Dakota Wealth Management bought a new position in shares of Essex Property Trust Inc (NYSE:ESS) in the second quarter, HoldingsChannel.com reports. The fund bought 82,000 shares of the real estate investment trust’s stock, valued at approximately $19,604,000. Essex Property Trust makes up approximately 5.4% of Dakota Wealth Management’s investment portfolio, making the stock its 2nd biggest holding.
A number of other large investors have also modified their holdings of ESS. Point72 Asia Hong Kong Ltd purchased a new stake in shares of Essex Property Trust in the 1st quarter valued at approximately $105,000. McKinley Carter Wealth Services Inc. purchased a new stake in shares of Essex Property Trust in the 1st quarter valued at approximately $130,000. Piedmont Investment Advisors LLC purchased a new stake in Essex Property Trust in the 2nd quarter worth approximately $185,000. First Midwest Bank Trust Division purchased a new stake in Essex Property Trust in the 2nd quarter worth approximately $218,000. Finally, First Allied Advisory Services Inc. purchased a new stake in Essex Property Trust in the 2nd quarter worth approximately $230,000. Hedge funds and other institutional investors own 96.83% of the company’s stock.
In other news, insider Angela L. Kleiman sold 750 shares of the stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $240.80, for a total transaction of $180,600.00. Following the transaction, the insider now owns 9,149 shares in the company, valued at approximately $2,203,079.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 3.40% of the company’s stock.
A number of equities research analysts have issued reports on ESS shares. Stifel Nicolaus upgraded shares of Essex Property Trust from a “hold” rating to a “buy” rating and increased their target price for the stock from $235.00 to $260.00 in a research report on Thursday, August 2nd. Zacks Investment Research upgraded shares of Essex Property Trust from a “hold” rating to a “buy” rating and set a $262.00 target price for the company in a research report on Tuesday, July 31st. Bank of America increased their target price on shares of Essex Property Trust from $276.00 to $277.00 and gave the stock a “buy” rating in a research report on Friday, June 8th. Mizuho reiterated a “hold” rating and issued a $263.00 target price on shares of Essex Property Trust in a research report on Monday, August 6th. Finally, ValuEngine upgraded shares of Essex Property Trust from a “sell” rating to a “hold” rating in a research report on Wednesday, July 11th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Essex Property Trust currently has an average rating of “Buy” and a consensus target price of $264.83.
Shares of ESS opened at $241.23 on Wednesday. Essex Property Trust Inc has a 12 month low of $214.03 and a 12 month high of $270.04. The firm has a market cap of $16.07 billion, a PE ratio of 20.25, a price-to-earnings-growth ratio of 3.17 and a beta of 0.39. The company has a current ratio of 1.85, a quick ratio of 1.85 and a debt-to-equity ratio of 0.88.
Essex Property Trust (NYSE:ESS) last announced its quarterly earnings results on Wednesday, August 1st. The real estate investment trust reported $3.14 EPS for the quarter, topping the Thomson Reuters’ 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 for the quarter, compared to analyst estimates of $348.58 million. During the same quarter in the prior year, the business posted $2.97 EPS. equities research analysts forecast that Essex Property Trust Inc will post 12.55 earnings per share for the current fiscal year.
Essex Property Trust Company 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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