Essex Property Trust, Inc. $ESS Stock Position Lowered by Edgestream Partners L.P.

Key Points

• Edgestream Partners sharply reduced its Essex Property Trust position by 95% in the first quarter, selling 26,597 shares and retaining 1,402 shares worth approximately $339,000.
• Institutional ownership remains high at 96.51%, with Norges Bank, UBS Asset Management, Principal Financial, Morgan Stanley and Rush Island Management among investors that recently increased their stakes.
• ESS traded near $287.65 and recently paid a quarterly dividend of $2.59 per share, representing a 3.6% yield. Analysts hold a consensus “Moderate Buy” rating with an average price target of $303.99.

Edgestream Partners L.P. decreased its position in Essex Property Trust, Inc. (NYSE:ESS - Free Report) by 95.0% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 1,402 shares of the real estate investment trust's stock after selling 26,597 shares during the period. Edgestream Partners L.P.'s holdings in Essex Property Trust were worth $339,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Essex Property Trust during the 4th quarter valued at $230,690,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of 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 buying an additional 674,617 shares during the period. Principal Financial Group Inc. boosted its position in shares of 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 buying an additional 301,349 shares during the period. Morgan Stanley boosted its position in shares of Essex Property Trust by 31.3% in the fourth quarter. Morgan Stanley now owns 958,090 shares of the real estate investment trust's stock worth $250,714,000 after buying an additional 228,165 shares during the period. Finally, Rush Island Management LP grew its holdings in shares of Essex Property Trust by 26.8% during the first quarter. Rush Island Management LP now owns 807,893 shares of the real estate investment trust's stock valued at $195,510,000 after buying an additional 170,682 shares in the last quarter. 96.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Mary Kasaris sold 600 shares of Essex Property Trust stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $279.45, for a total transaction of $167,670.00. Following the completion of the sale, the director owned 2,394 shares of the company's stock, valued at approximately $669,003.30. This trade represents a 20.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.47% of the company's stock.

Essex Property Trust Trading Up 0.2%

Shares of NYSE:ESS opened at $287.65 on Thursday. The firm has a fifty day moving average of $287.53 and a two-hundred day moving average of $267.05. The firm has a market capitalization of $18.49 billion, a P/E ratio of 44.74, a price-to-earnings-growth ratio of 10.53 and a beta of 0.69. Essex Property Trust, Inc. has a 12-month low of $238.46 and a 12-month high of $303.35. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 1.22.

Essex Property Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a dividend of $2.59 per share. This represents a $10.36 annualized dividend and a dividend yield of 3.6%. The ex-dividend date was Tuesday, June 30th. Essex Property Trust's dividend payout ratio (DPR) is currently 161.12%.

Analysts Set New Price Targets

ESS has been the topic of several recent analyst reports. Evercore reissued an "outperform" rating and set a $303.00 price target on shares of Essex Property Trust in a research report on Thursday, July 30th. Truist Financial raised their price objective on Essex Property Trust from $273.00 to $286.00 and gave the stock a "hold" rating in a research report on Wednesday, May 27th. Raymond James Financial upgraded Essex Property Trust from a "market perform" rating to an "outperform" rating and set a $320.00 price objective for the company in a research report on Friday, June 26th. Sanford C. Bernstein assumed coverage on Essex Property Trust in a research note on Friday, June 26th. They set an "outperform" rating and a $320.00 target price on the stock. Finally, Mizuho upped their target price on Essex Property Trust from $285.00 to $308.00 and gave the company an "outperform" rating in a report on Wednesday, June 10th. One equities research 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 given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $303.99.

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.

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