Goldman Sachs reduced its exposure to the US real estate and homebuilding sectors, trimming its stakes in Essex Property Trust by 9.5% and NVR by 12.1%. The market saw mixed institutional activity as Cohen & Steers executed a significant sale in Essex, while firms like Geode Capital Management increased their positions. Additionally, Scotiabank adjusted its outlook on the sector, raising price targets for Essex Property Trust and Public Storage while lowering the target for Welltower Inc. despite maintaining outperform ratings.
Scotiabank raised targets for Essex Property and Public Storage while cutting Welltower, maintaining Sector Outperform ratings for all three REITs.
Read the full storyEssex Property Trust saw a reshuffle in its institutional investor base as Cohen & Steers executed a major stake sale while Geode Capital increased its holdings.
The investment bank reduced its holdings in Essex Property Trust and NVR during Q4 as part of a broader portfolio rebalancing.