Equity Residential (EQR) Trading Down 2%
Equity Residential (NYSE:EQR) shares fell 2% on Wednesday . The stock traded as low as $65.79 and last traded at $65.90, with a volume of 2,085,911 shares trading hands. The stock had previously closed at $67.27.
Several brokerages have weighed in on EQR. Citigroup Inc. downgraded Equity Residential from a “market perform” rating to an “underperform” rating in a report on Wednesday. BMO Capital Markets reiterated a “buy” rating on shares of Equity Residential in a report on Wednesday, June 1st. Cantor Fitzgerald reiterated a “buy” rating on shares of Equity Residential in a report on Saturday, June 4th. SunTrust Banks Inc. cut their price target on Equity Residential from $75.00 to $71.00 and set a “buy” rating for the company in a report on Thursday. Finally, Morgan Stanley downgraded Equity Residential from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $76.00 to $60.00 in a report on Wednesday. Six equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $74.55.
The stock has a market cap of $24.48 billion and a P/E ratio of 5.844. The company has a 50-day moving average price of $68.36 and a 200-day moving average price of $70.72.
Equity Residential (NYSE:EQR) last released its quarterly earnings data on Tuesday, July 26th. The real estate investment trust reported $0.76 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by $0.02. The company earned $595.20 million during the quarter, compared to analysts’ expectations of $609.82 million. During the same period last year, the firm posted $0.85 earnings per share. The company’s revenue was down 12.4% on a year-over-year basis. On average, analysts expect that Equity Residential will post $3.08 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, July 8th. Shareholders of record on Monday, June 27th were given a $0.5038 dividend. The ex-dividend date was Thursday, June 23rd. This represents a $2.02 dividend on an annualized basis and a dividend yield of 3.04%.
Several hedge funds recently made changes to their positions in the company. Victory Capital Management Inc. boosted its stake in shares of Equity Residential by 78.6% in the fourth quarter. Victory Capital Management Inc. now owns 12,842 shares of the real estate investment trust’s stock worth $1,048,000 after buying an additional 5,650 shares in the last quarter. MUFG Americas Holdings Corp boosted its stake in shares of Equity Residential by 4.2% in the fourth quarter. MUFG Americas Holdings Corp now owns 14,143 shares of the real estate investment trust’s stock worth $1,154,000 after buying an additional 566 shares in the last quarter. Ashburton Jersey Ltd bought a new stake in shares of Equity Residential during the fourth quarter worth $1,404,000. Suntrust Banks Inc. boosted its stake in shares of Equity Residential by 44.1% in the fourth quarter. Suntrust Banks Inc. now owns 19,406 shares of the real estate investment trust’s stock worth $1,583,000 after buying an additional 5,939 shares in the last quarter. Finally, Veritable L.P. boosted its stake in shares of Equity Residential by 0.5% in the fourth quarter. Veritable L.P. now owns 32,065 shares of the real estate investment trust’s stock worth $2,616,000 after buying an additional 152 shares in the last quarter.
Equity Residential is a real estate investment trust. The Company is focused on the acquisition, development and management of apartment properties in various markets of the United States. The Company’s segments include Boston, New York, San Francisco, Seattle, Southern California, Washington DC, Non-core – South Florida, Non-core – Denver, and Non-core – other.
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