Lord Abbett & CO. LLC trimmed its holdings in shares of Essex Property Trust Inc (NYSE:ESS) by 60.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 105,500 shares of the real estate investment trust’s stock after selling 160,300 shares during the quarter. Lord Abbett & CO. LLC owned approximately 0.16% of Essex Property Trust worth $25,870,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. First Trust Advisors LP boosted its holdings in shares of Essex Property Trust by 19.2% in the 3rd quarter. First Trust Advisors LP now owns 12,330 shares of the real estate investment trust’s stock worth $3,042,000 after acquiring an additional 1,986 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its holdings in shares of Essex Property Trust by 55.7% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 8,884 shares of the real estate investment trust’s stock worth $2,190,000 after acquiring an additional 3,178 shares in the last quarter. ING Groep NV boosted its holdings in shares of Essex Property Trust by 80.9% in the 3rd quarter. ING Groep NV now owns 1,939 shares of the real estate investment trust’s stock worth $478,000 after acquiring an additional 867 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Essex Property Trust by 2.0% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 265,385 shares of the real estate investment trust’s stock worth $65,473,000 after acquiring an additional 5,270 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Essex Property Trust by 35.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,471,859 shares of the real estate investment trust’s stock worth $363,125,000 after acquiring an additional 386,035 shares in the last quarter. Institutional investors own 95.88% of the company’s stock.

NYSE:ESS opened at $289.40 on Friday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.76 and a current ratio of 1.76. The firm has a market cap of $19.01 billion, a price-to-earnings ratio of 23.02, a PEG ratio of 3.83 and a beta of 0.47. Essex Property Trust Inc has a 52-week low of $226.22 and a 52-week high of $291.23.

Essex Property Trust (NYSE:ESS) last posted its quarterly earnings results on Wednesday, January 30th. The real estate investment trust reported $3.19 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $3.19. The company had revenue of $353.16 million for the quarter, compared to the consensus estimate of $351.76 million. Essex Property Trust had a return on equity of 5.74% and a net margin of 27.87%. During the same quarter in the prior year, the business posted $3.01 EPS. On average, analysts expect that Essex Property Trust Inc will post 13.07 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Friday, March 29th will be paid a $1.95 dividend. The ex-dividend date is Thursday, March 28th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 2.70%. This is an increase from Essex Property Trust’s previous quarterly dividend of $1.86. Essex Property Trust’s dividend payout ratio is 59.19%.

Several research firms have issued reports on ESS. Jefferies Financial Group downgraded Essex Property Trust from a “buy” rating to a “hold” rating and upped their price objective for the stock from $290.00 to $295.00 in a report on Thursday, February 7th. They noted that the move was a valuation call. Barclays raised Essex Property Trust from a “neutral” rating to a “positive” rating in a report on Monday, February 4th. Wells Fargo & Co raised Essex Property Trust from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $262.00 to $284.00 in a report on Tuesday, December 11th. JPMorgan Chase & Co. downgraded Essex Property Trust from an “overweight” rating to a “neutral” rating in a report on Wednesday, December 19th. Finally, Citigroup set a $275.00 price objective on Essex Property Trust and gave the stock a “hold” rating in a report on Tuesday, February 5th. Eleven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $272.10.

In other news, insider John D. Eudy sold 3,750 shares of the stock in a transaction on Thursday, February 14th. The stock was sold at an average price of $276.06, for a total value of $1,035,225.00. Following the transaction, the insider now owns 14,205 shares of the company’s stock, valued at approximately $3,921,432.30. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider John D. Eudy sold 5,000 shares of the stock in a transaction on Friday, December 21st. The shares were sold at an average price of $256.98, for a total value of $1,284,900.00. Following the completion of the transaction, the insider now directly owns 15,455 shares in the company, valued at approximately $3,971,625.90. The disclosure for this sale can be found here. In the last three months, insiders sold 11,406 shares of company stock worth $3,049,725. 3.40% of the stock is currently owned by company insiders.

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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. Essex currently has ownership interests in 245 apartment communities with an additional 6 properties in various stages of active development.

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Institutional Ownership by Quarter for Essex Property Trust (NYSE:ESS)

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