Skandinaviska Enskilda Banken AB publ Has $9.61 Million Stock Holdings in Essex Property Trust, Inc. (NYSE:ESS)

Key Points

• Skandinaviska Enskilda Banken AB publ reduced its position in Essex Property Trust by 10.9%, now holding 31,345 shares valued at approximately $9.6 million.
• Various hedge funds have made adjustments to their stakes in Essex Property Trust, with notable increases by Cetera Investment Advisers and Universal Beteiligungs und Servicegesellschaft mbH.
• Analysts have mixed views on Essex Property Trust, with price targets ranging from $293 to $317, and a consensus rating of "Hold."

Skandinaviska Enskilda Banken AB publ decreased its position in Essex Property Trust, Inc. (NYSE:ESS - Free Report) by 10.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 31,345 shares of the real estate investment trust's stock after selling 3,834 shares during the quarter. Skandinaviska Enskilda Banken AB publ's holdings in Essex Property Trust were worth $9,609,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Ameriflex Group Inc. acquired a new stake in Essex Property Trust during the 4th quarter worth approximately $59,000. Alpine Bank Wealth Management bought a new position in Essex Property Trust during the first quarter worth $82,000. Huntington National Bank boosted its position in Essex Property Trust by 85.2% during the fourth quarter. Huntington National Bank now owns 300 shares of the real estate investment trust's stock worth $86,000 after purchasing an additional 138 shares during the period. CoreCap Advisors LLC boosted its position in Essex Property Trust by 17.7% during the fourth quarter. CoreCap Advisors LLC now owns 365 shares of the real estate investment trust's stock worth $104,000 after purchasing an additional 55 shares during the period. Finally, Continuum Advisory LLC boosted its position in shares of Essex Property Trust by 52.9% in the first quarter. Continuum Advisory LLC now owns 390 shares of the real estate investment trust's stock valued at $120,000 after acquiring an additional 135 shares during the period. Institutional investors own 96.51% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ESS. Piper Sandler reissued an "overweight" rating and set a $355.00 target price (down previously from $370.00) on shares of Essex Property Trust in a research report on Friday, May 23rd. Royal Bank Of Canada reduced their price target on shares of 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. Barclays lifted their price target on shares of Essex Property Trust from $303.00 to $328.00 and gave the company an "equal weight" rating in a research report on Friday, May 9th. Scotiabank reiterated an "outperform" rating on shares of Essex Property Trust in a report on Friday, June 13th. Finally, BMO Capital Markets boosted their price target on shares of Essex Property Trust from $315.00 to $317.00 and gave the stock an "outperform" rating in a report on Wednesday, May 28th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $313.03.

Essex Property Trust Stock Down 4.8%

NYSE:ESS traded down $13.83 during mid-day trading on Wednesday, hitting $276.85. The company had a trading volume of 935,867 shares, compared to its average volume of 468,516. The business has a fifty day simple moving average of $283.80 and a 200-day simple moving average of $286.36. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.18. Essex Property Trust, Inc. has a 1 year low of $243.85 and a 1 year high of $317.73. The firm has a market capitalization of $17.83 billion, a price-to-earnings ratio of 26.48, a PEG ratio of 5.90 and a beta of 0.78.

Essex Property Trust (NYSE:ESS - Get Free Report) last announced its earnings results on Tuesday, July 29th. The real estate investment trust reported $4.03 EPS for the quarter, topping the consensus estimate of $3.99 by $0.04. Essex Property Trust had a return on equity of 11.81% and a net margin of 37.08%. The firm had revenue of $465.84 million for the quarter, compared to analysts' expectations of $466.47 million. During the same quarter in the previous year, the company earned $3.94 earnings per share. Equities analysts forecast 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 was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were paid a dividend of $2.57 per share. The ex-dividend date was Monday, June 30th. This represents a $10.28 annualized dividend and a yield of 3.71%. Essex Property Trust's dividend payout ratio is 98.37%.

About Essex Property Trust

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.