Vanguard Trims Essex Property Trust Stake to 16.0%

Ticker: ESS · Form: SC 13G/A · Filed: 2024-02-13T00:00:00.000Z

Sentiment: neutral

Topics: institutional-ownership, amendment, real-estate, portfolio-rebalance

TL;DR

**Vanguard still owns a huge chunk of Essex Property Trust, even after a tiny trim.**

AI Summary

The Vanguard Group, a major investment firm, filed an amended Schedule 13G/A on February 13, 2024, updating its ownership in Essex Property Trust Inc. As of December 29, 2023, Vanguard reported beneficial ownership of 10,037,709 shares of Essex Property Trust's Common Stock, representing 16.0% of the company. This filing indicates a slight decrease from its previously reported 16.1% ownership, but Vanguard remains a significant institutional holder, which matters to investors as large institutional ownership can provide stability and confidence in the stock.

Why It Matters

This filing shows that a major institutional investor, Vanguard, still holds a substantial portion of Essex Property Trust, signaling continued confidence, even with a minor reduction in its stake. For investors, this means a large, stable holder is still committed to the company.

Risk Assessment

Risk Level: low — The change in ownership is minor, and Vanguard remains a significant holder, indicating no immediate high risk to the stock.

Analyst Insight

Investors should note Vanguard's continued substantial, though slightly reduced, ownership. This suggests long-term institutional interest, but the minor reduction could warrant a deeper look into recent company performance or sector trends to understand if Vanguard is rebalancing its portfolio.

Key Numbers

10,037,709 — Shares Beneficially Owned (The total number of Common Stock shares of Essex Property Trust Inc. owned by The Vanguard Group as of December 29, 2023.)
16.0% — Percentage of Class (The percentage of Essex Property Trust Inc. Common Stock beneficially owned by The Vanguard Group as of December 29, 2023.)
21 — Amendment Number (This is the 21st amendment to Vanguard's Schedule 13G filing for Essex Property Trust Inc.)

Key Players & Entities

The Vanguard Group (company) — reporting person and institutional investor
Essex Property Trust Inc (company) — the issuer of the securities
10,037,709 shares (dollar_amount) — total shares beneficially owned by Vanguard
16.0% (dollar_amount) — percentage of class beneficially owned by Vanguard
December 29, 2023 (date) — date of event requiring the filing

Forward-Looking Statements

Vanguard will maintain a significant, albeit potentially slightly adjusted, stake in Essex Property Trust Inc. over the next year. (The Vanguard Group) — high confidence, target: 2025-02-13

FAQ

What is the name of the issuer whose securities are being reported in this SC 13G/A filing?

The name of the issuer is Essex Property Trust Inc, as stated in the 'Name of issuer' section of the filing.

Who is the reporting person in this SC 13G/A filing?

The reporting person is The Vanguard Group, identified in '1. NAME OF REPORTING PERSON' on the cover page.

What was the date of the event that required this filing?

The date of the event which required the filing of this statement was December 29, 2023, as specified in the filing.

How many shares of Common Stock of Essex Property Trust Inc. does The Vanguard Group beneficially own?

The Vanguard Group beneficially owns 10,037,709 shares of Common Stock of Essex Property Trust Inc., as indicated in the filing's summary.

What percentage of the class of securities does The Vanguard Group beneficially own?

The Vanguard Group beneficially owns 16.0% of the class of securities, as stated in the filing.

From the Filing

0001104659-24-020876.txt : 20240213 0001104659-24-020876.hdr.sgml : 20240213 20240213170434 ACCESSION NUMBER: 0001104659-24-020876 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20240213 DATE AS OF CHANGE: 20240213 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: ESSEX PROPERTY TRUST, INC. CENTRAL INDEX KEY: 0000920522 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] ORGANIZATION NAME: 05 Real Estate & Construction IRS NUMBER: 770369576 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-45439 FILM NUMBER: 24628302 BUSINESS ADDRESS: STREET 1: 1100 PARK PLACE STREET 2: SUITE 200 CITY: SAN MATEO STATE: CA ZIP: 94403 BUSINESS PHONE: 6506557800 MAIL ADDRESS: STREET 1: 1100 PARK PLACE STREET 2: SUITE 200 CITY: SAN MATEO STATE: CA ZIP: 94403 FORMER COMPANY: FORMER CONFORMED NAME: ESSEX PORTFOLIO LP DATE OF NAME CHANGE: 20181211 FORMER COMPANY: FORMER CONFORMED NAME: ESSEX PROPERTY TRUST INC DATE OF NAME CHANGE: 19940318 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD GROUP INC CENTRAL INDEX KEY: 0000102909 ORGANIZATION NAME: IRS NUMBER: 231945930 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482-2600 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482-2600 SC 13G/A 1 tv0876-essexpropertytrustinc.htm SCHEDULE 13G/A essexpropertytrustinc SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Schedule 13G Under the Securities Exchange Act of 1934 (Amendment No.: 21)* Name of issuer:  Essex Property Trust Inc Title of Class of Securities:  Common Stock CUSIP Number:  297178105 Date of Event Which Requires Filing of this Statement: December 29, 2023 Check the appropriate box to designate the rule pursuant to which this Schedule is filed: ☒ Rule 13d-1(b) ☐ Rule 13d-1(c) ☐ Rule 13d-1(d) *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). (Continued on the following page(s))     13G CUSIP No.:  297178105 1.  NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON The Vanguard Group - 23-1945930 2.  CHECK THE APPROPRIATE [LINE] IF A MEMBER OF A GROUP A.  B.  X 3.  SEC USE ONLY 4.  CITIZENSHIP OF PLACE OF ORGANIZATION Pennsylvania (For questions 5-8, report the number of shares beneficially owned by each reporting person with:) 5.  SOLE VOTING POWER 0 6.  SHARED VOTING POWER 134,090 7.  SOLE DISPOSITIVE POWER 9,891,593 8.  SHARED DISPOSITIVE POWER 324,900 9.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 10,216,493 10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES N/A 11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 15.92% 12.  TYPE OF REPORTING PERSON IA     SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Schedule 13G Under the Securities Act of 1934 Item 1(a) - Name of Issuer: Essex Property Trust Inc Item 1(b) - Address of Issuer's Principal Executive Offices: 1100 Park Place, Suite 200 San Mateo, CA 94403 Item 2(a) - Name of Person Filing: The Vanguard Group - 23-1945930 Item 2(b) – Address of P