Principal Financial Group Inc. Sells 12,923 Shares of Essex Property Trust, Inc. (NYSE:ESS)

Principal Financial Group Inc. trimmed its position in Essex Property Trust, Inc. (NYSE:ESS - Free Report) by 0.9% in the first quarter, according to its most recent filing with the SEC. The fund owned 1,481,375 shares of the real estate investment trust's stock after selling 12,923 shares during the period. Principal Financial Group Inc. owned 2.30% of Essex Property Trust worth $454,145,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Ameriflex Group Inc. acquired a new stake in Essex Property Trust in the fourth quarter valued at $59,000. Assetmark Inc. increased its holdings in Essex Property Trust by 124.0% in the fourth quarter. Assetmark Inc. now owns 224 shares of the real estate investment trust's stock valued at $64,000 after purchasing an additional 124 shares during the period. Jones Financial Companies Lllp increased its holdings in Essex Property Trust by 486.8% in the fourth quarter. Jones Financial Companies Lllp now owns 223 shares of the real estate investment trust's stock valued at $64,000 after purchasing an additional 185 shares during the period. Alpine Bank Wealth Management acquired a new stake in Essex Property Trust in the first quarter valued at $82,000. Finally, Huntington National Bank increased its holdings in Essex Property Trust by 85.2% in the fourth quarter. Huntington National Bank now owns 300 shares of the real estate investment trust's stock valued at $86,000 after purchasing an additional 138 shares during the period. 96.51% of the stock is currently owned by institutional investors.

Essex Property Trust Stock Up 0.3%

ESS stock traded up $0.80 during mid-day trading on Thursday, reaching $284.20. 194,453 shares of the company traded hands, compared to its average volume of 422,845. The stock has a market cap of $18.30 billion, a price-to-earnings ratio of 27.20, a P/E/G ratio of 5.91 and a beta of 0.78. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.18. Essex Property Trust, Inc. has a fifty-two week low of $243.85 and a fifty-two week high of $317.73. The firm's 50 day moving average price is $282.50 and its 200 day moving average price is $285.81.

Essex Property Trust (NYSE:ESS - Get Free Report) last posted its earnings results on Tuesday, April 29th. The real estate investment trust reported $3.97 EPS for the quarter, topping the consensus estimate of $3.92 by $0.05. Essex Property Trust had a net margin of 37.08% and a return on equity of 11.81%. The firm had revenue of $464.58 million for the quarter, compared to analysts' expectations of $458.03 million. During the same quarter last year, the firm earned $3.83 EPS. As a group, equities research analysts predict that Essex Property Trust, Inc. will post 15.96 EPS for the current fiscal year.

Essex Property Trust Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a dividend of $2.57 per share. The ex-dividend date is Monday, June 30th. This represents a $10.28 annualized dividend and a dividend yield of 3.62%. Essex Property Trust's dividend payout ratio is currently 98.37%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on ESS shares. Scotiabank restated an "outperform" rating on shares of Essex Property Trust in a report on Friday, June 13th. Royal Bank Of Canada cut their target price on Essex Property Trust from $311.00 to $309.00 and set an "outperform" rating on the stock in a research report on Thursday, May 1st. Barclays raised their target price on Essex Property Trust from $303.00 to $328.00 and gave the stock an "equal weight" rating in a research note on Friday, May 9th. Wall Street Zen lowered Essex Property Trust from a "hold" rating to a "sell" rating in a research note on Friday, June 27th. Finally, BMO Capital Markets lifted their price objective on shares of Essex Property Trust from $315.00 to $317.00 and gave the company an "outperform" rating in a research note on Wednesday, May 28th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $310.28.

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.