raised its stake in Essex Property Trust by 17.7% during the fourth quarter. CoreCap Advisors LLC now owns 365 shares of the real estate investment trust's stock worth $104,000 after purchasing an additional 55 shares during the period. Harvest Fund Management Co. Ltd acquired a new position in shares of Essex Property Trust in the 1st quarter valued at $112,000. Finally, Continuum Advisory LLC grew its stake in shares of Essex Property Trust by 52.9% during the 1st quarter. Continuum Advisory LLC now owns 390 shares of the real estate investment trust's stock valued at $120,000 after buying an additional 135 shares during the period. Hedge funds and other institutional investors own 96.51% of the company's stock.

Essex Property Trust Stock Down 1.0%

NYSE:ESS traded down $2.55 on Friday, reaching $254.48. The stock had a trading volume of 367,407 shares, compared to its average volume of 495,337. The company has a 50-day moving average of $281.49 and a 200 day moving average of $285.14. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.16. The stock has a market cap of $16.39 billion, a P/E ratio of 20.46, a price-to-earnings-growth ratio of 6.54 and a beta of 0.80. Essex Property Trust, Inc. has a 12-month low of $243.85 and a 12-month high of $317.73.

Essex Property Trust (NYSE:ESS - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $4.03 EPS for the quarter, beating analysts' consensus estimates of $3.99 by $0.04. Essex Property Trust had a return on equity of 13.98% and a net margin of 43.51%. The firm had revenue of $465.84 million during the quarter, compared to the consensus estimate of $466.47 million. During the same quarter in the prior year, the business posted $3.94 earnings per share. On average, research analysts predict that Essex Property Trust, Inc. will post 15.96 earnings per share for the current year.

Essex Property Trust Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a $2.57 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $10.28 annualized dividend and a yield of 4.0%. Essex Property Trust's dividend payout ratio is currently 82.64%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ESS. BMO Capital Markets increased their target price on Essex Property Trust from $315.00 to $317.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 28th. Royal Bank Of Canada upped their price target on Essex Property Trust from $306.00 to $307.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. Barclays lifted their price objective on Essex Property Trust from $303.00 to $328.00 and gave the company an "equal weight" rating in a research note on Friday, May 9th. Piper Sandler downgraded shares of Essex Property Trust from an "overweight" rating to a "neutral" rating and dropped their target price for the stock from $355.00 to $275.00 in a research report on Monday. Finally, Stifel Nicolaus raised their price target on shares of Essex Property Trust from $301.50 to $305.50 and gave the company a "hold" rating in a report on Wednesday, July 30th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Essex Property Trust presently has an average rating of "Hold" and a consensus target price of $308.26.

Essex Property Trust Profile

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.