Resolution Capital Ltd Sells 11,959 Shares of Essex Property Trust, Inc. $ESS

Key Points

• Resolution Capital reduced its Essex Property Trust stake by 1.7%, selling 11,959 shares and retaining 673,020 shares valued at approximately $162.9 million. Institutional investors collectively own 96.51% of the REIT.
• Essex shares opened at $294.42, near their 52-week high, while the company reported quarterly revenue of $484.76 million but earnings per share of $1.65, well below the $3.96 consensus estimate.
• The REIT paid a quarterly dividend of $2.59, or $10.36 annually, representing a 3.5% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $299.08.

Resolution Capital Ltd lowered its stake in shares of Essex Property Trust, Inc. (NYSE:ESS - Free Report) by 1.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 673,020 shares of the real estate investment trust's stock after selling 11,959 shares during the quarter. Essex Property Trust comprises 3.4% of Resolution Capital Ltd's portfolio, making the stock its 11th largest position. Resolution Capital Ltd owned approximately 1.05% of Essex Property Trust worth $162,871,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Geode Capital Management LLC boosted its holdings in shares of Essex Property Trust by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 1,873,698 shares of the real estate investment trust's stock valued at $488,601,000 after buying an additional 22,835 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Essex Property Trust by 21.9% in the 4th quarter. Principal Financial Group Inc. now owns 1,679,607 shares of the real estate investment trust's stock worth $439,520,000 after buying an additional 301,349 shares during the period. Daiwa Securities Group Inc. increased its stake in shares of Essex Property Trust by 9.5% in the 3rd quarter. Daiwa Securities Group Inc. now owns 1,157,617 shares of the real estate investment trust's stock worth $309,848,000 after acquiring an additional 100,730 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Essex Property Trust by 6.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 995,810 shares of the real estate investment trust's stock worth $240,989,000 after acquiring an additional 57,173 shares in the last quarter. Finally, Morgan Stanley lifted its position in Essex Property Trust by 31.3% during the 4th quarter. Morgan Stanley now owns 958,090 shares of the real estate investment trust's stock valued at $250,714,000 after acquiring an additional 228,165 shares during the period. 96.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Essex Property Trust

In related news, Director Mary Kasaris sold 600 shares of the company's stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $279.45, for a total value of $167,670.00. Following the transaction, the director directly owned 2,394 shares of the company's stock, valued at approximately $669,003.30. This represents a 20.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 3.47% of the company's stock.

Essex Property Trust Stock Up 1.3%

Shares of Essex Property Trust stock opened at $294.42 on Wednesday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.98 and a current ratio of 0.98. The stock has a market capitalization of $18.92 billion, a PE ratio of 33.08, a price-to-earnings-growth ratio of 12.53 and a beta of 0.70. Essex Property Trust, Inc. has a 52-week low of $238.46 and a 52-week high of $303.35. The company has a 50-day simple moving average of $286.21 and a two-hundred day simple moving average of $265.58.

Essex Property Trust (NYSE:ESS - Get Free Report) last issued its earnings results on Tuesday, April 28th. The real estate investment trust reported $1.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.96 by ($2.31). Essex Property Trust had a return on equity of 10.00% and a net margin of 30.03%.The firm had revenue of $484.76 million during the quarter, compared to the consensus estimate of $479.89 million. During the same quarter in the prior year, the company posted $3.97 EPS. On average, analysts anticipate that Essex Property Trust, Inc. will post 16.11 EPS for the current fiscal year.

Essex Property Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a $2.59 dividend. This represents a $10.36 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date was Tuesday, June 30th. Essex Property Trust's payout ratio is presently 116.40%.

Analyst Upgrades and Downgrades

ESS has been the topic of several research reports. Mizuho boosted their price objective on shares of Essex Property Trust from $285.00 to $308.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 10th. Cantor Fitzgerald raised their target price on shares of Essex Property Trust from $290.00 to $291.00 and gave the company an "overweight" rating in a research note on Monday, May 4th. Wells Fargo & Company lifted their target price on shares of Essex Property Trust from $280.00 to $297.00 and gave the company an "equal weight" rating in a report on Wednesday, July 22nd. Sanford C. Bernstein started coverage on Essex Property Trust in a research report on Friday, June 26th. They issued an "outperform" rating and a $320.00 price target on the stock. Finally, Weiss Ratings upgraded Essex Property Trust from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, June 12th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Essex Property Trust presently has a consensus rating of "Moderate Buy" and an average target price of $299.08.

About Essex Property Trust

Essex Property Trust, Inc NYSE: ESS is a publicly traded real estate investment trust that acquires, develops, owns and operates multifamily residential properties. The company focuses on market-rate apartment communities and delivers a full suite of property services including leasing, resident services, asset management, and capital improvement programs designed to preserve and enhance long‑term property values.

Essex concentrates its portfolio in West Coast markets, with a significant presence in California and the Pacific Northwest.

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