Global X Management Co. LLC Purchases 973 Shares of Equity Residential (EQR)
Global X Management Co. LLC boosted its position in Equity Residential (NYSE:EQR) by 15.3% during the second quarter, Holdings Channel reports. The institutional investor owned 7,346 shares of the real estate investment trust’s stock after buying an additional 973 shares during the period. Global X Management Co. LLC’s holdings in Equity Residential were worth $484,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in Equity Residential by 2,486.4% in the first quarter. BlackRock Inc. now owns 33,800,889 shares of the real estate investment trust’s stock worth $2,103,090,000 after buying an additional 32,494,035 shares in the last quarter. American Century Companies Inc. increased its stake in Equity Residential by 266.0% in the first quarter. American Century Companies Inc. now owns 1,981,160 shares of the real estate investment trust’s stock worth $123,268,000 after buying an additional 1,439,915 shares in the last quarter. Vanguard Group Inc. increased its stake in Equity Residential by 2.2% in the first quarter. Vanguard Group Inc. now owns 52,348,375 shares of the real estate investment trust’s stock worth $3,257,116,000 after buying an additional 1,140,042 shares in the last quarter. Bank of America Corp DE increased its stake in Equity Residential by 64.5% in the first quarter. Bank of America Corp DE now owns 2,443,018 shares of the real estate investment trust’s stock worth $152,006,000 after buying an additional 957,684 shares in the last quarter. Finally, Resolution Capital Ltd increased its stake in Equity Residential by 636.0% in the second quarter. Resolution Capital Ltd now owns 1,036,264 shares of the real estate investment trust’s stock worth $68,217,000 after buying an additional 895,464 shares in the last quarter. 91.81% of the stock is owned by institutional investors and hedge funds.
Equity Residential (NYSE EQR) opened at 67.65 on Friday. The stock has a market capitalization of $24.85 billion, a PE ratio of 30.27 and a beta of 0.34. Equity Residential has a 12 month low of $58.28 and a 12 month high of $68.83. The stock has a 50 day moving average price of $66.71 and a 200 day moving average price of $64.69.
Equity Residential (NYSE:EQR) last issued its quarterly earnings results on Tuesday, July 25th. The real estate investment trust reported $0.77 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.77. Equity Residential had a return on equity of 7.92% and a net margin of 33.99%. The business had revenue of $612.48 million during the quarter, compared to analyst estimates of $609.37 million. During the same quarter in the prior year, the business posted $0.76 EPS. Equity Residential’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, equities research analysts forecast that Equity Residential will post $1.44 earnings per share for the current fiscal year.
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EQR has been the subject of a number of recent research reports. BidaskClub downgraded Equity Residential from a “buy” rating to a “hold” rating in a research report on Saturday, July 1st. Argus set a $75.00 target price on Equity Residential and gave the stock a “buy” rating in a research report on Thursday, April 27th. Cantor Fitzgerald reissued a “hold” rating and issued a $63.00 target price on shares of Equity Residential in a research report on Wednesday, April 26th. Zacks Investment Research raised Equity Residential from a “hold” rating to a “buy” rating and set a $74.00 target price for the company in a research report on Tuesday, July 18th. Finally, TheStreet downgraded Equity Residential from a “b” rating to a “c+” rating in a research report on Wednesday, May 17th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company’s stock. Equity Residential currently has an average rating of “Hold” and a consensus target price of $67.92.
In other Equity Residential news, insider Alan W. George sold 28,157 shares of the stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $65.93, for a total transaction of $1,856,391.01. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael L. Manelis sold 1,000 shares of the stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $65.63, for a total transaction of $65,630.00. The disclosure for this sale can be found here. Insiders have sold a total of 59,124 shares of company stock valued at $3,945,054 in the last three months. 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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