Equity Commonwealth (EQC) Sets New 12-Month High at $30.67
Equity Commonwealth (NYSE:EQC)’s share price hit a new 52-week high during trading on Monday . The company traded as high as $30.67 and last traded at $30.21, with a volume of 721,155 shares traded. The stock had previously closed at $29.78.
EQC has been the subject of a number of analyst reports. Zacks Investment Research raised Equity Commonwealth from a “strong sell” rating to a “buy” rating and set a $31.00 price objective for the company in a research report on Wednesday, April 20th. Bank of America Corp. raised Equity Commonwealth from a “neutral” rating to a “buy” rating in a research report on Monday. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $30.33.
The firm has a market capitalization of $3.76 billion and a PE ratio of 22.377. The stock’s 50-day moving average price is $29.50 and its 200 day moving average price is $28.24.
Equity Commonwealth (NYSE:EQC) last issued its quarterly earnings results on Thursday, July 28th. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.12. During the same period in the previous year, the business posted $0.52 earnings per share. The business earned $145.37 million during the quarter, compared to analyst estimates of $136.57 million. The firm’s quarterly revenue was down 28.6% on a year-over-year basis. On average, analysts anticipate that Equity Commonwealth will post $1.19 EPS for the current fiscal year.
A number of hedge funds have modified their holdings of the company. Utah Retirement Systems raised its stake in shares of Equity Commonwealth by 0.3% in the fourth quarter. Utah Retirement Systems now owns 36,180 shares of the real estate investment trust’s stock worth $1,003,000 after buying an additional 100 shares during the last quarter. Employees Retirement System of Texas purchased a new position in Equity Commonwealth during the fourth quarter worth approximately $1,428,000. Finally, Nationwide Fund Advisors increased its position in Equity Commonwealth by 267.1% in the fourth quarter. Nationwide Fund Advisors now owns 46,693 shares of the real estate investment trust’s stock worth $1,295,000 after buying an additional 33,975 shares during the period.
Equity Commonwealth is an internally managed and self-advised real estate investment trust (REIT). The Company is engaged in the ownership and operation of office buildings throughout the United States. It operates in central business district properties and suburban properties segment. The Company’s portfolio includes approximately 60 properties (over 130 buildings) with a combined of approximately 24 million square feet.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.