New York Life Investment Management LLC Reduces Holdings in Essex Property Trust, Inc. (NYSE:ESS)

New York Life Investment Management LLC reduced its position in Essex Property Trust, Inc. (NYSE:ESS) by 43.9% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 9,548 shares of the real estate investment trust’s stock after selling 7,477 shares during the period. New York Life Investment Management LLC’s holdings in Essex Property Trust were worth $2,725,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Kestra Investment Management LLC acquired a new position in Essex Property Trust during the fourth quarter worth approximately $25,000. Assetmark Inc. increased its holdings in shares of Essex Property Trust by 2,400.0% in the 3rd quarter. Assetmark Inc. now owns 100 shares of the real estate investment trust’s stock valued at $30,000 after acquiring an additional 96 shares during the period. Brooklyn Investment Group purchased a new stake in Essex Property Trust in the 3rd quarter valued at $39,000. UMB Bank n.a. boosted its stake in Essex Property Trust by 37.5% during the 4th quarter. UMB Bank n.a. now owns 154 shares of the real estate investment trust’s stock worth $44,000 after purchasing an additional 42 shares during the period. Finally, Newbridge Financial Services Group Inc. acquired a new stake in Essex Property Trust during the 4th quarter worth $45,000. 96.51% of the stock is owned by institutional investors and hedge funds.

Essex Property Trust Trading Up 2.6 %

Shares of Essex Property Trust stock opened at $311.80 on Monday. The company has a 50-day moving average of $286.44 and a two-hundred day moving average of $293.88. The stock has a market cap of $20.06 billion, a PE ratio of 27.02, a price-to-earnings-growth ratio of 6.84 and a beta of 0.92. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.15. Essex Property Trust, Inc. has a 12-month low of $226.84 and a 12-month high of $317.73.

Essex Property Trust (NYSE:ESS) last issued its quarterly earnings data on Tuesday, February 4th. The real estate investment trust reported $3.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $2.52. Essex Property Trust had a return on equity of 13.05% and a net margin of 41.79%. On average, research analysts anticipate that Essex Property Trust, Inc. will post 15.96 EPS for the current fiscal year.

Essex Property Trust Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a $2.57 dividend. The ex-dividend date is Monday, March 31st. This is a positive change from Essex Property Trust’s previous quarterly dividend of $2.45. This represents a $10.28 annualized dividend and a dividend yield of 3.30%. Essex Property Trust’s payout ratio is currently 89.08%.

Analysts Set New Price Targets

A number of brokerages have recently commented on ESS. BMO Capital Markets raised shares of Essex Property Trust from a “market perform” rating to an “outperform” rating and reduced their target price for the company from $323.00 to $310.00 in a report on Monday, January 13th. Wells Fargo & Company reduced their price objective on Essex Property Trust from $314.00 to $305.00 and set an “equal weight” rating for the company in a research note on Friday, January 24th. JMP Securities reaffirmed a “market perform” rating on shares of Essex Property Trust in a research report on Thursday, February 6th. Evercore ISI boosted their target price on Essex Property Trust from $297.00 to $302.00 and gave the company an “in-line” rating in a report on Monday, February 10th. Finally, Royal Bank of Canada increased their price target on Essex Property Trust from $302.00 to $315.00 and gave the stock an “outperform” rating in a report on Thursday, February 6th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $306.63.

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