Truist Financial Corp boosted its stake in shares of Essex Property Trust, Inc. (NYSE:ESS – Get Rating) by 17.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,403 shares of the real estate investment trust’s stock after acquiring an additional 3,190 shares during the quarter. Truist Financial Corp’s holdings in Essex Property Trust were worth $5,184,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in ESS. Millennium Management LLC lifted its position in Essex Property Trust by 377.8% during the 2nd quarter. Millennium Management LLC now owns 506,231 shares of the real estate investment trust’s stock worth $132,384,000 after acquiring an additional 400,270 shares during the period. Waterfront Capital Partners LLC acquired a new stake in shares of Essex Property Trust in the 2nd quarter valued at approximately $74,981,000. Vanguard Group Inc. lifted its holdings in shares of Essex Property Trust by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 10,614,782 shares of the real estate investment trust’s stock valued at $3,667,195,000 after buying an additional 184,047 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Essex Property Trust by 182.0% in the 2nd quarter. Renaissance Technologies LLC now owns 173,526 shares of the real estate investment trust’s stock valued at $45,379,000 after buying an additional 112,000 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in shares of Essex Property Trust by 3.3% in the 2nd quarter. Principal Financial Group Inc. now owns 3,008,123 shares of the real estate investment trust’s stock valued at $786,657,000 after buying an additional 96,432 shares during the period. 91.76% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several analysts have recently commented on ESS shares. Truist Financial reduced their price target on Essex Property Trust from $324.00 to $247.00 and set a “buy” rating for the company in a report on Wednesday, November 30th. Barclays reduced their price target on Essex Property Trust from $300.00 to $219.00 and set an “underweight” rating for the company in a report on Thursday, November 10th. Bank of America downgraded Essex Property Trust from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $265.00 to $233.00 in a research note on Monday, November 14th. Janney Montgomery Scott downgraded Essex Property Trust from a “buy” rating to a “neutral” rating and set a $241.00 price objective for the company. in a research note on Wednesday, December 14th. Finally, Piper Sandler downgraded Essex Property Trust from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $297.00 to $250.00 in a research note on Friday, October 28th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $254.70.
Essex Property Trust Price Performance
Essex Property Trust Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 13th. Stockholders of record on Tuesday, January 3rd will be given a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a dividend yield of 3.99%. The ex-dividend date of this dividend is Friday, December 30th. Essex Property Trust’s dividend payout ratio is currently 159.42%.
In other Essex Property Trust news, Director Amal M. Johnson acquired 500 shares of the stock in a transaction dated Friday, December 2nd. The stock was acquired at an average price of $218.44 per share, with a total value of $109,220.00. Following the completion of the transaction, the director now directly owns 2,000 shares in the company, valued at $436,880. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 3.70% 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 246 apartment communities comprising approximately 60,000 apartment homes with an additional 6 properties in various stages of active development.
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