Rush Island Management LP Has $195.51 Million Position in Essex Property Trust, Inc. $ESS

Rush Island Management LP raised its holdings in shares of Essex Property Trust, Inc. (NYSE:ESS) by 26.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 807,893 shares of the real estate investment trust’s stock after buying an additional 170,682 shares during the period. Essex Property Trust comprises 13.1% of Rush Island Management LP’s portfolio, making the stock its largest holding. Rush Island Management LP owned 1.26% of Essex Property Trust worth $195,510,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in ESS. Nemes Rush Group LLC purchased a new position in shares of Essex Property Trust during the 4th quarter worth $27,000. Generali Asset Management SPA SGR purchased a new stake in shares of Essex Property Trust in the 4th quarter worth $29,000. Cassaday & Co Wealth Management LLC bought a new position in Essex Property Trust in the 1st quarter worth $38,000. MUFG Securities EMEA plc bought a new position in Essex Property Trust in the 2nd quarter worth $54,000. Finally, Advisory Services Network LLC purchased a new position in Essex Property Trust during the third quarter valued at $51,000. 96.51% of the stock is currently owned by institutional investors.

Essex Property Trust Trading Up 1.3%

Shares of Essex Property Trust stock opened at $294.42 on Wednesday. Essex Property Trust, Inc. has a fifty-two week low of $238.46 and a fifty-two week high of $303.35. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.98 and a current ratio of 0.98. The company has a market capitalization of $18.92 billion, a P/E ratio of 33.08, a P/E/G ratio of 12.53 and a beta of 0.70. The company has a fifty day moving average of $286.21 and a 200 day moving average of $265.58.

Essex Property Trust (NYSE:ESS) last posted its quarterly earnings results on Tuesday, April 28th. The real estate investment trust reported $1.65 EPS for the quarter, missing analysts’ consensus estimates of $3.96 by ($2.31). Essex Property Trust had a net margin of 30.03% and a return on equity of 10.00%. The business had revenue of $484.76 million for the quarter, compared to the consensus estimate of $479.89 million. During the same period in the prior year, the business earned $3.97 earnings per share. On average, sell-side analysts anticipate that Essex Property Trust, Inc. will post 16.11 earnings per share for the current fiscal year.

Essex Property Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a dividend of $2.59 per share. The ex-dividend date was Tuesday, June 30th. This represents a $10.36 annualized dividend and a dividend yield of 3.5%. Essex Property Trust’s dividend payout ratio (DPR) is currently 116.40%.

Insider Activity

In related news, Director Mary Kasaris sold 600 shares of Essex Property Trust stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $279.45, for a total transaction of $167,670.00. Following the sale, the director owned 2,394 shares of the company’s stock, valued at approximately $669,003.30. This trade represents a 20.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 3.47% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on ESS. Scotiabank boosted their price target on Essex Property Trust from $290.00 to $307.00 and gave the company an “outperform” rating in a report on Thursday, July 9th. Sanford C. Bernstein began coverage on Essex Property Trust in a research note on Friday, June 26th. They issued an “outperform” rating and a $320.00 price objective on the stock. Mizuho lifted their price objective on Essex Property Trust from $285.00 to $308.00 and gave the company an “outperform” rating in a research report on Wednesday, June 10th. Barclays boosted their price objective on Essex Property Trust from $277.00 to $296.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 14th. Finally, Royal Bank Of Canada increased their target price on shares of Essex Property Trust from $282.00 to $288.00 and gave the stock an “outperform” rating in a report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Essex Property Trust presently has a consensus rating of “Moderate Buy” and a consensus target price of $299.08.

Essex Property Trust Company Profile

Essex Property Trust, Inc (NYSE: ESS) is a publicly traded real estate investment trust that acquires, develops, owns and operates multifamily residential properties. The company focuses on market-rate apartment communities and delivers a full suite of property services including leasing, resident services, asset management, and capital improvement programs designed to preserve and enhance long‑term property values.

Essex concentrates its portfolio in West Coast markets, with a significant presence in California and the Pacific Northwest.