Schwab Charles Investment Management Inc. increased its position in Essex Property Trust Inc (NYSE:ESS) by 6.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 701,545 shares of the real estate investment trust’s stock after acquiring an additional 39,916 shares during the period. Schwab Charles Investment Management Inc. owned approximately 1.06% of Essex Property Trust worth $167,719,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Point72 Asia Hong Kong Ltd bought a new position in Essex Property Trust in the 1st quarter valued at about $105,000. McKinley Carter Wealth Services Inc. bought a new position in Essex Property Trust in the 1st quarter valued at about $130,000. Piedmont Investment Advisors LLC bought a new position in Essex Property Trust in the 2nd quarter valued at about $185,000. First Midwest Bank Trust Division bought a new position in Essex Property Trust in the 2nd quarter valued at about $218,000. Finally, LPL Financial LLC grew its position in Essex Property Trust by 24.7% in the 4th quarter. LPL Financial LLC now owns 1,279 shares of the real estate investment trust’s stock valued at $309,000 after buying an additional 253 shares in the last quarter. 97.75% of the stock is currently owned by institutional investors and hedge funds.
ESS has been the subject of a number of recent analyst reports. ValuEngine lowered shares of Essex Property Trust from a “hold” rating to a “sell” rating in a research report on Thursday, May 17th. Bank of America raised their price objective on shares of Essex Property Trust from $276.00 to $277.00 and gave the company a “buy” rating in a research report on Friday, June 8th. Morgan Stanley reduced their price objective on shares of Essex Property Trust from $267.00 to $260.00 and set an “overweight” rating for the company in a research report on Thursday, June 14th. Barclays reduced their price objective on shares of Essex Property Trust from $272.00 to $269.00 and set an “overweight” rating for the company in a research report on Tuesday, July 17th. Finally, Raymond James upgraded shares of Essex Property Trust from an “underperform” rating to a “market perform” rating in a research report on Monday, July 23rd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Essex Property Trust presently has an average rating of “Buy” and a consensus target price of $264.83.
Shares of ESS opened at $243.34 on Friday. Essex Property Trust Inc has a one year low of $214.03 and a one year high of $270.04. The stock has a market capitalization of $15.63 billion, a price-to-earnings ratio of 20.43, a PEG ratio of 3.09 and a beta of 0.39. The company has a quick ratio of 1.85, a current ratio of 1.85 and a debt-to-equity ratio of 0.88.
Essex Property Trust (NYSE:ESS) last announced its earnings results on Wednesday, August 1st. The real estate investment trust reported $3.14 EPS for the quarter, topping the consensus estimate of $3.10 by $0.04. Essex Property Trust had a net margin of 27.05% and a return on equity of 5.52%. The company had revenue of $348.72 million during the quarter, compared to analysts’ expectations of $348.58 million. During the same period last year, the company posted $2.97 earnings per share. analysts anticipate that Essex Property Trust Inc will post 12.53 earnings per share for the current fiscal year.
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. The Company currently has ownership interests in 247 apartment communities comprising approximately 60,000 apartment homes, excluding six properties in various stages of active development, one commercial building, preferred equity co-investments, and loan investments.
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