United Capital Financial Advisers LLC Increases Stock Position in Essex Property Trust Inc (NYSE:ESS)

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United Capital Financial Advisers LLC raised its holdings in Essex Property Trust Inc (NYSE:ESS) by 9.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,399 shares of the real estate investment trust’s stock after purchasing an additional 478 shares during the period. United Capital Financial Advisers LLC’s holdings in Essex Property Trust were worth $1,576,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. FMR LLC lifted its holdings in shares of Essex Property Trust by 22.4% in the first quarter. FMR LLC now owns 2,303,608 shares of the real estate investment trust’s stock valued at $666,295,000 after purchasing an additional 420,856 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Essex Property Trust by 7.6% in the second quarter. Northern Trust Corp now owns 1,210,865 shares of the real estate investment trust’s stock valued at $353,488,000 after purchasing an additional 85,299 shares in the last quarter. Bank of Montreal Can lifted its holdings in shares of Essex Property Trust by 1.0% in the second quarter. Bank of Montreal Can now owns 965,211 shares of the real estate investment trust’s stock valued at $281,775,000 after purchasing an additional 9,765 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Essex Property Trust by 10.9% in the second quarter. Renaissance Technologies LLC now owns 878,226 shares of the real estate investment trust’s stock valued at $256,381,000 after purchasing an additional 86,426 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Essex Property Trust by 3.2% in the second quarter. Charles Schwab Investment Management Inc. now owns 818,436 shares of the real estate investment trust’s stock valued at $238,927,000 after purchasing an additional 25,678 shares in the last quarter. 96.85% of the stock is currently owned by institutional investors.

In related news, insider John F. Burkart sold 13,807 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $312.62, for a total transaction of $4,316,344.34. Following the completion of the transaction, the insider now owns 17,726 shares of the company’s stock, valued at $5,541,502.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CIO Adam W. Berry sold 9,369 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $314.22, for a total transaction of $2,943,927.18. Following the transaction, the executive now directly owns 11,966 shares of the company’s stock, valued at approximately $3,759,956.52. The disclosure for this sale can be found here. Insiders have sold 79,051 shares of company stock valued at $25,094,007 in the last ninety days. 3.60% of the stock is currently owned by company insiders.

Shares of NYSE:ESS traded down $0.92 during trading on Friday, reaching $326.01. The stock had a trading volume of 5,880 shares, compared to its average volume of 294,763. Essex Property Trust Inc has a fifty-two week low of $235.51 and a fifty-two week high of $330.80. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.92. The business has a fifty day moving average price of $316.06 and a 200-day moving average price of $297.04. The stock has a market cap of $21.61 billion, a P/E ratio of 25.92, a PEG ratio of 3.98 and a beta of 0.35.

Essex Property Trust (NYSE:ESS) last issued its quarterly earnings results on Wednesday, July 24th. The real estate investment trust reported $1.40 EPS for the quarter, missing the consensus estimate of $3.26 by ($1.86). Essex Property Trust had a return on equity of 6.43% and a net margin of 28.83%. The company had revenue of $361.64 million for the quarter, compared to analyst estimates of $358.15 million. During the same period last year, the company posted $3.14 EPS. As a group, equities analysts forecast that Essex Property Trust Inc will post 13.32 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a yield of 2.39%. The ex-dividend date is Friday, September 27th. Essex Property Trust’s dividend payout ratio (DPR) is 62.05%.

Several brokerages have issued reports on ESS. BTIG Research raised shares of Essex Property Trust from a “neutral” rating to a “buy” rating and set a $335.00 price target on the stock in a report on Thursday, August 15th. BMO Capital Markets set a $310.00 price target on shares of Essex Property Trust and gave the company a “hold” rating in a report on Wednesday, July 24th. Stifel Nicolaus boosted their price objective on shares of Essex Property Trust from $300.00 to $325.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Barclays boosted their price objective on shares of Essex Property Trust from $310.00 to $328.00 and gave the company an “overweight” rating in a research report on Tuesday, July 16th. Finally, Morgan Stanley boosted their price objective on shares of Essex Property Trust from $320.00 to $354.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Essex Property Trust presently has an average rating of “Buy” and a consensus price target of $300.84.

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.

See Also: Outstanding Shares and The Effect on Share Price

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

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