Spire Wealth Management Significantly Expands Stake in Essex Property Trust

Spire Wealth Management has made a remarkable expansion to its holdings in Essex Property Trust, Inc. (NYSE: ESS), increasing its stake by an astonishing 12,050.0% during the second quarter of the year. According to a recent filing with the U.S. Securities and Exchange Commission (SEC), the investment firm now owns 243 shares of the real estate investment trust (REIT), after acquiring an additional 241 shares within the period. As of the latest filing, these shares are valued at approximately $69,000.

Several other major investors have also adjusted their stakes in Essex Property Trust. For instance, World Investment Advisors raised its holdings by 7.7%, now owning 2,105 shares worth $597,000 after acquiring an additional 150 shares. Similarly, New York Life Investment Management LLC increased its stake by 1.4%, bringing its total to 9,635 shares valued at $2,731,000 after purchasing an extra 137 shares.

Fjarde AP Fonden Fourth Swedish National Pension Fund also expanded its investment by 16.0%, now holding 11,618 shares worth $3,293,000 following the acquisition of 1,600 shares. In addition, OVERSEA CHINESE BANKING Corp Ltd boosted its holdings by 12.9%, totaling 33,885 shares valued at $9,603,000 after purchasing 3,863 shares. Envestnet Asset Management Inc. increased its stake by 15.1%, now owning 57,991 shares worth $16,435,000 after acquiring an additional 7,602 shares. Currently, institutional investors control 96.51% of the stock.

Market Reactions and Analyst Perspectives

Analysts have recently provided mixed reviews concerning Essex Property Trust. On October 1, Cantor Fitzgerald initiated coverage with an “overweight” rating and set a price target of $300.00. Conversely, BNP Paribas Exane downgraded the stock from “outperform” to “neutral” on September 29. Other notable adjustments include Barclays, which lowered its price target from $298.00 to $297.00, while the Royal Bank of Canada increased its target from $306.00 to $307.00.

The consensus rating for Essex Property Trust remains “Hold,” with seven analysts recommending a Buy, twelve advising Hold, and one suggesting a Sell. According to MarketBeat, the average target price is currently $295.03.

Recent Performance and Financial Metrics

On October 29, 2023, Essex Property Trust reported its quarterly earnings, revealing $3.97 earnings per share (EPS), marginally surpassing analysts’ consensus estimates of $3.96. The company generated revenue of $473.30 million, slightly above the anticipated $472.11 million. With a net margin of 45.46% and a return on equity of 14.70%, the firm continues to perform well compared to the previous year, when it reported $3.91 EPS.

Looking ahead, Essex Property Trust has provided guidance for the fourth quarter of 2025, forecasting EPS between $3.930 and $4.030. For the entire fiscal year, the guidance is set between $15.890 and $15.990, with analysts predicting an EPS of $15.96 for the current fiscal year.

The company has also announced a quarterly dividend of $2.57 per share, which was paid on October 15, 2023, to shareholders on record as of September 30. This annualizes to a dividend of $10.28, representing a yield of 3.9% and a payout ratio of 78.12%.

Essex Property Trust, Inc., an S&P 500 company, operates as a fully integrated REIT, focusing on acquiring, developing, and managing multifamily residential properties in selected West Coast markets. The company currently has ownership interests in 252 apartment communities, consisting of approximately 62,000 apartment homes, with additional properties under development.