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Essex Property Trust, Inc. (NYSE:ESS), a $20.5 billion real estate investment trust, recently saw its Executive Vice President and CFO, Barbara Pak, engage in notable stock transactions, according to a filing with the Securities and Exchange Commission. On March 3, Pak sold 6,318 shares of common stock at a price of $314.79 per share, amounting to a total transaction value of approximately $1.99 million. The transaction comes as the stock trades near its 52-week high of $317.73, according to InvestingPro data.
In a related transaction, Pak exercised stock options to acquire 6,318 shares at an exercise price of $214.79 per share, totaling approximately $1.36 million. These transactions were conducted as part of a pre-established Rule 10b5-1 trading plan. InvestingPro analysis indicates the company currently appears overvalued based on its Fair Value assessment.
Following these transactions, Pak holds 8,654 shares of Essex Property Trust. The company, based in San Mateo, California, operates as a real estate investment trust with a strong financial profile, maintaining dividend payments for 32 consecutive years and currently offering a 3.3% dividend yield. InvestingPro subscribers can access 8 additional exclusive tips and a comprehensive Pro Research Report for deeper insights into Essex Property Trust’s performance and outlook.
In other recent news, Essex Property Trust has issued $400 million in senior notes due in 2035, with an interest rate of 5.375%. The notes were sold at 99.604% of their principal value, and the proceeds are intended for repaying upcoming debt maturities, including part of a $500 million senior note due in April 2025. Additionally, the funds may be used for general corporate purposes, such as potential acquisitions. Piper Sandler has maintained an Overweight rating on Essex Property Trust, citing potential growth in Northern California and Seattle markets. Their confidence is bolstered by the recovery in tech employment and anticipated policy shifts in these regions. Meanwhile, BMO Capital Markets upgraded Essex Property Trust’s stock rating from Market Perform to Outperform, though they adjusted the price target to $310 from $323. This change reflects higher interest rates and the impact of recent wildfires in Los Angeles, which could increase demand for multifamily housing. BMO Capital anticipates a rise in occupancy rates in Essex’s Los Angeles market due to these events.
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