Gulf International Bank UK Ltd Reduces Stake in Essex Property Trust, Inc. (NYSE:ESS)

March 24, 2024

3 minutes read

Gulf International Bank UK Ltd cut its stake in shares of Essex Property Trust, Inc. (NYSE:ESS – Free Report) by 10.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,322 shares of the real estate investment trust’s stock after selling 642 shares during the period. Gulf International Bank UK Ltd’s holdings in Essex Property Trust were worth $1,319,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Mariner LLC lifted its position in shares of Essex Property Trust by 16.2% in the third quarter. Mariner LLC now owns 5,063 shares of the real estate investment trust’s stock valued at $1,074,000 after acquiring an additional 704 shares in the last quarter. LPL Financial LLC increased its holdings in shares of Essex Property Trust by 10.2% in the third quarter. LPL Financial LLC now owns 27,246 shares of the real estate investment trust’s stock worth $5,779,000 after purchasing an additional 2,524 shares during the last quarter. Credit Suisse AG increased its holdings in shares of Essex Property Trust by 19.1% in the second quarter. Credit Suisse AG now owns 144,900 shares of the real estate investment trust’s stock worth $33,950,000 after purchasing an additional 23,245 shares during the last quarter. Nomura Asset Management Co. Ltd. increased its stake in Essex Property Trust by 5.9% during the third quarter. Nomura Asset Management Co. Ltd. now owns 195,430 shares of the real estate investment trust’s stock worth $41,449,000 after acquiring an additional 10,929 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its stake in Essex Property Trust by 7.8% during the third quarter. Canada Pension Plan Investment Board now owns 234,545 shares of the real estate investment trust’s stock worth $49,745,000 after acquiring an additional 17,000 shares during the last quarter. 92.93% of the stock is currently owned by hedge funds and other institutional investors.

Essex Property Trust Stock Performance

Shares of ESS stock opened at $241.99 on Friday. The business’s fifty day simple moving average is $236.39 and its 200-day simple moving average is $228.16. The company has a market cap of $15.54 billion, a PE ratio of 38.35, a PEG ratio of 3.18 and a beta of 0.79. The company has a current ratio of 3.26, a quick ratio of 3.26 and a debt-to-equity ratio of 1.11. Essex Property Trust, Inc. has a 12-month low of $195.03 and a 12-month high of $252.85.

Essex Property Trust Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Friday, March 29th will be given a dividend of $2.45 per share. The ex-dividend date of this dividend is Wednesday, March 27th. This is an increase from Essex Property Trust’s previous quarterly dividend of $2.31. This represents a $9.80 dividend on an annualized basis and a dividend yield of 4.05%. Essex Property Trust’s dividend payout ratio is presently 146.43%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Morgan Stanley boosted their price objective on Essex Property Trust from $227.00 to $230.00 and gave the stock an “equal weight” rating in a research note on Monday, February 26th. The Goldman Sachs Group reaffirmed a “sell” rating and set a $227.00 target price on shares of Essex Property Trust in a research note on Thursday, February 22nd. Deutsche Bank Aktiengesellschaft assumed coverage on Essex Property Trust in a research note on Tuesday, January 30th. They set a “hold” rating and a $240.00 target price on the stock. StockNews.com cut Essex Property Trust from a “hold” rating to a “sell” rating in a research note on Tuesday, February 27th. Finally, Stifel Nicolaus cut their target price on Essex Property Trust from $225.00 to $223.00 and set a “hold” rating on the stock in a research note on Wednesday, February 7th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $243.58.

Check Out Our Latest Analysis on ESS

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.