Equity Residential (NYSE:EQR) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Equity Residential (NYSE:EQR) from a hold rating to a buy rating in a research note published on Tuesday morning. Zacks Investment Research currently has $74.00 target price on the real estate investment trust’s stock.
According to Zacks, “Shares of Equity Residential outperformed the Zacks categorized REIT and Equity Trust – Residential industry over the past three months. Moreover, estimates have been stable lately ahead of the company’s second quarter earnings release. Moving ahead, Equity Residential is expected to benefit from its efforts to reposition its portfolio in high barrier-to-entry/core markets, favorable demographics, lifestyle transformation and creation of new households. The company’s current focus is on the acquisition and development of assets primarily in six core coastal metropolitan areas – Boston, New York, Washington D.C., Southern California (including Los Angeles, Orange County and San Diego), San Francisco and Seattle. Also, there is solid rental demand through the nation’s coastal gateway cities. But amid high apartment supply, new lease rates is likely to remain under pressure.”
Other analysts have also issued reports about the company. TheStreet lowered Equity Residential from a b rating to a c+ rating in a research note on Wednesday, May 17th. Bank of America Corporation upgraded Equity Residential from a neutral rating to a buy rating and set a $75.00 target price for the company in a research report on Friday, June 16th. Argus set a $75.00 target price on Equity Residential and gave the company a buy rating in a research report on Thursday, April 27th. Cantor Fitzgerald restated a hold rating and set a $63.00 price objective on shares of Equity Residential in a research report on Wednesday, April 26th. Finally, Jefferies Group LLC restated a hold rating and set a $67.00 price objective on shares of Equity Residential in a research report on Monday. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $67.67.
Shares of Equity Residential (NYSE EQR) traded down 0.42% during trading on Tuesday, reaching $66.88. 518,350 shares of the company traded hands. Equity Residential has a 12 month low of $58.28 and a 12 month high of $70.75. The stock has a market cap of $24.56 billion, a P/E ratio of 29.08 and a beta of 0.33. The stock’s 50 day moving average price is $66.59 and its 200-day moving average price is $64.12.
Equity Residential (NYSE:EQR) last announced its quarterly earnings data on Tuesday, April 25th. The real estate investment trust reported $0.74 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.74. Equity Residential had a return on equity of 7.46% and a net margin of 35.18%. The company had revenue of $604.10 million for the quarter, compared to analysts’ expectations of $605.69 million. During the same quarter in the prior year, the business posted $0.76 EPS. The business’s revenue was down 2.4% compared to the same quarter last year. On average, equities research analysts expect that Equity Residential will post $1.37 EPS for the current fiscal year.
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The company also recently announced a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Monday, June 26th were given a $0.5038 dividend. This represents a $2.02 annualized dividend and a dividend yield of 3.00%. The ex-dividend date of this dividend was Thursday, June 22nd. Equity Residential’s dividend payout ratio is currently 88.21%.
In other Equity Residential news, insider Michael L. Manelis sold 1,000 shares of the stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $65.63, for a total transaction of $65,630.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Bruce C. Strohm sold 1,686 shares of the stock in a transaction on Wednesday, June 7th. The shares were sold at an average price of $67.23, for a total value of $113,349.78. The disclosure for this sale can be found here. Insiders sold a total of 44,871 shares of company stock worth $2,979,034 in the last 90 days. 3.79% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in EQR. Vanguard Group Inc. increased its position in Equity Residential by 2.2% in the first quarter. Vanguard Group Inc. now owns 52,348,375 shares of the real estate investment trust’s stock worth $3,257,116,000 after buying an additional 1,140,042 shares during the period. BlackRock Inc. boosted its position in shares of Equity Residential by 2,486.4% in the first quarter. BlackRock Inc. now owns 33,800,889 shares of the real estate investment trust’s stock worth $2,103,090,000 after buying an additional 32,494,035 shares in the last quarter. State Street Corp boosted its position in shares of Equity Residential by 1.3% in the first quarter. State Street Corp now owns 21,674,961 shares of the real estate investment trust’s stock worth $1,348,617,000 after buying an additional 286,200 shares in the last quarter. APG Asset Management US Inc. boosted its position in shares of Equity Residential by 1.8% in the second quarter. APG Asset Management US Inc. now owns 15,060,400 shares of the real estate investment trust’s stock worth $991,426,000 after buying an additional 269,599 shares in the last quarter. Finally, Macquarie Group Ltd. boosted its position in shares of Equity Residential by 7.3% in the first quarter. Macquarie Group Ltd. now owns 12,930,323 shares of the real estate investment trust’s stock worth $804,524,000 after buying an additional 879,622 shares in the last quarter. Hedge funds and other institutional investors own 91.95% of the company’s stock.
Equity Residential Company Profile
Equity Residential is a real estate investment trust. The Company’s primary business is the acquisition, development and management of multifamily residential properties. Its segments include Boston, New York, Washington DC, Southern California, San Francisco, Seattle and Other Markets. Southern California includes Los Angeles, San Diego and Orange County.
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