Investors Buy Shares of Equity Residential (EQR) on Weakness
Traders purchased shares of Equity Residential (NYSE:EQR) on weakness during trading 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 equities 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 research firms have recently weighed in on EQR. Zacks Investment Research raised Equity Residential from a “sell” rating to a “hold” rating in a report on Friday, August 12th. Deutsche Bank AG decreased their target price on Equity Residential from $74.00 to $70.00 and set a “hold” rating on the stock in a report on Wednesday, August 10th. Jefferies Group reaffirmed a “hold” rating on shares of Equity Residential in a report on Wednesday, August 10th. SunTrust Banks Inc. decreased their target price on Equity Residential from $75.00 to $71.00 and set a “buy” rating on the stock in a report on Thursday, August 4th. Finally, Raymond James Financial Inc. cut Equity Residential from a “market perform” rating to an “underperform” rating in a report on Wednesday, August 3rd. Six research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $74.34.
The stock has a 50 day moving average of $68.40 and a 200 day moving average of $69.91. The stock has a market capitalization of $23.90 billion and a price-to-earnings ratio of 5.70.
Equity Residential (NYSE:EQR) last issued its quarterly earnings data on Tuesday, July 26th. The real estate investment trust reported $0.76 earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by $0.02. During the same period in the prior year, the business posted $0.85 EPS. The business had revenue of $595.20 million for the quarter, compared to analyst estimates of $609.82 million. The business’s revenue for the quarter was down 12.4% on a year-over-year basis. On average, analysts forecast that Equity Residential will post $3.08 EPS for the current year.
Other hedge funds and institutional investors have recently modified their holdings of the company. Victory Capital Management Inc. increased its position 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 during the period. Suntrust Banks Inc. increased its position 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 valued at $1,583,000 after buying an additional 5,939 shares during the period. KBC Group NV increased its position in 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. American International Group Inc. increased its position in 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. Finally, Dimensional Fund Advisors LP increased its position in 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.
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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