Mirae Asset Global Investments Co. Ltd. Grows Stock Position in Essex Property Trust, Inc. (NYSE:ESS)

Mirae Asset Global Investments Co. Ltd. grew its stake in Essex Property Trust, Inc. (NYSE:ESS - Free Report) by 15.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,867 shares of the real estate investment trust's stock after acquiring an additional 2,340 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Essex Property Trust were worth $5,467,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. DoubleLine ETF Adviser LP increased its position in shares of Essex Property Trust by 0.8% in the fourth quarter. DoubleLine ETF Adviser LP now owns 4,624 shares of the real estate investment trust's stock worth $1,320,000 after acquiring an additional 38 shares in the last quarter. Gen Wealth Partners Inc lifted its holdings in shares of Essex Property Trust by 2.4% during the 4th quarter. Gen Wealth Partners Inc now owns 1,952 shares of the real estate investment trust's stock valued at $557,000 after acquiring an additional 45 shares in the last quarter. Sequoia Financial Advisors LLC boosted its position in Essex Property Trust by 6.3% during the 1st quarter. Sequoia Financial Advisors LLC now owns 778 shares of the real estate investment trust's stock worth $239,000 after purchasing an additional 46 shares during the period. US Bancorp DE grew its stake in shares of Essex Property Trust by 1.2% in the fourth quarter. US Bancorp DE now owns 4,126 shares of the real estate investment trust's stock valued at $1,178,000 after buying an additional 49 shares in the last quarter. Finally, CoreCap Advisors LLC raised its holdings in shares of Essex Property Trust by 17.7% during the 4th quarter. CoreCap Advisors LLC now owns 365 shares of the real estate investment trust's stock valued at $104,000 after buying an additional 55 shares during the period. 96.51% of the stock is owned by hedge funds and other institutional investors.

Essex Property Trust Stock Performance

NYSE ESS traded down $1.24 during trading hours on Wednesday, reaching $283.53. 433,390 shares of the company were exchanged, compared to its average volume of 422,019. Essex Property Trust, Inc. has a 1 year low of $243.85 and a 1 year high of $317.73. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.18. The business's 50 day simple moving average is $282.39 and its 200-day simple moving average is $285.83. The stock has a market capitalization of $18.26 billion, a P/E ratio of 27.13, a P/E/G ratio of 5.91 and a beta of 0.78.

Essex Property Trust (NYSE:ESS - Get Free Report) last issued its quarterly earnings data 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 net margin of 37.08% and a return on equity of 11.81%. The company had revenue of $464.58 million during the quarter, compared to analysts' expectations of $458.03 million. During the same quarter in the previous year, the company earned $3.83 earnings per share. On average, equities research analysts expect that Essex Property Trust, Inc. will post 15.96 earnings per share for the current year.

Essex Property Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a $2.57 dividend. The ex-dividend date is Monday, June 30th. This represents a $10.28 annualized dividend and a yield of 3.63%. Essex Property Trust's dividend payout ratio (DPR) is presently 98.37%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Wall Street Zen downgraded Essex Property Trust from a "hold" rating to a "sell" rating in a research note on Friday, June 27th. Mizuho dropped their price objective on Essex Property Trust from $314.00 to $293.00 and set an "outperform" rating on the stock in a research note on Friday, May 23rd. Scotiabank restated an "outperform" rating on shares of Essex Property Trust in a report on Friday, June 13th. Raymond James Financial upgraded shares of Essex Property Trust from a "market perform" rating to an "outperform" rating and set a $315.00 price target on the stock in a report on Tuesday, June 24th. Finally, Truist Financial increased their target price on shares of Essex Property Trust from $292.00 to $304.00 and gave the stock a "hold" rating in a research report on Monday, March 10th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price 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.