Teacher Retirement System of Texas lowered its stake in shares of Essex Property Trust, Inc. (NYSE:ESS - Free Report) by 6.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 38,652 shares of the real estate investment trust's stock after selling 2,509 shares during the quarter. Teacher Retirement System of Texas owned approximately 0.06% of Essex Property Trust worth $11,850,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Revisor Wealth Management LLC boosted its stake in shares of Essex Property Trust by 69.6% in the 1st quarter. Revisor Wealth Management LLC now owns 1,384 shares of the real estate investment trust's stock valued at $428,000 after purchasing an additional 568 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Essex Property Trust by 1.6% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 19,962 shares of the real estate investment trust's stock valued at $6,120,000 after purchasing an additional 306 shares in the last quarter. Spinnaker Trust bought a new position in Essex Property Trust in the first quarter valued at approximately $238,000. Amalgamated Bank lifted its position in Essex Property Trust by 1.4% in the 1st quarter. Amalgamated Bank now owns 12,583 shares of the real estate investment trust's stock valued at $3,858,000 after acquiring an additional 170 shares in the last quarter. Finally, Wealthstar Advisors LLC bought a new stake in Essex Property Trust in the 1st quarter valued at approximately $1,488,000. 96.51% of the stock is owned by institutional investors.
Essex Property Trust Price Performance
Shares of NYSE ESS traded down $0.82 during midday trading on Monday, reaching $283.39. 119,631 shares of the company were exchanged, compared to its average volume of 422,269. 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 one year low of $243.85 and a one year high of $317.73. The stock has a market cap of $18.25 billion, a P/E ratio of 27.11, a PEG ratio of 5.93 and a beta of 0.78. The stock's 50-day moving average price is $282.82 and its 200-day moving average price is $285.70.
Essex Property Trust (NYSE:ESS - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $3.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 company had revenue of $464.58 million for the quarter, compared to analysts' expectations of $458.03 million. During the same quarter in the prior year, the firm earned $3.83 EPS. On average, sell-side analysts anticipate that Essex Property Trust, Inc. will post 15.96 earnings per share for the current fiscal year.
Essex Property Trust Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a dividend of $2.57 per share. This represents a $10.28 annualized dividend and a yield of 3.63%. The ex-dividend date is Monday, June 30th. Essex Property Trust's payout ratio is 98.37%.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently issued reports on ESS shares. Wall Street Zen cut Essex Property Trust from a "hold" rating to a "sell" rating in a research note on Saturday. BMO Capital Markets upped their price target on shares of Essex Property Trust from $315.00 to $317.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 28th. Scotiabank reaffirmed an "outperform" rating on shares of Essex Property Trust in a research report on Friday, June 13th. Royal Bank Of Canada dropped their target price on shares of Essex Property Trust from $311.00 to $309.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. Finally, Barclays upped their price objective on Essex Property Trust from $303.00 to $328.00 and gave the company an "equal weight" rating in a research note on Friday, May 9th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Essex Property Trust has an average rating of "Hold" and a consensus target price of $310.28.
Read Our Latest Research Report on ESS
Essex Property Trust Company Profile
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Free Report)
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.
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