Sumitomo Mitsui Trust Group Inc. Reduces Position in Essex Property Trust, Inc. $ESS

Key Points

• Sumitomo Mitsui Trust Group Inc. cut its stake in Essex Property Trust by 2.6% in the first quarter, selling 5,912 shares and leaving it with 223,756 shares worth about $54.1 million.
• Essex Property Trust reported mixed quarterly results, with EPS of $1.65 missing analyst estimates while revenue came in slightly above expectations. The company also issued Q2 2026 guidance of $3.920-$4.040 EPS.
• The REIT declared a quarterly dividend of $2.59 per share, implying an annualized yield of 3.5%, and the stock was trading around $293.33, near its 52-week high of $303.35.

Sumitomo Mitsui Trust Group Inc. lessened its holdings in shares of Essex Property Trust, Inc. (NYSE:ESS - Free Report) by 2.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 223,756 shares of the real estate investment trust's stock after selling 5,912 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.35% of Essex Property Trust worth $54,149,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Swiss Life Asset Management Ltd raised its holdings in Essex Property Trust by 442.7% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 27,902 shares of the real estate investment trust's stock valued at $7,468,000 after acquiring an additional 22,761 shares during the period. Lighthouse Investment Partners LLC boosted its holdings in shares of Essex Property Trust by 393.1% in the third quarter. Lighthouse Investment Partners LLC now owns 69,629 shares of the real estate investment trust's stock worth $18,637,000 after acquiring an additional 55,508 shares during the period. Nomura Asset Management Co. Ltd. grew its position in shares of Essex Property Trust by 2.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 255,533 shares of the real estate investment trust's stock valued at $66,868,000 after purchasing an additional 6,422 shares in the last quarter. BNP Paribas Financial Markets grew its position in shares of Essex Property Trust by 29.3% in the fourth quarter. BNP Paribas Financial Markets now owns 160,122 shares of the real estate investment trust's stock valued at $41,901,000 after purchasing an additional 36,293 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Essex Property Trust during the 4th quarter valued at $230,690,000. Hedge funds and other institutional investors own 96.51% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on ESS. Cantor Fitzgerald raised their target price on Essex Property Trust from $290.00 to $291.00 and gave the stock an "overweight" rating in a research note on Monday, May 4th. Evercore reiterated an "outperform" rating and set a $296.00 price target on shares of Essex Property Trust in a research report on Monday, June 8th. UBS Group set a $290.00 price target on shares of Essex Property Trust in a report on Thursday, June 18th. Barclays increased their price target on shares of Essex Property Trust from $272.00 to $277.00 and gave the stock an "equal weight" rating in a report on Monday, May 11th. Finally, Wall Street Zen upgraded shares of Essex Property Trust from a "sell" rating to a "hold" rating in a research report on Saturday, July 4th. Nine investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $293.03.

Essex Property Trust Trading Up 0.8%

ESS traded up $2.21 on Friday, hitting $293.33. 464,205 shares of the company were exchanged, compared to its average volume of 439,403. 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 firm has a fifty day simple moving average of $279.91 and a two-hundred day simple moving average of $262.61. The stock has a market capitalization of $18.85 billion, a PE ratio of 32.96, a price-to-earnings-growth ratio of 12.66 and a beta of 0.70. Essex Property Trust, Inc. has a 12 month low of $238.46 and a 12 month high of $303.35.

Essex Property Trust (NYSE:ESS - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The real estate investment trust reported $1.65 earnings per share for the quarter, missing the consensus estimate of $3.96 by ($2.31). The company had revenue of $484.76 million during the quarter, compared to the consensus estimate of $479.89 million. Essex Property Trust had a net margin of 30.03% and a return on equity of 10.00%. During the same quarter in the previous year, the firm posted $3.97 EPS. Essex Property Trust has set its Q2 2026 guidance at 3.920-4.040 EPS. Sell-side analysts expect that Essex Property Trust, Inc. will post 16.11 earnings per share for the current year.

Essex Property Trust Announces Dividend

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

Insider Buying and Selling

In other Essex Property Trust news, Director Mary Kasaris sold 600 shares of the stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $279.45, for a total transaction of $167,670.00. Following the completion of the sale, the director owned 2,394 shares of the company's stock, valued at $669,003.30. This represents a 20.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 3.47% of the stock is owned by corporate insiders.

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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