Barrett Asset Management LLC Decreases Stake in Equity Residential (NYSE:EQR)
Barrett Asset Management LLC lowered its stake in Equity Residential (NYSE:EQR) by 1.0% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 58,225 shares of the real estate investment trust’s stock after selling 600 shares during the period. Barrett Asset Management LLC’s holdings in Equity Residential were worth $3,833,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of the company. 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 valued at $2,103,090,000 after buying an additional 32,494,035 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Equity Residential by 266.0% in the first quarter. American Century Companies Inc. now owns 1,981,160 shares of the real estate investment trust’s stock valued at $123,268,000 after buying an additional 1,439,915 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of 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 valued at $3,257,116,000 after buying an additional 1,140,042 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Equity Residential by 64.5% in the first quarter. Bank of America Corp DE now owns 2,443,018 shares of the real estate investment trust’s stock valued at $152,006,000 after buying an additional 957,684 shares in the last quarter. Finally, Resolution Capital Ltd boosted its position in shares of Equity Residential by 636.0% in the second quarter. Resolution Capital Ltd now owns 1,036,264 shares of the real estate investment trust’s stock valued at $68,217,000 after buying an additional 895,464 shares in the last quarter. 92.39% of the stock is owned by hedge funds and other institutional investors.
Shares of Equity Residential (NYSE EQR) opened at 67.24 on Tuesday. The stock has a market cap of $24.70 billion, a P/E ratio of 30.06 and a beta of 0.34. The firm’s 50-day moving average price is $66.69 and its 200-day moving average price is $64.31. Equity Residential has a 52-week low of $58.28 and a 52-week high of $68.83.
Equity Residential (NYSE:EQR) last posted its quarterly earnings results on Tuesday, July 25th. The real estate investment trust reported $0.77 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.77. Equity Residential had a net margin of 33.99% and a return on equity of 7.92%. The business had revenue of $612.48 million for the quarter, compared to the consensus estimate of $609.37 million. During the same period in the prior year, the business posted $0.76 earnings per share. Equity Residential’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, equities research analysts forecast that Equity Residential will post $1.41 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Monday, June 26th were paid a $0.5038 dividend. This represents a $2.02 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date of this dividend was Thursday, June 22nd. Equity Residential’s dividend payout ratio (DPR) is presently 90.58%.
EQR has been the subject of a number of analyst reports. Bank of America Corporation raised Equity Residential from a “neutral” rating to a “buy” rating and set a $75.00 price target for the company in a report on Friday, June 16th. Jefferies Group LLC reissued a “hold” rating and issued a $61.00 price target on shares of Equity Residential in a report on Tuesday, May 30th. BidaskClub cut Equity Residential from a “buy” rating to a “hold” rating in a report on Saturday, July 1st. Zacks Investment Research cut Equity Residential from a “hold” rating to a “sell” rating in a report on Tuesday, April 11th. Finally, Barclays PLC reissued an “equal weight” rating and issued a $64.00 price target (up from $62.00) on shares of Equity Residential in a report on Wednesday, April 19th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $68.08.
In other Equity Residential news, insider Alan W. George sold 28,157 shares of the stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $65.93, for a total transaction of $1,856,391.01. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider David S. Santee sold 10,967 shares of the stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $67.93, for a total transaction of $744,988.31. The disclosure for this sale can be found here. Insiders sold 55,838 shares of company stock worth $3,724,023 over the last ninety days. 3.79% of the stock is currently owned by company insiders.
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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