Equity Commonwealth (EQC) Upgraded by RBC Capital Markets to “Sector Perform”
RBC Capital Markets upgraded shares of Equity Commonwealth (NYSE:EQC) from an underperform rating to a sector perform rating in a research note released on Friday morning. The brokerage currently has $32.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $28.00.
EQC has been the subject of several other research reports. Zacks Investment Research downgraded Equity Commonwealth from a hold rating to a sell rating in a research report on Wednesday, September 7th. Citigroup Inc. boosted their target price on Equity Commonwealth from $28.00 to $31.00 and gave the stock a neutral rating in a research report on Thursday, September 1st. Bank of America Corp. upgraded Equity Commonwealth from a neutral rating to a buy rating in a research report on Monday, August 15th. Finally, Royal Bank Of Canada upgraded Equity Commonwealth from an underperform rating to a sector perform rating and boosted their target price for the stock from $28.00 to $32.00 in a research report on Friday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. The stock presently has an average rating of Hold and an average target price of $32.25.
Equity Commonwealth (NYSE:EQC) traded up 0.3676% during midday trading on Friday, hitting $30.3311. The company had a trading volume of 135,959 shares. Equity Commonwealth has a one year low of $25.23 and a one year high of $31.91. The company has a market cap of $3.81 billion, a P/E ratio of 22.6351 and a beta of 0.33. The company’s 50 day moving average is $30.69 and its 200-day moving average is $29.19.
Equity Commonwealth (NYSE:EQC) last issued its quarterly earnings data on Thursday, July 28th. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.12. Equity Commonwealth had a return on equity of 6.92% and a net margin of 35.80%. The firm earned $145.37 million during the quarter, compared to the consensus estimate of $136.57 million. During the same quarter in the previous year, the company posted $0.52 EPS. The business’s revenue for the quarter was down 28.6% compared to the same quarter last year. On average, equities analysts predict that Equity Commonwealth will post $1.18 EPS for the current year.
Several large investors have recently made changes to their positions in EQC. Cove Street Capital LLC boosted its stake in shares of Equity Commonwealth by 39.7% in the second quarter. Cove Street Capital LLC now owns 577,221 shares of the real estate investment trust’s stock worth $16,815,000 after buying an additional 163,935 shares during the period. Schwab Charles Investment Management Inc. boosted its position in Equity Commonwealth by 8.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 930,204 shares of the real estate investment trust’s stock worth $27,097,000 after buying an additional 69,803 shares during the last quarter. Stifel Financial Corp boosted its position in Equity Commonwealth by 4.1% in the second quarter. Stifel Financial Corp now owns 18,350 shares of the real estate investment trust’s stock worth $536,000 after buying an additional 719 shares during the last quarter. Legal & General Group Plc boosted its position in Equity Commonwealth by 12.4% in the second quarter. Legal & General Group Plc now owns 337,119 shares of the real estate investment trust’s stock worth $9,818,000 after buying an additional 37,119 shares during the last quarter. Finally, Highbridge Capital Management LLC acquired a new position in Equity Commonwealth during the second quarter worth about $758,000. 92.54% of the stock is owned by institutional investors and hedge funds.
About Equity Commonwealth
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.
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