Gulf International Bank UK Ltd Reduces Stake in Essex Property Trust, Inc. (NYSE:ESS) – 4th Quarter Update and Stock Performance
Gulf International Bank UK Ltd recently made a significant move by cutting its stake in Essex Property Trust, Inc. The institutional investor sold 642 shares of the real estate investment trust’s stock, resulting in a 10.8% decrease in their ownership. Despite this reduction, Gulf International Bank UK Ltd still holds 5,322 shares of Essex Property Trust, valued at $1,319,000.
This move by Gulf International Bank UK Ltd reflects a trend in the market, with other institutional investors and hedge funds also buying and selling shares of Essex Property Trust. For example, Mariner LLC increased its position by 16.2%, LPL Financial LLC by 10.2%, Credit Suisse AG by 19.1%, Nomura Asset Management Co. Ltd. by 5.9%, and Canada Pension Plan Investment Board by 7.8%. Overall, 92.93% of the stock is currently owned by hedge funds and other institutional investors.
In terms of stock performance, Essex Property Trust’s shares opened at $241.99 on Friday with a market cap of $15.54 billion. The company has a PE ratio of 38.35, a PEG ratio of 3.18, and a beta of 0.79. Additionally, Essex Property Trust recently announced an increase in their quarterly dividend, from $2.31 to $2.45 per share, with a dividend yield of 4.05%. The dividend payout ratio is currently 146.43%.
Wall Street analysts have had mixed opinions on Essex Property Trust, with some boosting their price targets and others reaffirming a sell rating. The consensus rating for the stock is currently “Hold” with a consensus price target of $243.58.
Essex Property Trust, Inc. is a fully integrated real estate investment trust that focuses on multifamily residential properties in selected West Coast markets. The company currently owns interests in 252 apartment communities comprising approximately 62,000 apartment homes.
Overall, the recent shifts in ownership and stock performance for Essex Property Trust indicate a dynamic market for real estate investment trusts. Investors and analysts continue to monitor the company’s developments closely for future opportunities and challenges.
