Investors Buy Shares of Equity Residential (EQR) on Weakness
Investors bought shares of Equity Residential (NYSE:EQR) on weakness during trading hours on Thursday. $37.44 million flowed into the stock on the tick-up and $17.46 million flowed out of the stock on the tick-down, for a money net flow of $19.98 million into the stock. Of all stocks tracked, Equity Residential had the 20th highest net in-flow for the day. Equity Residential traded down ($0.62) for the day and closed at $65.64
Several analysts recently weighed in on the company. Citigroup Inc. downgraded Equity Residential from a “market perform” rating to an “underperform” rating in a report on Wednesday, August 3rd. BMO Capital Markets restated a “buy” rating on shares of Equity Residential in a report on Wednesday, June 1st. Cantor Fitzgerald restated a “buy” rating on shares of Equity Residential in a report on Saturday, June 4th. SunTrust Banks Inc. decreased their price objective on Equity Residential from $75.00 to $71.00 and set a “buy” rating for the company in a report on Thursday, August 4th. Finally, Jefferies Group restated a “hold” rating on shares of Equity Residential in a report on Wednesday, August 10th. Six equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $74.34.
The company has a 50 day moving average of $68.50 and a 200-day moving average of $69.99. The company has a market cap of $24.00 billion and a price-to-earnings ratio of 5.73.
Equity Residential (NYSE:EQR) last posted its quarterly earnings results 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 business earned $595.20 million during the quarter, compared to the consensus estimate of $609.82 million. During the same quarter in the prior year, the company earned $0.85 earnings per share. Equity Residential’s quarterly revenue was down 12.4% compared to the same quarter last year. Equities research analysts forecast that Equity Residential will post $3.08 earnings per share for the current year.
A number of large investors recently bought and sold shares of the stock. Suntrust Banks Inc. raised its stake in 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. American International Group Inc. raised its stake in shares of Equity Residential by 1.3% in the fourth quarter. American International Group Inc. now owns 162,235 shares of the real estate investment trust’s stock valued at $13,237,000 after buying an additional 2,088 shares during the period. KBC Group NV raised its stake in shares of Equity Residential by 18.6% in the fourth quarter. KBC Group NV now owns 128,263 shares of the real estate investment trust’s stock valued at $10,464,000 after buying an additional 20,096 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Equity Residential by 3.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,517,927 shares of the real estate investment trust’s stock valued at $368,619,000 after buying an additional 160,496 shares during the period. Finally, Victory Capital Management Inc. raised 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 valued at $1,048,000 after buying an additional 5,650 shares during the period.
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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