Parallel Advisors LLC Sells 64 Shares of Essex Property Trust, Inc. (NYSE:ESS)

Parallel Advisors LLC trimmed its position in Essex Property Trust, Inc. (NYSE:ESS) by 3.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,068 shares of the real estate investment trust’s stock after selling 64 shares during the period. Parallel Advisors LLC’s holdings in Essex Property Trust were worth $590,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Assetmark Inc. boosted its holdings in Essex Property Trust by 124.0% in the 4th quarter. Assetmark Inc. now owns 224 shares of the real estate investment trust’s stock valued at $64,000 after purchasing an additional 124 shares during the period. Nordea Investment Management AB raised its position in shares of Essex Property Trust by 6.7% during the 4th quarter. Nordea Investment Management AB now owns 4,675 shares of the real estate investment trust’s stock valued at $1,334,000 after buying an additional 294 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of Essex Property Trust by 5.3% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 19,656 shares of the real estate investment trust’s stock valued at $5,611,000 after buying an additional 986 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in shares of Essex Property Trust during the 3rd quarter valued at $541,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Essex Property Trust by 10.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,527 shares of the real estate investment trust’s stock valued at $4,408,000 after buying an additional 1,516 shares in the last quarter. 96.51% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Keith R. Guericke sold 7,298 shares of Essex Property Trust stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $315.00, for a total transaction of $2,298,870.00. Following the sale, the director now owns 16,118 shares of the company’s stock, valued at approximately $5,077,170. The trade was a 31.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Angela L. Kleiman sold 4,929 shares of Essex Property Trust stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $314.99, for a total transaction of $1,552,585.71. Following the sale, the chief executive officer now directly owns 13,662 shares in the company, valued at $4,303,393.38. The trade was a 26.51 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,345 shares of company stock valued at $6,682,539. Corporate insiders own 3.80% of the company’s stock.

Essex Property Trust Price Performance

ESS stock opened at $302.44 on Friday. The firm’s 50-day moving average price is $291.82 and its two-hundred day moving average price is $294.67. Essex Property Trust, Inc. has a 12-month low of $230.90 and a 12-month high of $317.73. The stock has a market capitalization of $19.45 billion, a price-to-earnings ratio of 26.21, a PEG ratio of 6.84 and a beta of 0.90. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.15.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings data on Tuesday, February 4th. The real estate investment trust reported $3.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $2.52. Essex Property Trust had a net margin of 41.79% and a return on equity of 13.05%. As a group, equities analysts predict that Essex Property Trust, Inc. will post 15.96 earnings per share for the current year.

Essex Property Trust Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a dividend of $2.57 per share. This is a positive change from Essex Property Trust’s previous quarterly dividend of $2.45. The ex-dividend date of this dividend is Monday, March 31st. This represents a $10.28 dividend on an annualized basis and a dividend yield of 3.40%. Essex Property Trust’s payout ratio is presently 89.08%.

Analyst Ratings Changes

Several analysts have recently weighed in on ESS shares. Wells Fargo & Company lowered their price objective on shares of Essex Property Trust from $314.00 to $305.00 and set an “equal weight” rating on the stock in a research report on Friday, January 24th. Truist Financial raised their price objective on shares of Essex Property Trust from $292.00 to $304.00 and gave the company a “hold” rating in a research report on Monday, March 10th. Deutsche Bank Aktiengesellschaft upgraded shares of Essex Property Trust from a “hold” rating to a “buy” rating and raised their price objective for the company from $308.00 to $310.00 in a research report on Tuesday, January 21st. BMO Capital Markets upgraded shares of Essex Property Trust from a “market perform” rating to an “outperform” rating and decreased their target price for the stock from $323.00 to $310.00 in a research report on Monday, January 13th. Finally, Evercore ISI lifted their target price on shares of Essex Property Trust from $297.00 to $302.00 and gave the stock an “in-line” rating in a research report on Monday, February 10th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $307.16.

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. Essex currently has ownership interests in 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.