Hennion & Walsh Asset Management Inc. Trims Stake in Essex Property Trust, Inc. (NYSE:ESS)

Hennion & Walsh Asset Management Inc. trimmed its position in shares of Essex Property Trust, Inc. (NYSE:ESS - Free Report) by 17.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,768 shares of the real estate investment trust's stock after selling 981 shares during the period. Hennion & Walsh Asset Management Inc.'s holdings in Essex Property Trust were worth $1,462,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of ESS. Norges Bank purchased a new stake in shares of Essex Property Trust during the 4th quarter worth approximately $471,258,000. GAMMA Investing LLC raised its holdings in Essex Property Trust by 35,500.1% during the 1st quarter. GAMMA Investing LLC now owns 448,205 shares of the real estate investment trust's stock valued at $137,406,000 after buying an additional 446,946 shares during the period. Northern Trust Corp raised its holdings in Essex Property Trust by 56.0% during the 4th quarter. Northern Trust Corp now owns 1,127,830 shares of the real estate investment trust's stock valued at $321,928,000 after buying an additional 404,892 shares during the period. Balyasny Asset Management L.P. raised its holdings in Essex Property Trust by 64.0% during the 4th quarter. Balyasny Asset Management L.P. now owns 570,786 shares of the real estate investment trust's stock valued at $162,925,000 after buying an additional 222,713 shares during the period. Finally, Schroder Investment Management Group raised its holdings in Essex Property Trust by 1,620.1% during the 4th quarter. Schroder Investment Management Group now owns 197,436 shares of the real estate investment trust's stock valued at $55,835,000 after buying an additional 185,958 shares during the period. 96.51% of the stock is owned by hedge funds and other institutional investors.

Essex Property Trust Stock Up 0.4%

Shares of Essex Property Trust stock traded up $1.18 during trading on Friday, hitting $279.32. 344,969 shares of the stock traded hands, compared to its average volume of 415,015. The firm has a market cap of $17.98 billion, a P/E ratio of 24.20, a price-to-earnings-growth ratio of 6.84 and a beta of 0.78. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.15. Essex Property Trust, Inc. has a 52-week low of $243.85 and a 52-week high of $317.73. The stock's fifty day simple moving average is $278.13 and its 200 day simple moving average is $288.16.

Essex Property Trust (NYSE:ESS - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $3.97 EPS for the quarter, beating the consensus estimate of $3.92 by $0.05. Essex Property Trust had a return on equity of 13.05% and a net margin of 41.79%. The firm had revenue of $464.58 million for the quarter, compared to analyst estimates of $458.03 million. During the same quarter last year, the firm posted $3.83 earnings per share. On average, equities analysts predict that Essex Property Trust, Inc. will post 15.96 earnings per share for the current fiscal year.

Essex Property Trust Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a $2.57 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $10.28 annualized dividend and a yield of 3.68%. Essex Property Trust's dividend payout ratio (DPR) is presently 98.37%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ESS. Barclays increased their price target on Essex Property Trust from $303.00 to $328.00 and gave the company an "equal weight" rating in a report on Friday, May 9th. BMO Capital Markets increased their price target on Essex Property Trust from $315.00 to $317.00 and gave the company an "outperform" rating in a report on Wednesday, May 28th. Scotiabank increased their price target on Essex Property Trust from $329.00 to $344.00 and gave the company a "sector outperform" rating in a report on Monday, May 12th. Piper Sandler restated an "overweight" rating and set a $355.00 price target (down previously from $370.00) on shares of Essex Property Trust in a report on Friday, May 23rd. Finally, Truist Financial upped their price objective on Essex Property Trust from $292.00 to $304.00 and gave the company a "hold" rating in a research report on Monday, March 10th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $312.17.

Insider Buying and Selling at Essex Property Trust

In other Essex Property Trust news, Director Mary Kasaris sold 2,800 shares of the firm's stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $300.80, for a total value of $842,240.00. Following the completion of the sale, the director now owns 1,755 shares of the company's stock, valued at approximately $527,904. This trade represents a 61.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.46% of the stock is owned by insiders.

Essex Property Trust Company 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.