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Mary Kasaris, a director at Essex Property Trust (NYSE:ESS), recently sold 2,800 shares of the company’s common stock. The transaction, which took place on March 11, 2025, was executed at an average price of $300.80 per share, amounting to a total sale value of approximately $842,240. The real estate investment trust, currently valued at $19.2 billion, has maintained dividend payments for 32 consecutive years, offering investors a 3.51% yield. According to InvestingPro analysis, the stock is trading close to its Fair Value.
In a separate transaction on the same day, Kasaris acquired 2,800 shares through an exercise of stock options at a price of $216.31 per share. This acquisition was valued at $605,668. Following these transactions, Kasaris holds 1,755 shares directly and an additional 450 shares indirectly through a trust. For deeper insights into insider trading patterns and comprehensive financial analysis, including 5+ additional ProTips, check out the detailed Essex Property Trust research report on InvestingPro.
In other recent news, Essex Property Trust has issued $400 million in senior notes, set to mature on April 1, 2035, with an interest rate of 5.375%. The proceeds from this issuance are intended to repay upcoming debt maturities, including a portion of $500 million in senior notes due in April 2025, and for general corporate purposes. Piper Sandler has maintained an Overweight rating on Essex Property Trust, with a price target of $370, citing potential growth in Northern California and Seattle markets. This outlook is supported by anticipated policy shifts and a recovery in tech employment, which could benefit the company’s strategic positioning in these regions.
Additionally, BMO Capital Markets has upgraded Essex Property Trust’s stock rating from Market Perform to Outperform, although it reduced the price target from $323 to $310 due to higher interest rates impacting the real estate market. The firm noted that recent wildfires in Los Angeles could unexpectedly boost demand for multifamily housing units, potentially increasing occupancy rates for Essex Property Trust. The company’s significant presence in Los Angeles positions it to capitalize on this increased demand. Meanwhile, the senior notes offering was managed by several financial institutions, including J.P. Morgan Securities LLC and Wells Fargo (NYSE:WFC) Securities, LLC.
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