Russell Investments Group Ltd. Boosts Holdings in Essex Property Trust, Inc. (NYSE:ESS)

Russell Investments Group Ltd. lifted its stake in Essex Property Trust, Inc. (NYSE:ESS) by 119.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 412,721 shares of the real estate investment trust’s stock after purchasing an additional 224,554 shares during the quarter. Russell Investments Group Ltd. owned 0.64% of Essex Property Trust worth $102,602,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. Lindbrook Capital LLC raised its position in shares of Essex Property Trust by 111.5% in the 4th quarter. Lindbrook Capital LLC now owns 110 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 58 shares during the last quarter. Bruce G. Allen Investments LLC purchased a new position in Essex Property Trust in the 4th quarter worth about $41,000. Bear Mountain Capital Inc. purchased a new position in Essex Property Trust in the 4th quarter worth about $55,000. Blue Trust Inc. raised its position in Essex Property Trust by 645.2% in the 4th quarter. Blue Trust Inc. now owns 231 shares of the real estate investment trust’s stock worth $57,000 after buying an additional 200 shares during the last quarter. Finally, Tobam purchased a new position in Essex Property Trust in the 4th quarter worth about $60,000. Hedge funds and other institutional investors own 96.51% of the company’s stock.

Analyst Ratings Changes

ESS has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on Essex Property Trust in a research report on Tuesday, January 30th. They issued a “hold” rating and a $240.00 target price for the company. Stifel Nicolaus decreased their target price on Essex Property Trust from $225.00 to $223.00 and set a “hold” rating for the company in a research report on Wednesday, February 7th. Mizuho raised Essex Property Trust from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $255.00 to $250.00 in a research report on Wednesday, February 28th. Royal Bank of Canada boosted their price target on Essex Property Trust from $237.00 to $239.00 and gave the company an “outperform” rating in a research note on Thursday, February 8th. Finally, Truist Financial cut their price target on Essex Property Trust from $259.00 to $255.00 and set a “hold” rating for the company in a research note on Tuesday, April 9th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Essex Property Trust currently has a consensus rating of “Hold” and an average target price of $245.37.

Essex Property Trust Price Performance

Shares of ESS traded down $0.29 during mid-day trading on Friday, hitting $246.92. 422,599 shares of the stock were exchanged, compared to its average volume of 317,451. The company has a market cap of $15.85 billion, a PE ratio of 39.13, a price-to-earnings-growth ratio of 3.65 and a beta of 0.80. Essex Property Trust, Inc. has a 52-week low of $203.85 and a 52-week high of $252.85. The firm has a 50-day moving average of $238.81 and a two-hundred day moving average of $231.90. The company has a debt-to-equity ratio of 1.11, a quick ratio of 3.26 and a current ratio of 3.26.

Essex Property Trust Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 29th were issued a dividend of $2.45 per share. This represents a $9.80 annualized dividend and a dividend yield of 3.97%. This is a boost from Essex Property Trust’s previous quarterly dividend of $2.31. The ex-dividend date was Wednesday, March 27th. Essex Property Trust’s dividend payout ratio is 155.31%.

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.