Vestcor Inc Reduces Holdings in Essex Property Trust, Inc. (NYSE:ESS)

Vestcor Inc reduced its position in Essex Property Trust, Inc. (NYSE:ESS) by 81.8% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 1,213 shares of the real estate investment trust’s stock after selling 5,436 shares during the period. Vestcor Inc’s holdings in Essex Property Trust were worth $358,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Continuum Advisory LLC lifted its stake in Essex Property Trust by 214.3% in the second quarter. Continuum Advisory LLC now owns 110 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 75 shares during the last quarter. UMB Bank n.a. raised its position in Essex Property Trust by 600.0% in the 2nd quarter. UMB Bank n.a. now owns 112 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 96 shares during the last quarter. Assetmark Inc. boosted its stake in Essex Property Trust by 2,400.0% during the 3rd quarter. Assetmark Inc. now owns 100 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 96 shares during the period. Family Firm Inc. purchased a new position in Essex Property Trust during the 2nd quarter worth $31,000. Finally, Brooklyn Investment Group acquired a new position in Essex Property Trust in the third quarter valued at $39,000. 96.51% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Essex Property Trust

In other news, Director Amal M. Johnson sold 7,298 shares of Essex Property Trust stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $316.31, for a total value of $2,308,430.38. Following the transaction, the director now owns 2,585 shares of the company’s stock, valued at $817,661.35. This trade represents a 73.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Anne Morrison sold 2,571 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $314.79, for a total transaction of $809,325.09. Following the transaction, the chief accounting officer now directly owns 2,321 shares of the company’s stock, valued at approximately $730,627.59. This represents a 52.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,949 shares of company stock worth $5,663,763 over the last three months. Corporate insiders own 3.80% of the company’s stock.

Essex Property Trust Stock Performance

Shares of Essex Property Trust stock opened at $299.91 on Friday. Essex Property Trust, Inc. has a 12 month low of $223.06 and a 12 month high of $317.73. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.13. The stock has a market cap of $19.27 billion, a PE ratio of 35.04, a price-to-earnings-growth ratio of 5.86 and a beta of 0.90. The business has a fifty day simple moving average of $298.08 and a 200-day simple moving average of $289.59.

Essex Property Trust (NYSE:ESS) last issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $1.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.88 by ($2.04). Essex Property Trust had a net margin of 31.55% and a return on equity of 9.72%. The company had revenue of $450.70 million for the quarter, compared to analyst estimates of $445.88 million. During the same period last year, the business earned $3.78 EPS. On average, sell-side analysts anticipate that Essex Property Trust, Inc. will post 15.56 EPS for the current fiscal year.

Essex Property Trust Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Thursday, January 2nd will be given a dividend of $2.45 per share. This represents a $9.80 annualized dividend and a yield of 3.27%. The ex-dividend date is Thursday, January 2nd. Essex Property Trust’s payout ratio is 114.49%.

Analysts Set New Price Targets

ESS has been the subject of several analyst reports. Piper Sandler upped their price objective on Essex Property Trust from $315.00 to $355.00 and gave the company an “overweight” rating in a research note on Monday, August 26th. Truist Financial increased their price target on Essex Property Trust from $282.00 to $294.00 and gave the stock a “hold” rating in a report on Tuesday, August 27th. BNP Paribas started coverage on shares of Essex Property Trust in a research note on Wednesday, September 11th. They issued an “outperform” rating and a $333.00 price objective on the stock. JPMorgan Chase & Co. raised their target price on shares of Essex Property Trust from $265.00 to $297.00 and gave the stock a “neutral” rating in a research note on Monday, September 16th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on shares of Essex Property Trust from $240.00 to $308.00 and gave the stock a “hold” rating in a report on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $297.00.

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.