Kentucky Retirement Systems Insurance Trust Fund Makes New $569,000 Investment in Essex Property Trust, Inc. (NYSE:ESS)

Kentucky Retirement Systems Insurance Trust Fund purchased a new position in Essex Property Trust, Inc. (NYSE:ESS - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,856 shares of the real estate investment trust's stock, valued at approximately $569,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Intact Investment Management Inc. bought a new position in shares of Essex Property Trust in the first quarter valued at approximately $705,000. Nilsine Partners LLC bought a new stake in Essex Property Trust during the first quarter worth $202,000. GAM Holding AG bought a new stake in Essex Property Trust during the first quarter worth $2,337,000. Spirit of America Management Corp NY lifted its holdings in Essex Property Trust by 11.1% during the first quarter. Spirit of America Management Corp NY now owns 8,036 shares of the real estate investment trust's stock worth $2,464,000 after acquiring an additional 800 shares during the period. Finally, Vanderbilt University lifted its holdings in Essex Property Trust by 61.1% during the first quarter. Vanderbilt University now owns 7,326 shares of the real estate investment trust's stock worth $2,246,000 after acquiring an additional 2,779 shares during the period. Institutional investors own 96.51% of the company's stock.

Essex Property Trust Price Performance

ESS opened at $286.35 on Wednesday. The stock has a 50-day moving average price of $281.34 and a 200-day moving average price of $286.35. Essex Property Trust, Inc. has a 12-month low of $243.85 and a 12-month high of $317.73. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.18. The stock has a market capitalization of $18.44 billion, a P/E ratio of 27.40, a PEG ratio of 5.96 and a beta of 0.78.

Essex Property Trust (NYSE:ESS - Get Free Report) last posted 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 return on equity of 11.81% and a net margin of 37.08%. The firm had revenue of $464.58 million during the quarter, compared to analysts' expectations of $458.03 million. During the same period in the prior year, the business earned $3.83 EPS. Equities analysts predict that Essex Property Trust, Inc. will post 15.96 earnings per share for the current fiscal year.

Essex Property Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a $2.57 dividend. This represents a $10.28 dividend on an annualized basis and a dividend yield of 3.59%. The ex-dividend date is Monday, June 30th. Essex Property Trust's payout ratio is currently 98.37%.

Analysts Set New Price Targets

A number of research firms have issued reports on ESS. Raymond James Financial raised Essex Property Trust from a "market perform" rating to an "outperform" rating and set a $315.00 target price for the company in a research report on Tuesday. Royal Bank Of Canada decreased their target price on Essex Property Trust from $311.00 to $309.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. Mizuho reduced their price target on Essex Property Trust from $314.00 to $293.00 and set an "outperform" rating for the company in a research report on Friday, May 23rd. BMO Capital Markets lifted their price target on Essex Property Trust from $315.00 to $317.00 and gave the company an "outperform" rating in a research report on Wednesday, May 28th. Finally, Scotiabank reiterated an "outperform" rating on shares of Essex Property Trust in a research report on Friday, June 13th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $310.28.

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.

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