Municipal Employees Retirement System of Michigan cut its position in Equity Residential (NYSE:EQR) by 43.4% during the second quarter, Holdings Channel reports. The firm owned 11,800 shares of the real estate investment trust’s stock after selling 9,050 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Equity Residential were worth $777,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. DnB Asset Management AS boosted its stake in Equity Residential by 18.1% in the first quarter. DnB Asset Management AS now owns 38,537 shares of the real estate investment trust’s stock worth $2,398,000 after buying an additional 5,900 shares during the period. Duff & Phelps Investment Management Co. raised its position in Equity Residential by 5.7% in the first quarter. Duff & Phelps Investment Management Co. now owns 863,661 shares of the real estate investment trust’s stock worth $53,737,000 after buying an additional 46,325 shares in the last quarter. LGT Capital Partners LTD. raised its position in Equity Residential by 8.9% in the first quarter. LGT Capital Partners LTD. now owns 103,070 shares of the real estate investment trust’s stock worth $6,413,000 after buying an additional 8,400 shares in the last quarter. State of Alaska Department of Revenue raised its position in Equity Residential by 52.9% in the first quarter. State of Alaska Department of Revenue now owns 201,794 shares of the real estate investment trust’s stock worth $12,554,000 after buying an additional 69,824 shares in the last quarter. Finally, Motco raised its position in Equity Residential by 5.9% in the first quarter. Motco now owns 5,993 shares of the real estate investment trust’s stock worth $373,000 after buying an additional 336 shares in the last quarter. 91.81% of the stock is currently owned by institutional investors.

Equity Residential (NYSE:EQR) opened at 67.98 on Tuesday. Equity Residential has a 12 month low of $58.28 and a 12 month high of $68.83. The company has a market cap of $24.97 billion, a P/E ratio of 30.42 and a beta of 0.34. The company’s 50-day moving average is $66.60 and its 200-day moving average is $64.60.

Equity Residential (NYSE:EQR) last released its quarterly earnings data on Tuesday, July 25th. The real estate investment trust reported $0.77 EPS for the quarter, meeting the consensus estimate of $0.77. The business had revenue of $612.48 million for the quarter, compared to the consensus estimate of $609.37 million. Equity Residential had a net margin of 33.99% and a return on equity of 7.92%. The business’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.76 EPS. On average, equities research analysts expect that Equity Residential will post $1.41 EPS for the current fiscal year.

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EQR has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded shares of Equity Residential from a “sell” rating to a “hold” rating in a research report on Tuesday, April 18th. Barclays PLC restated an “equal weight” rating and set a $64.00 price target (up from $62.00) on shares of Equity Residential in a research report on Wednesday, April 19th. Evercore ISI boosted their price target on shares of Equity Residential from $62.00 to $63.00 and gave the company an “underperform” rating in a research report on Wednesday, April 19th. Cantor Fitzgerald restated a “hold” rating and set a $63.00 price target on shares of Equity Residential in a research report on Wednesday, April 26th. Finally, Argus set a $75.00 price target on shares of Equity Residential and gave the company a “buy” rating in a research report on Thursday, April 27th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $67.92.

In related news, insider Michael L. Manelis sold 1,000 shares of the business’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $65.63, for a total value of $65,630.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Alan W. George sold 28,157 shares of the business’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $65.93, for a total transaction of $1,856,391.01. The disclosure for this sale can be found here. Insiders sold a total of 59,124 shares of company stock worth $3,945,054 over the last ninety days. Insiders own 3.79% of the company’s stock.

About Equity Residential

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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Institutional Ownership by Quarter for Equity Residential (NYSE:EQR)

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