KCM Investment Advisors LLC Reduces Stock Position in Essex Property Trust, Inc. (NYSE:ESS)

KCM Investment Advisors LLC cut its stake in Essex Property Trust, Inc. (NYSE:ESS – Free Report) by 36.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,580 shares of the real estate investment trust’s stock after selling 915 shares during the period. KCM Investment Advisors LLC’s holdings in Essex Property Trust were worth $387,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Norges Bank purchased a new position in Essex Property Trust in the fourth quarter worth approximately $675,183,000. Cohen & Steers Inc. grew its position in Essex Property Trust by 31.2% in the fourth quarter. Cohen & Steers Inc. now owns 3,072,004 shares of the real estate investment trust’s stock worth $761,760,000 after acquiring an additional 730,141 shares during the period. Daiwa Securities Group Inc. grew its position in Essex Property Trust by 86.5% in the first quarter. Daiwa Securities Group Inc. now owns 997,792 shares of the real estate investment trust’s stock worth $244,269,000 after acquiring an additional 462,828 shares during the period. Russell Investments Group Ltd. grew its position in Essex Property Trust by 119.3% in the fourth quarter. Russell Investments Group Ltd. now owns 412,721 shares of the real estate investment trust’s stock worth $102,602,000 after acquiring an additional 224,554 shares during the period. Finally, Wellington Management Group LLP grew its position in Essex Property Trust by 5,069.7% in the third quarter. Wellington Management Group LLP now owns 208,651 shares of the real estate investment trust’s stock worth $44,253,000 after acquiring an additional 204,615 shares during the period. 96.51% of the stock is currently owned by hedge funds and other institutional investors.

Essex Property Trust Stock Performance

ESS traded up $2.16 during trading on Monday, reaching $276.49. The company’s stock had a trading volume of 36,229 shares, compared to its average volume of 373,189. Essex Property Trust, Inc. has a 52-week low of $203.85 and a 52-week high of $284.77. The company’s fifty day moving average price is $268.17 and its 200-day moving average price is $249.62. The company has a market capitalization of $17.75 billion, a price-to-earnings ratio of 33.54, a price-to-earnings-growth ratio of 3.84 and a beta of 0.86. The company has a debt-to-equity ratio of 1.14, a quick ratio of 3.19 and a current ratio of 3.19.

Essex Property Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 24th. Shareholders of record on Friday, June 28th will be issued a $2.45 dividend. This represents a $9.80 dividend on an annualized basis and a yield of 3.54%. The ex-dividend date of this dividend is Friday, June 28th. Essex Property Trust’s dividend payout ratio is presently 119.80%.

Insider Buying and Selling at Essex Property Trust

In other news, CEO Angela L. Kleiman sold 3,780 shares of Essex Property Trust stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $278.27, for a total transaction of $1,051,860.60. Following the completion of the sale, the chief executive officer now directly owns 9,494 shares in the company, valued at approximately $2,641,895.38. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Keith R. Guericke sold 10,000 shares of Essex Property Trust stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $274.57, for a total transaction of $2,745,700.00. Following the completion of the sale, the director now directly owns 16,118 shares in the company, valued at approximately $4,425,519.26. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Angela L. Kleiman sold 3,780 shares of Essex Property Trust stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $278.27, for a total value of $1,051,860.60. Following the transaction, the chief executive officer now owns 9,494 shares of the company’s stock, valued at $2,641,895.38. The disclosure for this sale can be found here. 3.80% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages recently weighed in on ESS. 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. Wells Fargo & Company raised their price target on Essex Property Trust from $232.00 to $269.00 and gave the stock an “equal weight” rating in a research report on Friday, May 31st. Truist Financial increased their price objective on Essex Property Trust from $255.00 to $282.00 and gave the company a “hold” rating in a research note on Monday, June 24th. StockNews.com upgraded Essex Property Trust from a “sell” rating to a “hold” rating in a research note on Wednesday, May 1st. Finally, JPMorgan Chase & Co. raised their price target on Essex Property Trust from $244.00 to $265.00 and gave the company a “neutral” rating in a research note on Monday, June 17th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $261.05.

View Our Latest Stock Report on Essex Property Trust

Essex Property Trust Company Profile

(Free Report)

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.

Recommended Stories

Want to see what other hedge funds are holding ESS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Essex Property Trust, Inc. (NYSE:ESS – Free Report).

Receive News & Ratings for Essex Property Trust Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Essex Property Trust and related companies with MarketBeat.com’s FREE daily email newsletter.