Spirit of America Management Corp NY Purchases 600 Shares of Essex Property Trust, Inc. (NYSE:ESS)

Spirit of America Management Corp NY increased its position in shares of Essex Property Trust, Inc. (NYSE:ESS) by 10.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,536 shares of the real estate investment trust’s stock after acquiring an additional 600 shares during the quarter. Spirit of America Management Corp NY’s holdings in Essex Property Trust were worth $1,931,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Park Avenue Securities LLC boosted its stake in shares of Essex Property Trust by 55.7% in the 1st quarter. Park Avenue Securities LLC now owns 1,325 shares of the real estate investment trust’s stock valued at $324,000 after purchasing an additional 474 shares during the last quarter. Hennion & Walsh Asset Management Inc. raised its position in shares of Essex Property Trust by 116.6% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 2,060 shares of the real estate investment trust’s stock valued at $504,000 after acquiring an additional 1,109 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Essex Property Trust by 13.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,926 shares of the real estate investment trust’s stock valued at $961,000 after purchasing an additional 461 shares during the period. Naviter Wealth LLC boosted its position in shares of Essex Property Trust by 12.2% in the 1st quarter. Naviter Wealth LLC now owns 4,154 shares of the real estate investment trust’s stock worth $1,027,000 after purchasing an additional 452 shares during the last quarter. Finally, Azzad Asset Management Inc. ADV boosted its position in shares of Essex Property Trust by 2.7% in the 1st quarter. Azzad Asset Management Inc. ADV now owns 5,707 shares of the real estate investment trust’s stock worth $1,397,000 after purchasing an additional 148 shares during the last quarter. Institutional investors own 96.51% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on ESS shares. Evercore ISI increased their target price on Essex Property Trust from $283.00 to $287.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Truist Financial boosted their price objective on shares of Essex Property Trust from $282.00 to $294.00 and gave the company a “hold” rating in a report on Tuesday, August 27th. Scotiabank lifted their price target on shares of Essex Property Trust from $309.00 to $329.00 and gave the stock a “sector outperform” rating in a research report on Monday, September 16th. JPMorgan Chase & Co. upped their price objective on shares of Essex Property Trust from $265.00 to $297.00 and gave the company a “neutral” rating in a research report on Monday, September 16th. Finally, BNP Paribas assumed coverage on Essex Property Trust in a report on Wednesday, September 11th. They set an “outperform” rating and a $333.00 target price on the stock. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Essex Property Trust presently has an average rating of “Hold” and an average price target of $293.40.

Essex Property Trust Price Performance

Shares of NYSE ESS opened at $301.93 on Friday. Essex Property Trust, Inc. has a fifty-two week low of $203.85 and a fifty-two week high of $317.73. The stock has a market capitalization of $19.39 billion, a price-to-earnings ratio of 36.91, a PEG ratio of 5.21 and a beta of 0.88. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.62 and a quick ratio of 1.62. The business has a 50-day moving average of $297.19 and a 200-day moving average of $277.09.

Essex Property Trust (NYSE:ESS) last announced its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.85 by ($2.40). Essex Property Trust had a return on equity of 9.14% and a net margin of 30.31%. The company had revenue of $442.36 million for the quarter, compared to the consensus estimate of $433.26 million. During the same quarter in the prior year, the company earned $3.77 EPS. As a group, sell-side analysts predict that Essex Property Trust, Inc. will post 15.55 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 Friday, October 11th. Stockholders of record on Monday, September 30th were given a $2.45 dividend. This represents a $9.80 dividend on an annualized basis and a dividend yield of 3.25%. The ex-dividend date was Monday, September 30th. Essex Property Trust’s dividend payout ratio (DPR) is presently 119.80%.

Insider Transactions at Essex Property Trust

In related news, Director Amal M. Johnson sold 2,453 shares of Essex Property Trust stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $300.00, for a total transaction of $735,900.00. Following the completion of the transaction, the director now owns 2,585 shares in the company, valued at approximately $775,500. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Amal M. Johnson sold 2,453 shares of Essex Property Trust stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $300.00, for a total transaction of $735,900.00. Following the completion of the transaction, the director now directly owns 2,585 shares in the company, valued at approximately $775,500. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Anne Morrison sold 2,571 shares of the stock in a transaction on Monday, September 16th. The shares were sold at an average price of $314.79, for a total value of $809,325.09. Following the completion of the sale, the chief accounting officer now owns 2,321 shares in the company, valued at approximately $730,627.59. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,402 shares of company stock worth $6,399,663 in the last ninety days. Insiders own 3.80% of the company’s stock.

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.