Lazard Asset Management LLC Grows Holdings in Essex Property Trust, Inc. (NYSE:ESS)

Lazard Asset Management LLC raised its position in Essex Property Trust, Inc. (NYSE:ESSGet Rating) by 41.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 343 shares of the real estate investment trust’s stock after purchasing an additional 100 shares during the period. Lazard Asset Management LLC’s holdings in Essex Property Trust were worth $89,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Clear Street Markets LLC increased its stake in shares of Essex Property Trust by 434.6% during the 2nd quarter. Clear Street Markets LLC now owns 139 shares of the real estate investment trust’s stock valued at $36,000 after acquiring an additional 113 shares during the last quarter. CX Institutional acquired a new position in shares of Essex Property Trust during the 2nd quarter valued at about $49,000. Aaron Wealth Advisors LLC acquired a new position in shares of Essex Property Trust during the 1st quarter valued at about $52,000. Northwestern Mutual Wealth Management Co. increased its stake in shares of Essex Property Trust by 864.3% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 270 shares of the real estate investment trust’s stock valued at $93,000 after acquiring an additional 242 shares during the last quarter. Finally, Signaturefd LLC increased its stake in shares of Essex Property Trust by 28.1% during the 1st quarter. Signaturefd LLC now owns 278 shares of the real estate investment trust’s stock valued at $96,000 after acquiring an additional 61 shares during the last quarter. 91.57% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ESS has been the subject of a number of research analyst reports. Capital One Financial reaffirmed an “equal weight” rating on shares of Essex Property Trust in a research note on Thursday, August 18th. Barclays dropped their target price on shares of Essex Property Trust from $300.00 to $219.00 and set an “underweight” rating for the company in a research report on Thursday, November 10th. Stifel Nicolaus dropped their target price on shares of Essex Property Trust from $336.00 to $291.00 in a research report on Friday, October 7th. Mizuho dropped their target price on shares of Essex Property Trust from $264.00 to $221.00 and set a “neutral” rating for the company in a research report on Thursday, November 10th. Finally, Jefferies Financial Group dropped their target price on shares of Essex Property Trust from $280.00 to $237.00 and set a “hold” rating for the company in a research report on Wednesday, October 19th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $275.24.

Essex Property Trust Stock Performance

Essex Property Trust stock opened at $211.86 on Thursday. The stock has a market cap of $13.72 billion, a P/E ratio of 38.38, a price-to-earnings-growth ratio of 1.87 and a beta of 0.73. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 1.05. The stock has a 50 day moving average of $229.10 and a 200-day moving average of $259.25. Essex Property Trust, Inc. has a 52 week low of $205.76 and a 52 week high of $363.36.

Essex Property Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 14th. Investors of record on Friday, September 30th were paid a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a yield of 4.15%. The ex-dividend date of this dividend was Thursday, September 29th. Essex Property Trust’s dividend payout ratio (DPR) is presently 159.42%.

Essex Property Trust 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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