Equity Residential (EQR) PT Raised to $63.00
Equity Residential (NYSE:EQR) had its price objective hoisted by Evercore ISI from $62.00 to $63.00 in a research report issued on Wednesday. The brokerage presently has an “underperform” rating on the real estate investment trust’s stock. Evercore ISI’s price objective would suggest a potential downside of 2.17% from the company’s current price.
A number of other brokerages have also recently issued reports on EQR. Barclays PLC reissued an “equal weight” rating and issued a $64.00 price objective (up from $62.00) on shares of Equity Residential in a research note on Wednesday. Zacks Investment Research raised shares of Equity Residential from a “sell” rating to a “hold” rating in a research note on Tuesday. Finally, Cantor Fitzgerald reissued a “hold” rating and issued a $63.00 price objective on shares of Equity Residential in a research note on Wednesday, February 15th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $67.25.
Equity Residential (NYSE:EQR) opened at 64.40 on Wednesday. The company’s 50-day moving average price is $62.98 and its 200 day moving average price is $62.11. The company has a market capitalization of $23.64 billion, a price-to-earnings ratio of 5.52 and a beta of 0.32. Equity Residential has a 52 week low of $58.28 and a 52 week high of $73.05.
Equity Residential (NYSE:EQR) last announced its quarterly earnings data on Tuesday, January 31st. The real estate investment trust reported $0.79 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.79. The business had revenue of $605.50 million for the quarter, compared to analysts’ expectations of $605.84 million. Equity Residential had a net margin of 176.91% and a return on equity of 40.11%. The firm’s quarterly revenue was down 13.9% compared to the same quarter last year. During the same period last year, the firm posted $0.93 earnings per share. On average, analysts predict that Equity Residential will post $1.27 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, April 17th. Shareholders of record on Monday, March 27th were paid a dividend of $0.5038 per share. The ex-dividend date was Thursday, March 23rd. This represents a $2.02 dividend on an annualized basis and a dividend yield of 3.13%. Equity Residential’s payout ratio is presently 17.32%.
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In other Equity Residential news, insider Michael L. Manelis sold 1,500 shares of the business’s stock in a transaction on Thursday, February 9th. The shares were sold at an average price of $61.35, for a total transaction of $92,025.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider David S. Santee sold 5,633 shares of the business’s stock in a transaction on Tuesday, February 7th. The stock was sold at an average price of $60.46, for a total transaction of $340,571.18. The disclosure for this sale can be found here. Insiders own 3.90% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Municipal Employees Retirement System of Michigan boosted its stake in shares of Equity Residential by 0.3% in the third quarter. Municipal Employees Retirement System of Michigan now owns 11,560 shares of the real estate investment trust’s stock valued at $744,000 after buying an additional 30 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of Equity Residential by 0.4% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 20,962 shares of the real estate investment trust’s stock valued at $1,349,000 after buying an additional 84 shares in the last quarter. Balasa Dinverno & Foltz LLC boosted its stake in shares of Equity Residential by 1.5% in the third quarter. Balasa Dinverno & Foltz LLC now owns 8,213 shares of the real estate investment trust’s stock valued at $528,000 after buying an additional 118 shares in the last quarter. Commonwealth Equity Services Inc boosted its stake in shares of Equity Residential by 0.8% in the third quarter. Commonwealth Equity Services Inc now owns 15,740 shares of the real estate investment trust’s stock valued at $1,013,000 after buying an additional 123 shares in the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. boosted its stake in shares of Equity Residential by 0.4% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 41,082 shares of the real estate investment trust’s stock valued at $2,644,000 after buying an additional 150 shares in the last quarter. 96.62% of the stock is currently owned by institutional investors.
Equity Residential Company Profile
Equity Residential is a real estate investment trust. The Company’s primary business is the acquisition, development and management of multifamily residential properties. Its segments include Boston, New York, Washington DC, Southern California, San Francisco, Seattle and Other Markets. Southern California includes Los Angeles, San Diego and Orange County.
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