Advisors Asset Management Inc. trimmed its holdings in shares of Essex Property Trust, Inc. (NYSE:ESS – Get Rating) by 30.1% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 4,039 shares of the real estate investment trust’s stock after selling 1,739 shares during the period. Advisors Asset Management Inc.’s holdings in Essex Property Trust were worth $978,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. IFP Advisors Inc boosted its position in Essex Property Trust by 7.2% during the third quarter. IFP Advisors Inc now owns 1,053 shares of the real estate investment trust’s stock valued at $208,000 after buying an additional 71 shares during the period. The State Board of Administration of Florida Retirement System raised its stake in shares of Essex Property Trust by 3.5% during the third quarter. The State Board of Administration of Florida Retirement System now owns 91,816 shares of the real estate investment trust’s stock valued at $22,241,000 after acquiring an additional 3,110 shares during the last quarter. Mutual of America Capital Management LLC raised its stake in shares of Essex Property Trust by 1.2% during the third quarter. Mutual of America Capital Management LLC now owns 9,016 shares of the real estate investment trust’s stock valued at $2,184,000 after acquiring an additional 107 shares during the last quarter. Signaturefd LLC raised its stake in shares of Essex Property Trust by 152.2% during the third quarter. Signaturefd LLC now owns 396 shares of the real estate investment trust’s stock valued at $96,000 after acquiring an additional 239 shares during the last quarter. Finally, the Treasurer of the State of North Carolina raised its stake in shares of Essex Property Trust by 1.2% during the third quarter. Treasurer of the State of North Carolina now owns 28,741 shares of the real estate investment trust’s stock valued at $6,962,000 after acquiring an additional 350 shares during the last quarter. 91.76% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ESS has been the subject of several recent analyst reports. Scotiabank lowered their price objective on shares of Essex Property Trust from $235.00 to $211.00 and set an “underperform” rating for the company in a research note on Tuesday, November 29th. Jefferies Financial Group lowered their price objective on shares of Essex Property Trust from $280.00 to $237.00 and set a “hold” rating for the company in a research note on Wednesday, October 19th. Truist Financial upped their price objective on shares of Essex Property Trust from $247.00 to $250.00 and gave the company a “buy” rating in a research note on Tuesday, January 17th. Piper Sandler reissued a “neutral” rating and issued a $250.00 price target on shares of Essex Property Trust in a research note on Wednesday, February 8th. Finally, The Goldman Sachs Group lowered their price objective on shares of Essex Property Trust from $284.00 to $252.00 and set a “buy” rating for the company in a report on Monday, November 14th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $254.80.

Insider Activity at Essex Property Trust

In other Essex Property Trust news, Director Amal M. Johnson bought 500 shares of Essex Property Trust stock in a transaction on Friday, December 2nd. The stock was acquired at an average price of $218.44 per share, with a total value of $109,220.00. Following the acquisition, the director now owns 2,000 shares in the company, valued at $436,880. The purchase was disclosed in a filing with the SEC, which can be accessed via this hyperlink. 3.70% of the stock is owned by corporate insiders.

Essex Property Trust Stock Up 0.8 %

ESS stock opened at $235.68 on Tuesday. Essex Property Trust, Inc. has a twelve month low of $205.24 and a twelve month high of $363.36. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 1.01. The firm has a market cap of $15.26 billion, a PE ratio of 37.53, a price-to-earnings-growth ratio of 2.21 and a beta of 0.75. The business has a 50 day moving average of $218.28 and a 200 day moving average of $236.26.

Essex Property Trust Announces Dividends

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 13th. Investors of record on Tuesday, January 3rd were given a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a yield of 3.73%. The ex-dividend date of this dividend was Friday, December 30th. Essex Property Trust’s dividend payout ratio (DPR) is presently 140.13%.

About Essex Property Trust

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Essex Property Trust, Inc operates as a real estate investment trust. It is involved in the ownership, operation, management, acquisition, development, and redevelopment of predominantly apartment communities. The company was founded by George M. Marcus in 1971 and is headquartered in San Mateo, CA.

Further Reading

Want to see what other hedge funds are holding ESS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Essex Property Trust, Inc. (NYSE:ESS – Get Rating).

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