Clifford Swan Investment Counsel LLC Reduces Stake in Essex Property Trust, Inc. (NYSE:ESS)

Clifford Swan Investment Counsel LLC trimmed its holdings in shares of Essex Property Trust, Inc. (NYSE:ESS) by 4.6% in the 4th quarter, HoldingsChannel.com reports. The fund owned 8,701 shares of the real estate investment trust’s stock after selling 417 shares during the quarter. Clifford Swan Investment Counsel LLC’s holdings in Essex Property Trust were worth $2,157,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Lindbrook Capital LLC boosted its position in 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 in the last quarter. Bruce G. Allen Investments LLC purchased a new stake in Essex Property Trust during the fourth quarter worth $41,000. Bear Mountain Capital Inc. acquired a new stake in Essex Property Trust during the fourth quarter valued at $55,000. Blue Trust Inc. raised its position in shares of Essex Property Trust by 645.2% in the fourth quarter. Blue Trust Inc. now owns 231 shares of the real estate investment trust’s stock worth $57,000 after acquiring an additional 200 shares during the period. Finally, Tobam purchased a new position in shares of Essex Property Trust in the 4th quarter valued at about $60,000. 96.51% of the stock is owned by hedge funds and other institutional investors.

Essex Property Trust Stock Performance

Shares of NYSE:ESS traded up $5.18 on Monday, reaching $255.49. The company’s stock had a trading volume of 282,959 shares, compared to its average volume of 405,287. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.19 and a quick ratio of 3.19. Essex Property Trust, Inc. has a 52-week low of $203.85 and a 52-week high of $255.66. The stock’s 50-day moving average is $240.34 and its two-hundred day moving average is $232.99. The stock has a market capitalization of $16.41 billion, a P/E ratio of 31.11, a PEG ratio of 3.67 and a beta of 0.79.

Essex Property Trust Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were paid a $2.45 dividend. This is an increase from Essex Property Trust’s previous quarterly dividend of $2.31. This represents a $9.80 annualized dividend and a dividend yield of 3.84%. The ex-dividend date of this dividend was Wednesday, March 27th. Essex Property Trust’s dividend payout ratio (DPR) is 119.80%.

Analyst Ratings Changes

Several equities research analysts recently commented on ESS shares. Truist Financial cut their price target on shares of Essex Property Trust from $259.00 to $255.00 and set a “hold” rating for the company in a report on Tuesday, April 9th. Raymond James upgraded shares of Essex Property Trust from a “market perform” rating to an “outperform” rating and set a $265.00 price objective on the stock in a report on Monday, March 18th. Deutsche Bank Aktiengesellschaft started coverage on shares of Essex Property Trust in a research report on Tuesday, January 30th. They set a “hold” rating and a $240.00 price target for the company. Barclays increased their price objective on shares of Essex Property Trust from $224.00 to $225.00 and gave the stock an “underweight” rating in a research report on Tuesday, February 20th. Finally, Stifel Nicolaus upped their price target on Essex Property Trust from $239.50 to $243.50 and gave the stock a “hold” rating in a research note on Wednesday, May 1st. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Essex Property Trust currently has a consensus rating of “Hold” and a consensus price target of $249.76.

Essex Property Trust Profile

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.