Centersquare Investment Management LLC Raises Stock Position in Essex Property Trust, Inc. $ESS

Key Points

• Centersquare Investment Management increased its stake in Essex Property Trust by 6% in the fourth quarter, holding 548,017 shares worth about $143.4 million at period-end.
• Essex Property Trust reported weak quarterly earnings of $1.65 per share, missing analyst expectations, though revenue came in slightly above forecasts at $484.76 million.
• The company declared a quarterly dividend of $2.59 per share, implying a 3.7% annualized yield, while analysts currently rate the stock a consensus “Hold” with a $288.44 price target.

Centersquare Investment Management LLC grew its position in shares of Essex Property Trust, Inc. (NYSE:ESS - Free Report) by 6.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 548,017 shares of the real estate investment trust's stock after purchasing an additional 31,261 shares during the period. Essex Property Trust makes up approximately 1.4% of Centersquare Investment Management LLC's investment portfolio, making the stock its 23rd biggest position. Centersquare Investment Management LLC owned 0.85% of Essex Property Trust worth $143,405,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in ESS. Norges Bank bought a new position in shares of Essex Property Trust in the 4th quarter valued at about $230,690,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Essex Property Trust by 973.0% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 743,954 shares of the real estate investment trust's stock worth $199,127,000 after purchasing an additional 674,617 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Essex Property Trust by 21.9% in 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 purchasing an additional 301,349 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in Essex Property Trust by 1,768.0% in the fourth quarter. Teacher Retirement System of Texas now owns 157,438 shares of the real estate investment trust's stock worth $41,198,000 after purchasing an additional 149,010 shares during the last quarter. Finally, Daiwa Securities Group Inc. lifted its stake in Essex Property Trust by 9.5% in the third quarter. Daiwa Securities Group Inc. now owns 1,157,617 shares of the real estate investment trust's stock worth $309,848,000 after purchasing an additional 100,730 shares during the last quarter. Institutional investors own 96.51% of the company's stock.

Essex Property Trust Stock Performance

Shares of ESS stock opened at $280.67 on Friday. The firm has a market cap of $18.04 billion, a price-to-earnings ratio of 31.54, a PEG ratio of 12.30 and a beta of 0.72. The company's 50 day moving average is $265.29 and its 200 day moving average is $258.39. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.22. Essex Property Trust, Inc. has a 52-week low of $238.46 and a 52-week high of $294.09.

Essex Property Trust (NYSE:ESS - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The real estate investment trust reported $1.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.96 by ($2.31). The business had revenue of $484.76 million for the quarter, compared to analysts' expectations 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 previous year, the business earned $3.97 earnings per share. Essex Property Trust has set its Q2 2026 guidance at 3.920-4.040 EPS. On average, sell-side analysts anticipate that Essex Property Trust, Inc. will post 16.08 EPS for the current fiscal year.

Essex Property Trust Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be issued a $2.59 dividend. This represents a $10.36 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, June 30th. Essex Property Trust's payout ratio is currently 116.40%.

Insider Transactions at Essex Property Trust

In other Essex Property Trust news, Director Mary Kasaris sold 600 shares of Essex Property Trust stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $279.45, for a total value of $167,670.00. Following the transaction, the director directly 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 can be accessed through the SEC website. Corporate insiders own 3.47% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Cantor Fitzgerald raised their price objective on shares of Essex Property Trust from $290.00 to $291.00 and gave the stock an "overweight" rating in a research note on Monday, May 4th. Mizuho raised their target price on shares of Essex Property Trust from $285.00 to $308.00 and gave the stock an "outperform" rating in a research report on Wednesday. Barclays raised their target price on shares of Essex Property Trust from $272.00 to $277.00 and gave the stock an "equal weight" rating in a research report on Monday, May 11th. Evercore reaffirmed an "outperform" rating and set a $296.00 target price on shares of Essex Property Trust in a research report on Monday. Finally, Wells Fargo & Company raised their target price on shares of Essex Property Trust from $262.00 to $280.00 and gave the stock an "equal weight" rating in a research report on Monday, June 1st. Six equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $288.44.

About Essex Property Trust

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.