Millennium Management LLC Raises Position in Essex Property Trust Inc (ESS)

Millennium Management LLC raised its holdings in shares of Essex Property Trust Inc (NYSE:ESS) by 43,018.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 482,496 shares of the real estate investment trust’s stock after acquiring an additional 481,377 shares during the period. Millennium Management LLC owned approximately 0.73% of Essex Property Trust worth $115,350,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in ESS. Cbre Clarion Securities LLC raised its stake in Essex Property Trust by 59.4% during the 2nd quarter. Cbre Clarion Securities LLC now owns 1,377,419 shares of the real estate investment trust’s stock valued at $329,300,000 after acquiring an additional 513,352 shares in the last quarter. Daiwa Securities Group Inc. raised its stake in shares of Essex Property Trust by 26.4% in the 2nd quarter. Daiwa Securities Group Inc. now owns 1,683,424 shares of the real estate investment trust’s stock worth $402,457,000 after buying an additional 351,324 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Essex Property Trust by 54.9% in the 2nd quarter. Renaissance Technologies LLC now owns 628,626 shares of the real estate investment trust’s stock worth $150,286,000 after acquiring an additional 222,800 shares during the last quarter. Lord Abbett & CO. LLC acquired a new position in shares of Essex Property Trust in the 1st quarter worth $38,701,000. Finally, Resolution Capital Ltd grew its holdings in shares of Essex Property Trust by 27.5% in the 2nd quarter. Resolution Capital Ltd now owns 592,127 shares of the real estate investment trust’s stock worth $141,560,000 after acquiring an additional 127,645 shares during the last quarter. 96.22% of the stock is currently owned by hedge funds and other institutional investors.

In related news, insider Angela L. Kleiman sold 750 shares of Essex Property Trust stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $240.80, for a total transaction of $180,600.00. Following the completion of the sale, the insider now owns 9,149 shares of the company’s stock, valued at $2,203,079.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.40% of the stock is currently owned by company insiders.

A number of brokerages recently issued reports on ESS. Citigroup cut Essex Property Trust from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $280.00 to $260.00 in a report on Friday, September 14th. Royal Bank of Canada restated a “buy” rating and issued a $269.00 target price on shares of Essex Property Trust in a report on Thursday, August 30th. Jefferies Financial Group restated a “hold” rating and issued a $247.00 target price on shares of Essex Property Trust in a report on Monday, October 1st. ValuEngine upgraded Essex Property Trust from a “sell” rating to a “hold” rating in a report on Tuesday, September 4th. Finally, Zacks Investment Research downgraded Essex Property Trust from a “buy” rating to a “hold” rating in a report on Thursday, October 4th. Eleven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $263.89.

ESS opened at $248.03 on Tuesday. The firm has a market cap of $16.30 billion, a P/E ratio of 20.83, a PEG ratio of 3.21 and a beta of 0.29. Essex Property Trust Inc has a 1 year low of $214.03 and a 1 year high of $264.07. The company has a quick ratio of 1.85, a current ratio of 1.85 and a debt-to-equity ratio of 0.88.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings data on Wednesday, August 1st. The real estate investment trust reported $3.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.10 by $0.04. The firm had revenue of $348.72 million during the quarter, compared to analysts’ expectations of $348.58 million. Essex Property Trust had a return on equity of 5.52% and a net margin of 27.05%. During the same quarter last year, the firm earned $2.97 earnings per share. As a group, analysts predict that Essex Property Trust Inc will post 12.58 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 12th. Investors of record on Friday, September 28th will be given a dividend of $1.86 per share. The ex-dividend date is Thursday, September 27th. This represents a $7.44 dividend on an annualized basis and a yield of 3.00%. Essex Property Trust’s payout ratio is 62.47%.

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

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