Paloma Partners Management Co Reduces Stake in Equity Commonwealth (EQC)
Paloma Partners Management Co lowered its position in Equity Commonwealth (NYSE:EQC) by 24.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 35,299 shares of the real estate investment trust’s stock after selling 11,693 shares during the period. Paloma Partners Management Co’s holdings in Equity Commonwealth were worth $1,102,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in EQC. SG Americas Securities LLC boosted its stake in shares of Equity Commonwealth by 39.8% in the first quarter. SG Americas Securities LLC now owns 7,212 shares of the real estate investment trust’s stock worth $225,000 after buying an additional 2,052 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Equity Commonwealth by 5.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,769 shares of the real estate investment trust’s stock worth $243,000 after buying an additional 433 shares during the period. US Bancorp DE boosted its stake in shares of Equity Commonwealth by 6.2% in the first quarter. US Bancorp DE now owns 9,425 shares of the real estate investment trust’s stock worth $294,000 after buying an additional 551 shares during the period. TLP Group LLC acquired a new stake in shares of Equity Commonwealth during the first quarter worth $297,000. Finally, Metropolitan Life Insurance Co. NY boosted its stake in shares of Equity Commonwealth by 1.8% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 10,378 shares of the real estate investment trust’s stock worth $314,000 after buying an additional 184 shares during the period. 93.89% of the stock is owned by hedge funds and other institutional investors.
Equity Commonwealth (EQC) opened at 31.29 on Friday. Equity Commonwealth has a 52-week low of $28.04 and a 52-week high of $32.51. The firm has a 50-day moving average of $31.42 and a 200-day moving average of $31.17. The stock has a market capitalization of $3.88 billion, a PE ratio of 21.10 and a beta of 0.08.
Equity Commonwealth (NYSE:EQC) last posted its earnings results on Wednesday, May 3rd. The real estate investment trust reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by $0.02. Equity Commonwealth had a net margin of 45.41% and a return on equity of 6.70%. The firm had revenue of $99.50 million during the quarter, compared to analyst estimates of $102.72 million. During the same quarter in the previous year, the business posted $0.29 earnings per share. The business’s quarterly revenue was down 27.4% compared to the same quarter last year. On average, equities analysts expect that Equity Commonwealth will post $0.19 EPS for the current year.
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A number of analysts recently weighed in on the stock. Zacks Investment Research raised shares of Equity Commonwealth from a “hold” rating to a “buy” rating and set a $35.00 price target for the company in a research report on Monday, May 8th. BidaskClub raised shares of Equity Commonwealth from a “strong sell” rating to a “sell” rating in a research report on Thursday, June 15th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $32.67.
About Equity Commonwealth
Equity Commonwealth is an internally managed and self-advised real estate investment trust. The Company is engaged in the ownership and operation primarily of office buildings across the United States. The Company conducts its activities primarily through EQC Operating Trust (the Operating Trust). As of December 31, 2016, the Company’s portfolio included 33 properties, one land parcel and one property taken out of a service, classified as a land parcel, with a combined 16.1 million square feet.
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