Brookfield Corp ON Decreases Stock Holdings in Essex Property Trust, Inc. (NYSE:ESS)

Brookfield Corp ON decreased its holdings in shares of Essex Property Trust, Inc. (NYSE:ESS) by 91.0% during the third quarter, Holdings Channel.com reports. The firm owned 9,633 shares of the real estate investment trust’s stock after selling 97,343 shares during the period. Brookfield Corp ON’s holdings in Essex Property Trust were worth $2,846,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the business. Massachusetts Financial Services Co. MA lifted its holdings in shares of Essex Property Trust by 16.1% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,329,516 shares of the real estate investment trust’s stock valued at $392,766,000 after acquiring an additional 183,947 shares during the last quarter. Daiwa Securities Group Inc. increased its position in shares of Essex Property Trust by 0.4% during the 2nd quarter. Daiwa Securities Group Inc. now owns 1,001,769 shares of the real estate investment trust’s stock valued at $272,682,000 after purchasing an additional 3,977 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Essex Property Trust by 1.4% in the second quarter. Dimensional Fund Advisors LP now owns 941,501 shares of the real estate investment trust’s stock worth $256,280,000 after buying an additional 12,822 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Essex Property Trust by 6.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 754,179 shares of the real estate investment trust’s stock worth $222,800,000 after buying an additional 47,114 shares during the period. Finally, ProShare Advisors LLC increased its position in Essex Property Trust by 0.8% during the second quarter. ProShare Advisors LLC now owns 741,053 shares of the real estate investment trust’s stock valued at $201,715,000 after acquiring an additional 6,216 shares during the last quarter. Institutional investors own 96.51% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on ESS. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Essex Property Trust from $240.00 to $308.00 and gave the stock a “hold” rating in a research report on Tuesday, September 10th. JPMorgan Chase & Co. increased their price target on Essex Property Trust from $265.00 to $297.00 and gave the stock a “neutral” rating in a report on Monday, September 16th. Raymond James cut Essex Property Trust from an “outperform” rating to a “market perform” rating in a report on Monday, October 21st. Wells Fargo & Company increased their target price on Essex Property Trust from $269.00 to $314.00 and gave the stock an “equal weight” rating in a research note on Monday, August 26th. Finally, Scotiabank boosted their target price on shares of Essex Property Trust from $309.00 to $329.00 and gave the company a “sector outperform” rating in a research note on Monday, September 16th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $297.00.

Insider Buying and Selling

In related news, CAO Anne Morrison sold 2,571 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $314.79, for a total transaction of $809,325.09. Following the sale, the chief accounting officer now directly owns 2,321 shares of the company’s stock, valued at $730,627.59. This trade represents a 52.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Angela L. Kleiman sold 8,080 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $315.10, for a total value of $2,546,008.00. Following the completion of the transaction, the chief executive officer now directly owns 9,494 shares of the company’s stock, valued at $2,991,559.40. The trade was a 45.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,949 shares of company stock worth $5,663,763. 3.80% of the stock is owned by company insiders.

Essex Property Trust Stock Performance

Shares of Essex Property Trust stock opened at $299.96 on Friday. The company has a 50 day moving average price of $297.21 and a 200 day moving average price of $287.98. The firm has a market capitalization of $19.28 billion, a P/E ratio of 35.04, a PEG ratio of 5.93 and a beta of 0.90. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.13. Essex Property Trust, Inc. has a 52 week low of $222.30 and a 52 week high of $317.73.

Essex Property Trust (NYSE:ESS) last issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $1.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.88 by ($2.04). The firm had revenue of $450.70 million during the quarter, compared to analysts’ expectations of $445.88 million. Essex Property Trust had a return on equity of 9.72% and a net margin of 31.55%. During the same quarter last year, the business earned $3.78 EPS. Sell-side analysts expect that Essex Property Trust, Inc. will post 15.56 EPS for the current year.

Essex Property Trust Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Thursday, January 2nd will be given a $2.45 dividend. This represents a $9.80 dividend on an annualized basis and a yield of 3.27%. Essex Property Trust’s dividend payout ratio is currently 114.49%.

About Essex Property Trust

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.