Loudon Investment Management LLC Grows Position in Essex Property Trust, Inc. (NYSE:ESS)

Loudon Investment Management LLC raised its position in shares of Essex Property Trust, Inc. (NYSE:ESS) by 2.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,093 shares of the real estate investment trust’s stock after acquiring an additional 337 shares during the period. Essex Property Trust makes up approximately 2.4% of Loudon Investment Management LLC’s holdings, making the stock its 13th biggest holding. Loudon Investment Management LLC’s holdings in Essex Property Trust were worth $3,990,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ESS. Lindbrook Capital LLC raised its stake in Essex Property Trust by 111.5% during the fourth quarter. Lindbrook Capital LLC now owns 110 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 58 shares in the last quarter. Bruce G. Allen Investments LLC bought a new stake in shares of Essex Property Trust in the 4th quarter worth about $41,000. Bear Mountain Capital Inc. purchased a new stake in shares of Essex Property Trust during the 4th quarter valued at about $55,000. Blue Trust Inc. lifted its holdings in shares of 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 valued at $57,000 after acquiring an additional 200 shares during the last quarter. Finally, Tobam bought a new position in shares of Essex Property Trust in the 4th quarter valued at about $60,000. 96.51% of the stock is currently owned by institutional investors.

Essex Property Trust Stock Up 1.8 %

Essex Property Trust stock traded up $4.33 during trading hours on Thursday, reaching $249.80. The stock had a trading volume of 605,047 shares, compared to its average volume of 406,795. Essex Property Trust, Inc. has a 52 week low of $203.85 and a 52 week high of $252.85. The company has a market cap of $16.04 billion, a price-to-earnings ratio of 29.98, a PEG ratio of 3.64 and a beta of 0.79. The company has a debt-to-equity ratio of 1.11, a current ratio of 3.26 and a quick ratio of 3.26. The business’s 50 day moving average price is $239.53 and its 200-day moving average price is $232.44.

Essex Property Trust Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were issued a $2.45 dividend. This represents a $9.80 annualized dividend and a yield of 3.92%. The ex-dividend date of this dividend was Wednesday, March 27th. This is an increase from Essex Property Trust’s previous quarterly dividend of $2.31. Essex Property Trust’s dividend payout ratio (DPR) is currently 119.80%.

Analysts Set New Price Targets

ESS has been the topic of a number of recent research reports. Royal Bank of Canada upped their price objective on Essex Property Trust from $237.00 to $239.00 and gave the company an “outperform” rating in a research report on Thursday, February 8th. Mizuho upgraded Essex Property Trust from a “neutral” rating to a “buy” rating and decreased their price target for the company from $255.00 to $250.00 in a report on Wednesday, February 28th. Raymond James raised shares of Essex Property Trust from a “market perform” rating to an “outperform” rating and set a $265.00 price objective for the company in a research note on Monday, March 18th. Barclays increased their target price on shares of Essex Property Trust from $224.00 to $225.00 and gave the company an “underweight” rating in a research note on Tuesday, February 20th. Finally, Piper Sandler reiterated an “overweight” rating and set a $291.00 price target on shares of Essex Property Trust in a report on Tuesday, March 26th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $247.24.

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.