Carronade Capital Management LP Has $4.29 Million Position in Essex Property Trust, Inc. $ESS

Key Points

• Carronade Capital Management cut its Essex Property Trust stake by 21.3% in the first quarter, selling 4,793 shares and retaining 17,705 shares valued at approximately $4.29 million.
• Institutional investors own 96.51% of ESS, while several major firms—including Principal Financial, Morgan Stanley and Dimensional Fund Advisors—expanded their positions.
• Essex reported quarterly EPS of $1.65, below the $3.96 consensus estimate, but revenue exceeded expectations. Analysts maintain a “Moderate Buy” consensus with an average price target of $299.08, and the REIT pays an annualized dividend of $10.36 per share.

Carronade Capital Management LP lowered its holdings in Essex Property Trust, Inc. (NYSE:ESS - Free Report) by 21.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,705 shares of the real estate investment trust's stock after selling 4,793 shares during the quarter. Essex Property Trust accounts for about 0.1% of Carronade Capital Management LP's investment portfolio, making the stock its 21st biggest position. Carronade Capital Management LP's holdings in Essex Property Trust were worth $4,285,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in ESS. Geode Capital Management LLC grew its stake in shares of Essex Property Trust by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 1,873,698 shares of the real estate investment trust's stock valued at $488,601,000 after purchasing an additional 22,835 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Essex Property Trust by 21.9% in the 4th 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 in the last quarter. Daiwa Securities Group Inc. lifted its position in shares of Essex Property Trust by 9.5% during the 3rd quarter. Daiwa Securities Group Inc. now owns 1,157,617 shares of the real estate investment trust's stock worth $309,848,000 after buying an additional 100,730 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Essex Property Trust by 6.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 995,810 shares of the real estate investment trust's stock worth $240,989,000 after buying an additional 57,173 shares during the period. Finally, Morgan Stanley boosted its stake in Essex Property Trust by 31.3% in the 4th quarter. Morgan Stanley now owns 958,090 shares of the real estate investment trust's stock valued at $250,714,000 after buying an additional 228,165 shares in the last quarter. Institutional investors and hedge funds own 96.51% of the company's stock.

Insider Buying and Selling at Essex Property Trust

In other news, Director Mary Kasaris sold 600 shares of the company's stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $279.45, for a total transaction of $167,670.00. Following the transaction, the director directly 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 3.47% of the company's stock.

Essex Property Trust Price Performance

Shares of ESS stock opened at $293.32 on Monday. The stock's fifty day moving average is $285.41 and its 200-day moving average is $265.03. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.98 and a current ratio of 0.98. The stock has a market capitalization of $18.85 billion, a PE ratio of 32.96, a PEG ratio of 12.65 and a beta of 0.70. Essex Property Trust, Inc. has a 52 week low of $238.46 and a 52 week high of $303.35.

Essex Property Trust (NYSE:ESS - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The real estate investment trust reported $1.65 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.96 by ($2.31). The business had revenue of $484.76 million during the quarter, compared to the consensus estimate 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 period in the prior year, the firm earned $3.97 earnings per share. Essex Property Trust has set its Q2 2026 guidance at 3.920-4.040 EPS. Equities research analysts expect that Essex Property Trust, Inc. will post 16.11 EPS for the current fiscal year.

Essex Property Trust Announces Dividend

The business also recently announced 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 of this dividend was Tuesday, June 30th. This represents a $10.36 dividend on an annualized basis and a dividend yield of 3.5%. Essex Property Trust's payout ratio is currently 116.40%.

Analyst Ratings Changes

ESS has been the topic of a number of analyst reports. Royal Bank Of Canada upped their price target on Essex Property Trust from $282.00 to $288.00 and gave the company an "outperform" rating in a research report on Thursday, April 30th. Cantor Fitzgerald upped their target price 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. Truist Financial increased their target price 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. Jefferies Financial Group raised shares of Essex Property Trust to a "strong-buy" rating in a report on Wednesday, July 22nd. Finally, Morgan Stanley boosted their price target on shares of Essex Property Trust from $293.00 to $302.00 and gave the company an "equal weight" rating in a research report on Thursday, June 25th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $299.08.

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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