Equity Residential (NYSE:EQR) was downgraded by analysts at ValuEngine from a “hold” rating to a “sell” rating in a research note issued to investors on Monday.
A number of other research analysts have also recently issued reports on the company. Morgan Stanley cut their price objective on Equity Residential from $66.50 to $63.00 and set an “equal weight” rating for the company in a report on Thursday, June 14th. Bank of America lifted their price objective on Equity Residential from $74.00 to $76.00 and gave the company a “buy” rating in a report on Friday, June 8th. Sandler O’Neill reissued a “hold” rating and set a $65.00 price objective on shares of Equity Residential in a report on Tuesday, March 20th. SunTrust Banks set a $66.00 price objective on Equity Residential and gave the company a “buy” rating in a report on Monday, March 19th. Finally, UBS Group raised Equity Residential from a “neutral” rating to a “buy” rating and set a $69.00 price target for the company in a report on Monday, March 19th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $66.38.
Shares of NYSE EQR opened at $62.01 on Monday. The firm has a market cap of $23.37 billion, a price-to-earnings ratio of 19.81, a P/E/G ratio of 3.27 and a beta of 0.35. Equity Residential has a 52-week low of $54.97 and a 52-week high of $70.46. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.19 and a quick ratio of 0.19.
Equity Residential (NYSE:EQR) last issued its quarterly earnings data on Tuesday, April 24th. The real estate investment trust reported $0.57 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.78 by ($0.21). The company had revenue of $633.02 million for the quarter, compared to the consensus estimate of $626.81 million. Equity Residential had a net margin of 26.83% and a return on equity of 6.41%. The firm’s revenue was up 4.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.76 earnings per share. sell-side analysts predict that Equity Residential will post 3.23 earnings per share for the current year.
In related news, insider David S. Santee sold 1,928 shares of Equity Residential stock in a transaction dated Wednesday, May 23rd. The stock was sold at an average price of $61.55, for a total value of $118,668.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO David J. Neithercut sold 25,000 shares of Equity Residential stock in a transaction dated Tuesday, June 12th. The stock was sold at an average price of $64.50, for a total value of $1,612,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 32,110 shares of company stock valued at $2,048,048. Corporate insiders own 3.75% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Northern Trust Corp increased its position in Equity Residential by 3.2% in the first quarter. Northern Trust Corp now owns 6,766,189 shares of the real estate investment trust’s stock worth $416,933,000 after purchasing an additional 209,065 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Equity Residential by 2.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,471,726 shares of the real estate investment trust’s stock worth $337,167,000 after buying an additional 143,803 shares during the period. Geode Capital Management LLC grew its position in shares of Equity Residential by 3.8% during the 4th quarter. Geode Capital Management LLC now owns 4,366,606 shares of the real estate investment trust’s stock worth $277,937,000 after buying an additional 160,876 shares during the period. Schwab Charles Investment Management Inc. grew its position in shares of Equity Residential by 6.5% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 3,664,453 shares of the real estate investment trust’s stock worth $225,804,000 after buying an additional 223,994 shares during the period. Finally, Boston Partners grew its position in shares of Equity Residential by 80.4% during the 1st quarter. Boston Partners now owns 3,568,769 shares of the real estate investment trust’s stock worth $219,907,000 after buying an additional 1,591,045 shares during the period. Hedge funds and other institutional investors own 92.62% of the company’s stock.
About Equity Residential
Equity Residential is an S&P 500 company focused on the acquisition, development and management of rental apartment properties in urban and high-density suburban coastal gateway markets where today's renters want to live, work and play. Equity Residential owns or has investments in 305 properties consisting of 78,611 apartment units, primarily located in Boston, New York, Washington, DC, Seattle, San Francisco and Southern California.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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