Equity Commonwealth (EQC) Upgraded by Royal Bank Of Canada to “Sector Perform”
Royal Bank Of Canada upgraded shares of Equity Commonwealth (NYSE:EQC) from an underperform rating to a sector perform rating in a report published on Friday. Royal Bank Of Canada currently has $32.00 price objective on the real estate investment trust’s stock, up from their previous price objective of $28.00.
Other equities analysts have also recently issued reports about the stock. Bank of America Corp. raised shares of Equity Commonwealth from a neutral rating to a buy rating in a research note on Monday, August 15th. Zacks Investment Research raised shares of Equity Commonwealth from a hold rating to a buy rating and set a $33.00 target price for the company in a research note on Tuesday, July 5th. Finally, Citigroup Inc. lifted their price objective on shares of Equity Commonwealth from $28.00 to $31.00 and gave the stock a neutral rating in a research note on Thursday, September 1st. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $32.25.
Shares of Equity Commonwealth (NYSE:EQC) traded up 0.381% during trading on Friday, reaching $30.335. 135,818 shares of the company traded hands. The stock has a market capitalization of $3.81 billion, a P/E ratio of 22.638 and a beta of 0.33. Equity Commonwealth has a 12-month low of $25.23 and a 12-month high of $31.91. The firm’s 50 day moving average is $30.70 and its 200-day moving average is $29.19.
Equity Commonwealth (NYSE:EQC) last posted its earnings results on Thursday, July 28th. The real estate investment trust reported $0.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.12. The company earned $145.37 million during the quarter, compared to analysts’ expectations of $136.57 million. Equity Commonwealth had a net margin of 35.80% and a return on equity of 6.92%. Equity Commonwealth’s quarterly revenue was down 28.6% on a year-over-year basis. During the same period last year, the company posted $0.52 earnings per share. On average, equities research analysts anticipate that Equity Commonwealth will post $1.18 earnings per share for the current fiscal year.
Several large investors have recently added to or reduced their stakes in EQC. Cove Street Capital LLC raised its stake in 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 valued at $16,815,000 after buying an additional 163,935 shares during the period. Schwab Charles Investment Management Inc. raised its stake 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 valued at $27,097,000 after buying an additional 69,803 shares during the period. Stifel Financial Corp raised its stake 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 valued at $536,000 after buying an additional 719 shares during the period. Legal & General Group Plc raised its stake 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 valued at $9,818,000 after buying an additional 37,119 shares during the period. Finally, Highbridge Capital Management LLC purchased a new stake in Equity Commonwealth during the second quarter valued at about $758,000. Hedge funds and other institutional investors own 92.54% of the company’s stock.
Equity Commonwealth Company Profile
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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