Spirit of America Management Corp NY Acquires 600 Shares of Essex Property Trust, Inc. (NYSE:ESS)

Spirit of America Management Corp NY increased its position in Essex Property Trust, Inc. (NYSE:ESS) by 10.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,536 shares of the real estate investment trust’s stock after buying an additional 600 shares during the quarter. Spirit of America Management Corp NY’s holdings in Essex Property Trust were worth $1,931,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of ESS. State Board of Administration of Florida Retirement System raised its holdings in shares of Essex Property Trust by 2.6% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 81,456 shares of the real estate investment trust’s stock worth $19,941,000 after acquiring an additional 2,083 shares during the last quarter. Canada Pension Plan Investment Board lifted its stake in Essex Property Trust by 8.7% in the 1st quarter. Canada Pension Plan Investment Board now owns 225,045 shares of the real estate investment trust’s stock worth $55,093,000 after purchasing an additional 18,000 shares in the last quarter. Mizuho Markets Americas LLC raised its holdings in shares of Essex Property Trust by 107.9% in the 1st quarter. Mizuho Markets Americas LLC now owns 43,802 shares of the real estate investment trust’s stock valued at $10,723,000 after acquiring an additional 22,736 shares in the last quarter. ORG Partners LLC purchased a new position in Essex Property Trust in the 2nd quarter worth approximately $743,000. Finally, Caxton Associates LP bought a new position in Essex Property Trust in the first quarter valued at $532,000. 96.51% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company boosted their target price on Essex Property Trust from $269.00 to $314.00 and gave the company an “equal weight” rating in a research note on Monday, August 26th. Piper Sandler increased their price objective on Essex Property Trust from $315.00 to $355.00 and gave the stock an “overweight” rating in a report on Monday, August 26th. BNP Paribas began coverage on Essex Property Trust in a research note on Wednesday, September 11th. They issued an “outperform” rating and a $333.00 price target on the stock. Stifel Nicolaus lifted their target price on shares of Essex Property Trust from $267.00 to $268.00 and gave the stock a “hold” rating in a report on Wednesday, July 31st. Finally, Raymond James cut Essex Property Trust from an “outperform” rating to a “market perform” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Essex Property Trust has a consensus rating of “Hold” and a consensus target price of $293.40.

Insider Buying and Selling

In other Essex Property Trust news, Director Amal M. Johnson sold 2,453 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $300.00, for a total value of $735,900.00. Following the completion of the transaction, the director now owns 2,585 shares in the company, valued at approximately $775,500. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Amal M. Johnson sold 2,453 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $300.00, for a total value of $735,900.00. Following the sale, the director now directly owns 2,585 shares in the company, valued at $775,500. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Anne Morrison sold 2,571 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $314.79, for a total transaction of $809,325.09. Following the completion of the transaction, the chief accounting officer now owns 2,321 shares in the company, valued at approximately $730,627.59. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,402 shares of company stock valued at $6,399,663 over the last three months. 3.80% of the stock is currently owned by company insiders.

Essex Property Trust Price Performance

Essex Property Trust stock opened at $301.93 on Friday. The firm has a market capitalization of $19.39 billion, a price-to-earnings ratio of 36.91, a PEG ratio of 5.21 and a beta of 0.88. Essex Property Trust, Inc. has a 52-week low of $203.85 and a 52-week high of $317.73. The company has a fifty day simple moving average of $297.19 and a 200-day simple moving average of $277.09. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 1.11.

Essex Property Trust (NYSE:ESS) last posted its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $3.85 by ($2.40). The company had revenue of $442.36 million for the quarter, compared to analysts’ expectations of $433.26 million. Essex Property Trust had a return on equity of 9.14% and a net margin of 30.31%. During the same period in the previous year, the business posted $3.77 EPS. On average, equities analysts anticipate that Essex Property Trust, Inc. will post 15.55 EPS for the current fiscal year.

Essex Property Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were paid a $2.45 dividend. The ex-dividend date was Monday, September 30th. This represents a $9.80 dividend on an annualized basis and a yield of 3.25%. Essex Property Trust’s dividend payout ratio is presently 119.80%.

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 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.