Stocks: Flinton Capital Management LLC Boosts Stake in Essex Property Trust Inc (ESS)

Stocks: Flinton Capital Management LLC Boosts Stake in Essex Property Trust Inc (ESS)

Flinton Capital Management LLC raised its position in Essex Property Trust Inc (NYSE:ESS) by 19.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,872 shares of the real estate investment trust’s stock after buying an additional 304 shares during the period. Flinton Capital Management LLC’s holdings in Essex Property Trust were worth $433,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. Long Pond Capital LP increased its position in Essex Property Trust by 118.0% in the third quarter. Long Pond Capital LP now owns 959,566 shares of the real estate investment trust’s stock valued at $213,695,000 after buying an additional 519,308 shares during the last quarter. Hartford Investment Management Co. increased its position in Essex Property Trust by 4.5% in the third quarter. Hartford Investment Management Co. now owns 16,293 shares of the real estate investment trust’s stock valued at $3,628,000 after buying an additional 708 shares during the last quarter. Commonwealth Bank of Australia increased its position in Essex Property Trust by 87.9% in the third quarter. Commonwealth Bank of Australia now owns 140,812 shares of the real estate investment trust’s stock valued at $31,359,000 after buying an additional 65,876 shares during the last quarter. Harrison Street Securities LLC increased its position in Essex Property Trust by 9.2% in the third quarter. Harrison Street Securities LLC now owns 6,330 shares of the real estate investment trust’s stock valued at $1,410,000 after buying an additional 534 shares during the last quarter. Finally, KCG Holdings Inc. increased its position in Essex Property Trust by 22.4% in the third quarter. KCG Holdings Inc. now owns 3,546 shares of the real estate investment trust’s stock valued at $790,000 after buying an additional 648 shares during the last quarter. 98.95% of the stock is currently owned by institutional investors and hedge funds.

Essex Property Trust Inc (NYSE:ESS) traded up 0.49% during midday trading on Friday, reaching $252.55. 204,527 shares of the company’s stock traded hands. The firm’s 50 day moving average price is $238.44 and its 200-day moving average price is $227.38. Essex Property Trust Inc has a 1-year low of $200.01 and a 1-year high of $253.14. The company has a market capitalization of $16.57 billion, a PE ratio of 32.35 and a beta of 0.52.

Essex Property Trust (NYSE:ESS) last issued its earnings results on Thursday, April 27th. The real estate investment trust reported $2.94 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.89 by $0.05. The business had revenue of $335.40 million for the quarter, compared to the consensus estimate of $332.80 million. Essex Property Trust had a net margin of 32.07% and a return on equity of 6.55%. During the same quarter in the previous year, the firm earned $2.68 earnings per share. Equities analysts expect that Essex Property Trust Inc will post $5.71 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, April 17th. Stockholders of record on Friday, March 31st were issued a $1.75 dividend. This is an increase from Essex Property Trust’s previous quarterly dividend of $1.60. The ex-dividend date was Wednesday, March 29th. This represents a $7.00 annualized dividend and a dividend yield of 2.79%. Essex Property Trust’s payout ratio is presently 102.07%.

Several equities analysts recently issued reports on ESS shares. Zacks Investment Research raised Essex Property Trust from a “sell” rating to a “hold” rating in a research report on Monday, April 24th. Barclays PLC raised Essex Property Trust from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $232.00 to $255.00 in a research report on Monday, January 23rd. They noted that the move was a valuation call. Royal Bank of Canada reissued a “buy” rating and issued a $248.00 target price on shares of Essex Property Trust in a research report on Wednesday, March 29th. Evercore ISI downgraded Essex Property Trust to a “buy” rating in a research report on Friday, March 3rd. Finally, BMO Capital Markets reissued a “hold” rating and issued a $238.00 target price on shares of Essex Property Trust in a research report on Thursday, February 2nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $243.40.

In other news, insider Craig K. Zimmerman sold 6,800 shares of Essex Property Trust stock in a transaction dated Wednesday, February 15th. The shares were sold at an average price of $225.41, for a total value of $1,532,788.00. Following the sale, the insider now owns 17,083 shares of the company’s stock, valued at $3,850,679.03. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider John D. Eudy sold 1,250 shares of Essex Property Trust stock in a transaction dated Wednesday, February 22nd. The shares were sold at an average price of $230.18, for a total transaction of $287,725.00. Following the completion of the sale, the insider now directly owns 9,680 shares in the company, valued at approximately $2,228,142.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 53,101 shares of company stock worth $12,553,305. Insiders own 3.50% of the company’s stock.

About Essex Property Trust

Essex Property Trust, Inc is a self-administered and self-managed real estate investment trust. The Company is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of predominantly apartment communities, located along the West Coast. Its segments include Southern California, Northern California, Seattle Metro and Other real estate assets.

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