Resona Asset Management Co. Ltd. Acquires 3,793 Shares of Essex Property Trust, Inc. $ESS

Key Points

• Resona Asset Management Co. Ltd. increased its holdings in Essex Property Trust by 9.2%, owning 44,806 shares worth $13.7 million as of the latest SEC filing.
• Essex Property Trust reported an EPS of $4.03 for the last quarter, exceeding the consensus estimate of $3.99 and recording a net margin of 43.51%.
• Analysts have mixed ratings on Essex Property Trust, with a consensus rating of "Hold" and a target price of $302.86 after various adjustments by multiple firms.

Resona Asset Management Co. Ltd. raised its holdings in Essex Property Trust, Inc. (NYSE:ESS - Free Report) by 9.2% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 44,806 shares of the real estate investment trust's stock after buying an additional 3,793 shares during the period. Resona Asset Management Co. Ltd. owned approximately 0.07% of Essex Property Trust worth $13,716,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Wealthquest Corp purchased a new position in shares of Essex Property Trust during the first quarter worth approximately $384,606,000. GAMMA Investing LLC grew 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 last quarter. Northern Trust Corp grew its holdings in shares of Essex Property Trust by 56.0% during the fourth quarter. Northern Trust Corp now owns 1,127,830 shares of the real estate investment trust's stock worth $321,928,000 after buying an additional 404,892 shares in the last quarter. Nuveen LLC acquired a new position in Essex Property Trust in the first quarter valued at $91,014,000. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Essex Property Trust by 65.1% during the 1st quarter. JPMorgan Chase & Co. now owns 725,896 shares of the real estate investment trust's stock worth $222,538,000 after acquiring an additional 286,345 shares during the period. 96.51% of the stock is owned by institutional investors and hedge funds.

Essex Property Trust Stock Performance

ESS traded down $1.66 on Monday, hitting $257.72. The company's stock had a trading volume of 88,941 shares, compared to its average volume of 489,278. The company's 50 day simple moving average is $278.38 and its 200-day simple moving average is $284.18. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 1.16. Essex Property Trust, Inc. has a 12 month low of $243.85 and a 12 month high of $317.73. The firm has a market cap of $16.60 billion, a P/E ratio of 20.77, a price-to-earnings-growth ratio of 6.67 and a beta of 0.80.

Essex Property Trust (NYSE:ESS - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $4.03 earnings per share for the quarter, beating the consensus estimate of $3.99 by $0.04. The company had revenue of $465.84 million during the quarter, compared to analysts' expectations of $466.47 million. Essex Property Trust had a return on equity of 13.98% and a net margin of 43.51%. During the same period in the previous year, the business earned $3.94 earnings per share. Analysts forecast that Essex Property Trust, Inc. will post 15.96 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on ESS shares. Wall Street Zen upgraded Essex Property Trust from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Truist Financial decreased their price objective on Essex Property Trust from $295.00 to $283.00 and set a "hold" rating for the company in a report on Tuesday, August 12th. Mizuho decreased their target price on Essex Property Trust from $314.00 to $293.00 and set an "outperform" rating for the company in a research note on Friday, May 23rd. Stifel Nicolaus upped their price target on shares of Essex Property Trust from $301.50 to $305.50 and gave the company a "hold" rating in a report on Wednesday, July 30th. Finally, Scotiabank lowered their price objective on shares of Essex Property Trust from $320.00 to $309.00 and set a "sector outperform" rating on the stock in a research note on Tuesday, August 5th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, Essex Property Trust presently has an average rating of "Hold" and an average target price of $302.86.

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.