JPMorgan Chase & Co. trimmed its position in Essex Property Trust, Inc. (NYSE:ESS – Free Report) by 45.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 513,153 shares of the real estate investment trust’s stock after selling 420,197 shares during the quarter. JPMorgan Chase & Co.’s holdings in Essex Property Trust were worth $151,596,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Assetmark Inc. boosted its stake in shares of Essex Property Trust by 2,400.0% in the 3rd quarter. Assetmark Inc. now owns 100 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 96 shares during the last quarter. Brooklyn Investment Group acquired a new position in Essex Property Trust in the third quarter valued at approximately $39,000. Continuum Advisory LLC boosted its stake in Essex Property Trust by 104.5% in the third quarter. Continuum Advisory LLC now owns 225 shares of the real estate investment trust’s stock valued at $68,000 after acquiring an additional 115 shares during the last quarter. Sentry Investment Management LLC acquired a new stake in Essex Property Trust during the 3rd quarter worth $89,000. Finally, Exchange Traded Concepts LLC raised its position in shares of Essex Property Trust by 1,247.2% during the 3rd quarter. Exchange Traded Concepts LLC now owns 485 shares of the real estate investment trust’s stock valued at $143,000 after acquiring an additional 449 shares during the last quarter. 96.51% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
ESS has been the subject of a number of analyst reports. Bank of America cut Essex Property Trust from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $307.00 to $321.00 in a research note on Tuesday, September 24th. JPMorgan Chase & Co. downgraded shares of Essex Property Trust from a “neutral” rating to an “underweight” rating and upped their target price for the company from $297.00 to $303.00 in a research note on Tuesday, December 17th. Barclays assumed coverage on shares of Essex Property Trust in a research report on Tuesday, December 17th. They set an “equal weight” rating and a $316.00 price target on the stock. The Goldman Sachs Group assumed coverage on shares of Essex Property Trust in a research report on Wednesday, September 4th. They issued a “neutral” rating and a $318.00 price objective for the company. Finally, Raymond James lowered Essex Property Trust from an “outperform” rating to a “market perform” rating in a report on Monday, October 21st. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $302.11.
Essex Property Trust Stock Performance
Shares of ESS opened at $285.44 on Wednesday. The stock has a market capitalization of $18.34 billion, a price-to-earnings ratio of 33.35, a PEG ratio of 5.86 and a beta of 0.90. Essex Property Trust, Inc. has a 12 month low of $223.06 and a 12 month high of $317.73. The firm has a fifty day simple moving average of $296.95 and a 200 day simple moving average of $291.74. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.13.
Essex Property Trust (NYSE:ESS – Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $1.84 earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $445.88 million. During the same quarter in the previous year, the business earned $3.78 EPS. Research analysts forecast that Essex Property Trust, Inc. will post 15.56 EPS for the current fiscal year.
Essex Property Trust Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Thursday, January 2nd will be issued a dividend of $2.45 per share. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $9.80 dividend on an annualized basis and a yield of 3.43%. Essex Property Trust’s payout ratio is 114.49%.
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.
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