Sumitomo Mitsui Trust Holdings Inc. decreased its holdings in shares of Essex Property Trust Inc (NYSE:ESS) by 8.3% in the 1st quarter, Holdings Channel reports. The firm owned 283,818 shares of the real estate investment trust’s stock after selling 25,665 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Essex Property Trust were worth $82,092,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. Mason Street Advisors LLC increased its position in shares of Essex Property Trust by 0.6% in the first quarter. Mason Street Advisors LLC now owns 9,372 shares of the real estate investment trust’s stock worth $2,711,000 after purchasing an additional 58 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Essex Property Trust by 6.6% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 3,841 shares of the real estate investment trust’s stock worth $1,111,000 after purchasing an additional 237 shares during the period. Sumitomo Mitsui Asset Management Company LTD increased its position in shares of Essex Property Trust by 5.5% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 9,710 shares of the real estate investment trust’s stock worth $2,808,000 after purchasing an additional 504 shares during the period. Raymond James & Associates increased its position in shares of Essex Property Trust by 3.7% in the first quarter. Raymond James & Associates now owns 15,759 shares of the real estate investment trust’s stock worth $4,558,000 after purchasing an additional 562 shares during the period. Finally, CIBC Asset Management Inc increased its position in shares of Essex Property Trust by 2.5% in the first quarter. CIBC Asset Management Inc now owns 7,049 shares of the real estate investment trust’s stock worth $2,039,000 after purchasing an additional 174 shares during the period. 97.00% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE:ESS traded up $0.05 during midday trading on Thursday, hitting $287.99. 1,449 shares of the stock were exchanged, compared to its average volume of 270,206. The stock has a market cap of $18.83 billion, a P/E ratio of 22.91, a price-to-earnings-growth ratio of 3.85 and a beta of 0.45. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.91. Essex Property Trust Inc has a 12 month low of $227.05 and a 12 month high of $294.61.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings results on Wednesday, April 24th. The real estate investment trust reported $3.23 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.19 by $0.04. The company had revenue of $356.22 million for the quarter, compared to analysts’ expectations of $353.55 million. Essex Property Trust had a return on equity of 6.50% and a net margin of 29.67%. During the same period in the previous year, the business posted $3.09 earnings per share. As a group, equities analysts forecast that Essex Property Trust Inc will post 13.12 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be issued a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a dividend yield of 2.71%. The ex-dividend date is Thursday, June 27th. Essex Property Trust’s dividend payout ratio (DPR) is currently 62.05%.

ESS has been the topic of a number of recent analyst reports. BMO Capital Markets reiterated a “hold” rating and issued a $260.00 target price on shares of Essex Property Trust in a research report on Wednesday, January 30th. Barclays upgraded Essex Property Trust from a “neutral” rating to a “positive” rating in a research report on Monday, February 4th. Citigroup set a $275.00 target price on Essex Property Trust and gave the company a “hold” rating in a research report on Tuesday, February 5th. Jefferies Financial Group cut Essex Property Trust from a “buy” rating to a “hold” rating and lifted their target price for the company from $290.00 to $295.00 in a research report on Thursday, February 7th. They noted that the move was a valuation call. Finally, KeyCorp lifted their target price on Essex Property Trust from $268.00 to $301.00 and gave the company an “overweight” rating in a research report on Tuesday, March 19th. Ten equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $282.17.

In other news, insider Michael J. Schall sold 2,682 shares of the business’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $290.10, for a total transaction of $778,048.20. Following the sale, the insider now directly owns 43,533 shares in the company, valued at $12,628,923.30. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Angela L. Kleiman sold 1,177 shares of Essex Property Trust stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $289.72, for a total value of $341,000.44. Following the completion of the transaction, the chief financial officer now directly owns 6,916 shares in the company, valued at $2,003,703.52. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,110 shares of company stock worth $3,224,758. Company insiders own 3.60% of the company’s stock.

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Essex Property Trust Profile

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 245 apartment communities 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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