Sumitomo Mitsui Trust Holdings Inc. Cuts Stock Position in Essex Property Trust, Inc. (NYSE:ESS)

Sumitomo Mitsui Trust Holdings Inc. trimmed its holdings in shares of Essex Property Trust, Inc. (NYSE:ESSFree Report) by 1.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 233,526 shares of the real estate investment trust’s stock after selling 4,164 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.36% of Essex Property Trust worth $57,170,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the stock. Lindbrook Capital LLC boosted its position in shares of Essex Property Trust by 111.5% in the fourth quarter. Lindbrook Capital LLC now owns 110 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 58 shares during the period. Vima LLC acquired a new stake in Essex Property Trust in the fourth quarter valued at approximately $40,000. Bruce G. Allen Investments LLC acquired a new stake in Essex Property Trust in the fourth quarter valued at approximately $41,000. Bear Mountain Capital Inc. purchased a new stake in shares of Essex Property Trust during the fourth quarter valued at approximately $55,000. Finally, Blue Trust Inc. lifted its position in shares of Essex Property Trust by 645.2% during the fourth quarter. Blue Trust Inc. now owns 231 shares of the real estate investment trust’s stock worth $57,000 after purchasing an additional 200 shares in the last quarter. 96.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $315.00 price target on shares of Essex Property Trust in a report on Friday, June 28th. Truist Financial lifted their target price on Essex Property Trust from $255.00 to $282.00 and gave the stock a “hold” rating in a research report on Monday, June 24th. Mizuho increased their price target on Essex Property Trust from $250.00 to $266.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Bank of America upgraded Essex Property Trust from a “neutral” rating to a “buy” rating and raised their price objective for the company from $250.00 to $275.00 in a research note on Monday, April 1st. Finally, Wells Fargo & Company upped their target price on Essex Property Trust from $232.00 to $269.00 and gave the company an “equal weight” rating in a research report on Friday, May 31st. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $258.63.

Check Out Our Latest Analysis on Essex Property Trust

Essex Property Trust Stock Performance

Shares of NYSE ESS opened at $272.24 on Friday. The company has a quick ratio of 3.19, a current ratio of 3.19 and a debt-to-equity ratio of 1.14. The firm’s 50-day moving average price is $265.40 and its two-hundred day moving average price is $248.48. Essex Property Trust, Inc. has a 52-week low of $203.85 and a 52-week high of $284.77. The stock has a market capitalization of $17.48 billion, a P/E ratio of 33.28, a P/E/G ratio of 3.77 and a beta of 0.86.

Essex Property Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 24th. Investors of record on Friday, June 28th will be given a dividend of $2.45 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $9.80 dividend on an annualized basis and a yield of 3.60%. Essex Property Trust’s dividend payout ratio is currently 119.80%.

Insider Buying and Selling

In other news, CEO Angela L. Kleiman sold 3,780 shares of the business’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $278.27, for a total transaction of $1,051,860.60. Following the completion of the transaction, the chief executive officer now owns 9,494 shares of the company’s stock, valued at $2,641,895.38. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director Keith R. Guericke sold 10,000 shares of the stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $274.57, for a total value of $2,745,700.00. Following the completion of the transaction, the director now directly owns 16,118 shares of the company’s stock, valued at approximately $4,425,519.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Angela L. Kleiman sold 3,780 shares of Essex Property Trust stock in a transaction on Friday, June 21st. The shares were sold at an average price of $278.27, for a total value of $1,051,860.60. Following the sale, the chief executive officer now directly owns 9,494 shares in the company, valued at approximately $2,641,895.38. The disclosure for this sale can be found here. 3.90% of the stock is owned by company insiders.

About Essex Property Trust

(Free Report)

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.

Further Reading

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

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