Equity Residential (EQR) Receives Hold Rating from Citigroup Inc.
Citigroup Inc. reiterated their hold rating on shares of Equity Residential (NYSE:EQR) in a research note published on Friday. They currently have a $69.00 price objective on the real estate investment trust’s stock.
Several other brokerages have also recently weighed in on EQR. Jefferies Group reissued a hold rating on shares of Equity Residential in a research note on Wednesday, July 6th. Royal Bank Of Canada decreased their price target on Equity Residential from $74.00 to $72.00 and set a sector perform rating for the company in a research note on Thursday, June 2nd. Raymond James Financial Inc. cut Equity Residential from a market perform rating to an underperform rating in a research note on Wednesday, August 3rd. Cantor Fitzgerald cut Equity Residential from a buy rating to a hold rating and decreased their price target for the company from $75.00 to $68.00 in a research note on Thursday, July 28th. Finally, Zacks Investment Research raised Equity Residential from a sell rating to a hold rating in a research note on Friday, August 12th. Five analysts have rated the stock with a sell rating, fifteen have issued a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $72.53.
Equity Residential (NYSE:EQR) traded down 1.13% during trading on Friday, hitting $63.60. The stock had a trading volume of 532,439 shares. Equity Residential has a one year low of $62.39 and a one year high of $82.39. The stock has a 50 day moving average of $64.87 and a 200 day moving average of $68.26. The firm has a market capitalization of $23.25 billion, a P/E ratio of 5.55 and a beta of 0.49.
Equity Residential (NYSE:EQR) last issued its earnings results on Tuesday, July 26th. The real estate investment trust reported $0.76 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by $0.02. Equity Residential had a return on equity of 38.79% and a net margin of 160.96%. The firm earned $595.20 million during the quarter, compared to analyst estimates of $609.82 million. During the same period in the previous year, the company earned $0.85 EPS. Equity Residential’s revenue for the quarter was down 12.4% on a year-over-year basis. Equities research analysts expect that Equity Residential will post $3.08 earnings per share for the current fiscal year.
The company also recently declared a special dividend, which will be paid on Friday, October 14th. Shareholders of record on Monday, September 26th will be paid a dividend of $3.00 per share. This represents a yield of 3.17%. The ex-dividend date is Thursday, September 22nd. Equity Residential’s dividend payout ratio (DPR) is currently 17.67%.
Large investors have recently modified their holdings of the company. Heitman Real Estate Securities LLC raised its stake in shares of Equity Residential by 262.6% in the first quarter. Heitman Real Estate Securities LLC now owns 2,367,704 shares of the real estate investment trust’s stock valued at $177,649,000 after buying an additional 1,714,728 shares during the period. Shell Asset Management Co. increased its position in Equity Residential by 4.9% in the second quarter. Shell Asset Management Co. now owns 223,017 shares of the real estate investment trust’s stock valued at $15,361,000 after buying an additional 10,327 shares in the last quarter. Legal & General Group Plc increased its position in Equity Residential by 3.0% in the first quarter. Legal & General Group Plc now owns 2,268,677 shares of the real estate investment trust’s stock valued at $170,217,000 after buying an additional 67,135 shares in the last quarter. Renaissance Technologies LLC increased its position in Equity Residential by 11.3% in the first quarter. Renaissance Technologies LLC now owns 793,800 shares of the real estate investment trust’s stock valued at $59,559,000 after buying an additional 80,700 shares in the last quarter. Finally, Norinchukin Bank The increased its position in Equity Residential by 4.8% in the second quarter. Norinchukin Bank The now owns 8,016 shares of the real estate investment trust’s stock valued at $552,000 after buying an additional 368 shares in the last quarter. 94.18% of the stock is owned by hedge funds and other institutional investors.
Equity Residential Company Profile
Equity Residential is a real estate investment trust. The Company is focused on the acquisition, development and management of apartment properties in various markets of the United States. The Company’s segments include Boston, New York, San Francisco, Seattle, Southern California, Washington DC, Non-core – South Florida, Non-core – Denver, and Non-core – other.
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