Equity Residential (NYSE:EQR) Raised to “Market Perform” at BMO Capital Markets
BMO Capital Markets upgraded shares of Equity Residential (NYSE:EQR) from an underperform rating to a market perform rating in a research note issued to investors on Monday morning, Analyst Ratings Network reports. The firm currently has $61.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $57.00.
Several other analysts have also recently weighed in on the stock. Smith Barney Citigroup raised their price objective on shares of Equity Residential in a research report on Tuesday, December 15th. Wells Fargo & Company started coverage on shares of Equity Residential in a research report on Tuesday, October 20th. They set an equal weight rating and a $54.00 price objective on the stock. BidaskClub cut shares of Equity Residential from a sell rating to a strong sell rating in a research report on Wednesday, December 16th. Mizuho increased their target price on shares of Equity Residential from $62.00 to $68.00 and gave the company a buy rating in a report on Tuesday, November 10th. Finally, ValuEngine raised shares of Equity Residential from a sell rating to a hold rating in a report on Tuesday, November 3rd. Three analysts have rated the stock with a sell rating, fifteen have given a hold rating and three have issued a buy rating to the stock. Equity Residential has a consensus rating of Hold and a consensus target price of $65.18.
NYSE EQR opened at $59.57 on Monday. Equity Residential has a 1 year low of $45.42 and a 1 year high of $87.53. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market capitalization of $22.18 billion, a PE ratio of 23.45, a P/E/G ratio of 3.51 and a beta of 0.80. The company’s 50 day simple moving average is $59.19 and its two-hundred day simple moving average is $56.17.
The business also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Monday, January 4th will be given a $0.6025 dividend. The ex-dividend date is Thursday, December 31st. This represents a $2.41 annualized dividend and a dividend yield of 4.05%. Equity Residential’s dividend payout ratio is 69.05%.
In other news, EVP Alexander Brackenridge sold 7,244 shares of the firm’s stock in a transaction dated Monday, December 28th. The shares were sold at an average price of $58.95, for a total value of $427,033.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of EQR. Neuberger Berman Group LLC boosted its position in shares of Equity Residential by 22.1% in the third quarter. Neuberger Berman Group LLC now owns 758,791 shares of the real estate investment trust’s stock worth $38,949,000 after purchasing an additional 137,555 shares during the period. Sei Investments Co. boosted its position in shares of Equity Residential by 50.5% in the third quarter. Sei Investments Co. now owns 454,179 shares of the real estate investment trust’s stock worth $23,312,000 after purchasing an additional 152,384 shares during the period. Pensionfund DSM Netherlands boosted its position in shares of Equity Residential by 8.5% in the third quarter. Pensionfund DSM Netherlands now owns 83,356 shares of the real estate investment trust’s stock worth $4,279,000 after purchasing an additional 6,500 shares during the period. DNB Asset Management AS boosted its position in shares of Equity Residential by 15.8% in the third quarter. DNB Asset Management AS now owns 49,381 shares of the real estate investment trust’s stock worth $2,535,000 after purchasing an additional 6,730 shares during the period. Finally, Standard Life Aberdeen plc lifted its holdings in shares of Equity Residential by 5.2% in the third quarter. Standard Life Aberdeen plc now owns 209,627 shares of the real estate investment trust’s stock worth $10,761,000 after buying an additional 10,276 shares in the last quarter. 78.77% of the stock is owned by institutional investors.
About Equity Residential
Equity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, is focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract high quality long-term renters. Equity Residential owns or has investments in 305 properties consisting of 78,568 apartment units, located in Boston, New York, Washington, DC, Seattle, San Francisco, Southern California and Denver.
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