Davis Selected Advisers Trims Stock Position in Essex Property Trust, Inc. $ESS

Key Points

• Davis Selected Advisers cut its stake by 40.6%, selling 11,590 shares and leaving it with 16,951 shares of Essex Property Trust worth about $4.54 million.
• Institutional activity is mixed but dominant, with institutional investors owning 96.51% of the stock — notable moves include JPMorgan holding 594,450 shares and Centersquare increasing its stake by 473.5% to 516,756 shares.
• Essex raised its quarterly dividend to $2.59 (annualized $10.36, ~4.2% yield) despite a high payout ratio (~98.8%), and analysts' consensus is a Hold with an average target of $282 versus a current price near $246.53.

Davis Selected Advisers decreased its position in Essex Property Trust, Inc. (NYSE:ESS - Free Report) by 40.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,951 shares of the real estate investment trust's stock after selling 11,590 shares during the quarter. Davis Selected Advisers' holdings in Essex Property Trust were worth $4,537,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of Essex Property Trust by 11.5% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 23,136 shares of the real estate investment trust's stock valued at $6,193,000 after buying an additional 2,395 shares in the last quarter. Barings LLC bought a new position in Essex Property Trust in the 2nd quarter worth $829,000. JPMorgan Chase & Co. increased its stake in Essex Property Trust by 3.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 594,450 shares of the real estate investment trust's stock worth $159,114,000 after buying an additional 22,378 shares in the last quarter. Caprock Group LLC purchased a new stake in Essex Property Trust in the 3rd quarter worth $1,900,000. Finally, Centersquare Investment Management LLC raised its holdings in Essex Property Trust by 473.5% during the third quarter. Centersquare Investment Management LLC now owns 516,756 shares of the real estate investment trust's stock valued at $138,315,000 after acquiring an additional 426,650 shares during the period. Institutional investors own 96.51% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ESS. Jefferies Financial Group reiterated a "hold" rating and issued a $282.00 price target (down from $304.00) on shares of Essex Property Trust in a research note on Monday, December 15th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Essex Property Trust in a report on Thursday, January 22nd. Barclays decreased their target price on Essex Property Trust from $292.00 to $271.00 and set an "equal weight" rating on the stock in a research report on Friday, March 6th. Robert W. Baird increased their price target on Essex Property Trust from $279.00 to $281.00 and gave the company a "neutral" rating in a research note on Monday, March 2nd. Finally, Stifel Nicolaus set a $278.00 price target on Essex Property Trust in a report on Thursday, February 5th. Four investment analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $282.00.

Essex Property Trust Trading Down 1.8%

ESS opened at $246.53 on Thursday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.19. The stock's fifty day moving average is $253.90 and its two-hundred day moving average is $258.19. The company has a market capitalization of $15.90 billion, a P/E ratio of 23.68, a PEG ratio of 7.88 and a beta of 0.73. Essex Property Trust, Inc. has a 52 week low of $243.25 and a 52 week high of $310.10.

Essex Property Trust (NYSE:ESS - Get Free Report) last announced its earnings results on Wednesday, February 4th. The real estate investment trust reported $3.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.00 by ($0.02). Essex Property Trust had a net margin of 35.48% and a return on equity of 11.61%. The company had revenue of $479.63 million for the quarter, compared to the consensus estimate of $474.66 million. During the same period last year, the business posted $3.92 EPS. Essex Property Trust has set its FY 2026 guidance at 15.690-16.190 EPS and its Q1 2026 guidance at 3.890-4.010 EPS. Analysts forecast that Essex Property Trust, Inc. will post 15.96 earnings per share for the current year.

Essex Property Trust Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be paid a $2.59 dividend. This is a positive change from Essex Property Trust's previous quarterly dividend of $2.57. The ex-dividend date is Tuesday, March 31st. This represents a $10.36 dividend on an annualized basis and a yield of 4.2%. Essex Property Trust's dividend payout ratio (DPR) is 98.75%.

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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