MQS Management LLC Reduces Holdings in Essex Property Trust, Inc. (NYSE:ESS)

MQS Management LLC decreased its position in shares of Essex Property Trust, Inc. (NYSE:ESS) by 26.4% during the third quarter, HoldingsChannel reports. The fund owned 3,154 shares of the real estate investment trust’s stock after selling 1,132 shares during the quarter. Essex Property Trust accounts for approximately 0.5% of MQS Management LLC’s investment portfolio, making the stock its 20th largest holding. MQS Management LLC’s holdings in Essex Property Trust were worth $932,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in ESS. Continuum Advisory LLC grew its holdings in Essex Property Trust by 214.3% during the 2nd quarter. Continuum Advisory LLC now owns 110 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 75 shares during the last quarter. UMB Bank n.a. grew its stake in shares of Essex Property Trust by 600.0% during the second quarter. UMB Bank n.a. now owns 112 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 96 shares during the last quarter. Assetmark Inc. raised its holdings in shares of Essex Property Trust by 2,400.0% in the third quarter. Assetmark Inc. now owns 100 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 96 shares during the period. Family Firm Inc. purchased a new stake in shares of Essex Property Trust in the second quarter worth approximately $31,000. Finally, Whittier Trust Co. of Nevada Inc. lifted its stake in shares of Essex Property Trust by 121.8% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 193 shares of the real estate investment trust’s stock worth $53,000 after acquiring an additional 106 shares during the last quarter. Hedge funds and other institutional investors own 96.51% of the company’s stock.

Insider Transactions at Essex Property Trust

In related news, CEO Angela L. Kleiman sold 8,080 shares of the company’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $315.10, for a total transaction of $2,546,008.00. Following the transaction, the chief executive officer now directly owns 9,494 shares of the company’s stock, valued at $2,991,559.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, CEO Angela L. Kleiman sold 8,080 shares of Essex Property Trust stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $315.10, for a total value of $2,546,008.00. Following the completion of the sale, the chief executive officer now directly owns 9,494 shares in the company, valued at $2,991,559.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Amal M. Johnson sold 7,298 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $316.31, for a total transaction of $2,308,430.38. Following the transaction, the director now owns 2,585 shares in the company, valued at $817,661.35. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,402 shares of company stock valued at $6,399,663 in the last quarter. 3.90% of the stock is currently owned by corporate insiders.

Essex Property Trust Stock Performance

Shares of Essex Property Trust stock opened at $300.81 on Wednesday. The company has a market capitalization of $19.33 billion, a PE ratio of 35.14, a P/E/G ratio of 5.50 and a beta of 0.88. The company has a 50-day simple moving average of $297.48 and a two-hundred day simple moving average of $282.62. Essex Property Trust, Inc. has a one year low of $204.64 and a one year high of $317.73. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.14 and a current ratio of 1.14.

Essex Property Trust (NYSE:ESS) last issued its quarterly earnings data 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 return on equity of 9.72% and a net margin of 31.55%. The firm had revenue of $450.70 million during the quarter, compared to analysts’ expectations of $445.88 million. During the same period in the previous year, the firm earned $3.78 EPS. Research analysts expect that Essex Property Trust, Inc. will post 15.56 EPS for the current fiscal year.

Essex Property Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were issued a dividend of $2.45 per share. The ex-dividend date was Monday, September 30th. This represents a $9.80 annualized dividend and a dividend yield of 3.26%. Essex Property Trust’s dividend payout ratio is presently 114.49%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on ESS shares. Evercore ISI upped their price objective on Essex Property Trust from $283.00 to $287.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. BNP Paribas assumed coverage on shares of Essex Property Trust in a report on Wednesday, September 11th. They issued an “outperform” rating and a $333.00 price target on the stock. The Goldman Sachs Group began coverage on shares of Essex Property Trust in a report on Wednesday, September 4th. They set a “neutral” rating and a $318.00 price objective for the company. Raymond James downgraded shares of Essex Property Trust from an “outperform” rating to a “market perform” rating in a research note on Monday, October 21st. Finally, JPMorgan Chase & Co. lifted their price target on shares of Essex Property Trust from $265.00 to $297.00 and gave the company a “neutral” rating in a research note on Monday, September 16th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price 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.