Avantax Planning Partners Inc. Acquires Shares of 944 Essex Property Trust, Inc. (NYSE:ESS)

Avantax Planning Partners Inc. purchased a new position in shares of Essex Property Trust, Inc. (NYSE:ESS) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 944 shares of the real estate investment trust’s stock, valued at approximately $234,000.

Other large investors also recently modified their holdings of the company. Lindbrook Capital LLC raised its position in shares of Essex Property Trust by 111.5% in the 4th quarter. Lindbrook Capital LLC now owns 110 shares of the real estate investment trust’s stock valued at $27,000 after buying an additional 58 shares in the last quarter. Bruce G. Allen Investments LLC acquired a new stake in shares of Essex Property Trust in the 4th quarter valued at $41,000. Bear Mountain Capital Inc. bought a new position in shares of Essex Property Trust in the 4th quarter valued at $55,000. Blue Trust Inc. raised its holdings in shares of Essex Property Trust by 645.2% during the 4th quarter. Blue Trust Inc. now owns 231 shares of the real estate investment trust’s stock worth $57,000 after buying an additional 200 shares in the last quarter. Finally, Tobam bought a new stake in shares of Essex Property Trust during the 4th quarter worth $60,000. 96.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ESS has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft began coverage on shares of Essex Property Trust in a research note on Tuesday, January 30th. They issued a “hold” rating and a $240.00 price target on the stock. Truist Financial reduced their price objective on Essex Property Trust from $259.00 to $255.00 and set a “hold” rating on the stock in a research report on Tuesday, April 9th. Barclays lifted their target price on shares of Essex Property Trust from $224.00 to $225.00 and gave the stock an “underweight” rating in a research report on Tuesday, February 20th. Morgan Stanley lifted their price target on shares of Essex Property Trust from $230.00 to $250.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 14th. Finally, Raymond James upgraded Essex Property Trust from a “market perform” rating to an “outperform” rating and set a $265.00 price objective for the company in a research report on Monday, March 18th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $255.28.

Essex Property Trust Stock Performance

Shares of NYSE ESS traded up $1.43 during midday trading on Friday, reaching $259.40. The company’s stock had a trading volume of 225,551 shares, compared to its average volume of 347,839. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.19 and a quick ratio of 3.19. The stock has a market capitalization of $16.66 billion, a P/E ratio of 31.71, a PEG ratio of 3.74 and a beta of 0.79. The firm has a 50 day moving average price of $247.34 and a 200-day moving average price of $237.88. Essex Property Trust, Inc. has a 12-month low of $203.85 and a 12-month high of $269.23.

Essex Property Trust Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be paid a dividend of $2.45 per share. This represents a $9.80 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date is Friday, June 28th. Essex Property Trust’s payout ratio is 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.