Zacks Investment Research upgraded shares of Equity Commonwealth (NYSE:EQC) from a hold rating to a strong-buy rating in a report published on Tuesday, Zacks.com reports. The brokerage currently has $37.00 price objective on the real estate investment trust’s stock.
According to Zacks, “Equity Commonwealth is an internally managed and self-advised real estate investment trust. It primarily owns office buildings located throughout the United States. The majority of its portfolio consists of office buildings located in central business districts, or CBDs, of major metropolitan markets. Equity Commonwealth, formerly known as CommonWealth REIT, is based in Chicago. “
Separately, TheStreet lowered UDR from a b rating to a c rating in a research report on Tuesday, April 30th. Two analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. Equity Commonwealth has a consensus rating of Buy and a consensus price target of $34.33.
EQC traded up $0.24 during midday trading on Tuesday, reaching $33.38. 66,210 shares of the company’s stock traded hands, compared to its average volume of 406,433. The firm has a fifty day moving average price of $33.12. The company has a market cap of $4.06 billion, a PE ratio of 48.38 and a beta of 0.24. The company has a quick ratio of 73.38, a current ratio of 73.38 and a debt-to-equity ratio of 0.08. Equity Commonwealth has a 52 week low of $28.48 and a 52 week high of $34.18.
Equity Commonwealth (NYSE:EQC) last released its quarterly earnings results on Monday, April 29th. The real estate investment trust reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.03. The business had revenue of $41.75 million during the quarter, compared to analyst estimates of $36.17 million. Equity Commonwealth had a return on equity of 9.31% and a net margin of 164.13%. Equity Commonwealth’s quarterly revenue was down 28.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.14 EPS. As a group, equities analysts predict that Equity Commonwealth will post 0.64 earnings per share for the current fiscal year.
In other news, CFO Adam Scott Markman sold 12,500 shares of the stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $31.96, for a total value of $399,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.60% of the stock is currently owned by corporate insiders.
Several large investors have recently made changes to their positions in the company. Norges Bank bought a new position in Equity Commonwealth during the 4th quarter valued at approximately $40,047,000. APG Asset Management N.V. purchased a new stake in Equity Commonwealth during the 4th quarter valued at $22,482,000. JPMorgan Chase & Co. boosted its stake in Equity Commonwealth by 119.3% during the 1st quarter. JPMorgan Chase & Co. now owns 1,148,154 shares of the real estate investment trust’s stock valued at $37,533,000 after purchasing an additional 624,575 shares during the last quarter. Parametric Portfolio Associates LLC boosted its stake in Equity Commonwealth by 68.8% during the 1st quarter. Parametric Portfolio Associates LLC now owns 585,844 shares of the real estate investment trust’s stock valued at $19,151,000 after purchasing an additional 238,807 shares during the last quarter. Finally, Jackson Square Partners LLC boosted its stake in Equity Commonwealth by 3.8% during the 1st quarter. Jackson Square Partners LLC now owns 5,692,697 shares of the real estate investment trust’s stock valued at $186,094,000 after purchasing an additional 210,251 shares during the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.
About Equity Commonwealth
Equity Commonwealth (NYSE: EQC) is a Chicago based, internally managed and self-advised real estate investment trust (REIT) with commercial office properties in the United States. As of December 31, 2018, EQC's portfolio comprised 10 properties and 5.1 million square feet.
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