Pinebridge Investments L.P. trimmed its position in Equity Residential (NYSE:EQR) by 33.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,720 shares of the real estate investment trust’s stock after selling 2,370 shares during the quarter. Pinebridge Investments L.P.’s holdings in Equity Residential were worth $301,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Honeywell International Inc. raised its holdings in shares of Equity Residential by 23.4% in the 2nd quarter. Honeywell International Inc. now owns 101,129 shares of the real estate investment trust’s stock valued at $6,441,000 after purchasing an additional 19,180 shares in the last quarter. Toronto Dominion Bank raised its holdings in shares of Equity Residential by 19.3% in the 2nd quarter. Toronto Dominion Bank now owns 236,700 shares of the real estate investment trust’s stock valued at $15,073,000 after purchasing an additional 38,284 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Equity Residential by 5.3% in the 2nd quarter. Russell Investments Group Ltd. now owns 1,497,961 shares of the real estate investment trust’s stock valued at $95,187,000 after purchasing an additional 75,700 shares in the last quarter. People s United Financial Inc. raised its holdings in shares of Equity Residential by 40.9% in the 2nd quarter. People s United Financial Inc. now owns 22,552 shares of the real estate investment trust’s stock valued at $1,436,000 after purchasing an additional 6,546 shares in the last quarter. Finally, Royal Bank of Canada raised its holdings in shares of Equity Residential by 9.3% in the 1st quarter. Royal Bank of Canada now owns 126,748 shares of the real estate investment trust’s stock valued at $7,810,000 after purchasing an additional 10,754 shares in the last quarter. Institutional investors and hedge funds own 87.42% of the company’s stock.
Shares of NYSE:EQR opened at $67.43 on Thursday. Equity Residential has a 12 month low of $54.97 and a 12 month high of $70.46. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.84. The firm has a market cap of $24.95 billion, a P/E ratio of 21.11, a P/E/G ratio of 3.51 and a beta of 0.37.
Equity Residential (NYSE:EQR) last announced its quarterly earnings results on Tuesday, July 24th. The real estate investment trust reported $0.81 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.01. Equity Residential had a net margin of 23.27% and a return on equity of 5.63%. The firm had revenue of $639.62 million for the quarter, compared to analyst estimates of $637.34 million. During the same period last year, the business earned $0.77 EPS. Equity Residential’s revenue for the quarter was up 4.5% compared to the same quarter last year. equities analysts expect that Equity Residential will post 3.24 EPS for the current fiscal year.
A number of brokerages have recently weighed in on EQR. Deutsche Bank raised their price objective on shares of Equity Residential from $66.00 to $67.00 and gave the company a “hold” rating in a report on Wednesday. Robert W. Baird reiterated a “hold” rating and set a $66.00 price target on shares of Equity Residential in a research note on Thursday, August 16th. Mizuho reiterated a “buy” rating and set a $76.00 price target on shares of Equity Residential in a research note on Monday, August 6th. SunTrust Banks lowered shares of Equity Residential from a “buy” rating to a “hold” rating and set a $71.00 price target on the stock. in a research note on Tuesday, August 14th. Finally, ValuEngine upgraded shares of Equity Residential from a “sell” rating to a “hold” rating in a research note on Friday, July 6th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and four have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $67.57.
In other Equity Residential news, CEO David J. Neithercut sold 25,000 shares of Equity Residential stock in a transaction on Tuesday, June 12th. The shares were sold at an average price of $64.50, for a total value of $1,612,500.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 3.75% of the company’s stock.
Equity Residential Company Profile
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 303 properties consisting of 78,399 apartment units, primarily located in Boston, New York, Washington, DC, Seattle, San Francisco and Southern California.
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