Pictet Asset Management SA Has $13.16 Million Stock Position in Essex Property Trust, Inc. (NYSE:ESS)

Pictet Asset Management SA decreased its stake in shares of Essex Property Trust, Inc. (NYSE:ESSGet Rating) by 21.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 50,331 shares of the real estate investment trust’s stock after selling 13,419 shares during the period. Pictet Asset Management SA owned 0.08% of Essex Property Trust worth $13,162,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Legacy Wealth Asset Management LLC lifted its position in Essex Property Trust by 6.0% during the 1st quarter. Legacy Wealth Asset Management LLC now owns 675 shares of the real estate investment trust’s stock worth $233,000 after buying an additional 38 shares in the last quarter. Redpoint Investment Management Pty Ltd lifted its position in Essex Property Trust by 0.6% during the 2nd quarter. Redpoint Investment Management Pty Ltd now owns 6,672 shares of the real estate investment trust’s stock worth $1,745,000 after buying an additional 39 shares in the last quarter. Veritable L.P. lifted its position in Essex Property Trust by 4.2% during the 1st quarter. Veritable L.P. now owns 999 shares of the real estate investment trust’s stock worth $345,000 after buying an additional 40 shares in the last quarter. Park Avenue Securities LLC lifted its position in Essex Property Trust by 5.2% during the 2nd quarter. Park Avenue Securities LLC now owns 868 shares of the real estate investment trust’s stock worth $227,000 after buying an additional 43 shares in the last quarter. Finally, RB Capital Management LLC lifted its position in Essex Property Trust by 1.8% during the 1st quarter. RB Capital Management LLC now owns 2,424 shares of the real estate investment trust’s stock valued at $837,000 after purchasing an additional 44 shares during the period. Institutional investors and hedge funds own 91.57% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ESS. Piper Sandler downgraded shares of Essex Property Trust from an “overweight” rating to a “neutral” rating and cut their target price for the company from $297.00 to $250.00 in a research report on Friday, October 28th. Evercore ISI cut their target price on shares of Essex Property Trust to $290.00 in a research report on Thursday, October 13th. Jefferies Financial Group cut their target price on shares of Essex Property Trust from $280.00 to $237.00 and set a “hold” rating on the stock in a research report on Wednesday, October 19th. The Goldman Sachs Group cut their target price on shares of Essex Property Trust from $284.00 to $252.00 and set a “buy” rating on the stock in a research report on Monday. Finally, Royal Bank of Canada cut their price target on shares of Essex Property Trust from $288.00 to $265.00 and set an “outperform” rating on the stock in a research report on Friday, October 28th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Essex Property Trust currently has an average rating of “Hold” and an average price target of $279.11.

Essex Property Trust Price Performance

Shares of ESS opened at $210.02 on Thursday. The stock has a market capitalization of $13.60 billion, a P/E ratio of 38.05, a P/E/G ratio of 1.89 and a beta of 0.73. Essex Property Trust, Inc. has a twelve month low of $205.83 and a twelve month high of $363.36. The company has a 50 day moving average of $234.17 and a 200-day moving average of $262.67. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 1.05.

Essex Property Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 14th. Stockholders of record on Friday, September 30th were paid a dividend of $2.20 per share. The ex-dividend date of this dividend was Thursday, September 29th. This represents a $8.80 annualized dividend and a dividend yield of 4.19%. Essex Property Trust’s dividend payout ratio is currently 159.42%.

Essex Property Trust Company Profile

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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 246 apartment communities comprising approximately 60,000 apartment homes with an additional 6 properties in various stages of active development.

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Institutional Ownership by Quarter for Essex Property Trust (NYSE:ESS)

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