Equity Residential (EQR) Rating Lowered to Sell at Zacks Investment Research
Equity Residential (NYSE:EQR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.
According to Zacks, “Shares of Equity Residential have underperformed its industry, year to date. The stock has seen the Zacks Consensus Estimate for third-quarter and current-year funds from operations (FFO) per share remaining unchanged in a month’s time. Notably, there is elevated supply in a number of its markets. This is likely to put pressure on rental rates and adversely affect revenue growth this year. Further, there is high concession activity amid higher supply, which remains a concern. Also, the company’s 2016 huge disposition activity is anticipated to affect its net operating income. Nevertheless, the company’s efforts to reposition portfolio in high barrier-to-entry/core markets is encouraging. Also, the company might benefit from favorable demographics, lifestyle transformation and creation of new households.”
Several other brokerages have also issued reports on EQR. Stifel Nicolaus started coverage on Equity Residential in a report on Friday, September 1st. They issued a “hold” rating and a $71.00 price target on the stock. Barclays PLC increased their price target on Equity Residential from $65.00 to $66.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 1st. BMO Capital Markets reissued a “hold” rating and issued a $68.00 price objective on shares of Equity Residential in a research note on Wednesday, September 6th. BidaskClub downgraded Equity Residential from a “buy” rating to a “hold” rating in a research note on Saturday, July 1st. Finally, TheStreet raised Equity Residential from a “c+” rating to a “b” rating in a research note on Monday, July 31st. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $68.15.
Shares of Equity Residential (EQR) opened at 66.72 on Tuesday. Equity Residential has a 12 month low of $58.28 and a 12 month high of $68.83. The company has a 50-day moving average price of $66.82 and a 200-day moving average price of $66.19. The firm has a market cap of $24.51 billion, a price-to-earnings ratio of 29.85 and a beta of 0.37.
Equity Residential (NYSE:EQR) last announced its quarterly earnings results on Tuesday, July 25th. The real estate investment trust reported $0.77 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.77. The business had revenue of $612.48 million for the quarter, compared to analyst estimates of $609.37 million. Equity Residential had a return on equity of 7.92% and a net margin of 33.99%. The company’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.76 earnings per share. Analysts forecast that Equity Residential will post $1.48 earnings per share for the current fiscal year.
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In other Equity Residential news, EVP Bruce C. Strohm sold 10,000 shares of the firm’s stock in a transaction on Friday, September 8th. The stock was sold at an average price of $68.50, for a total value of $685,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David J. Neithercut sold 75,000 shares of the firm’s stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $68.10, for a total value of $5,107,500.00. The disclosure for this sale can be found here. Insiders sold 173,622 shares of company stock valued at $11,816,599 over the last three months. Company insiders own 3.79% of the company’s stock.
Large investors have recently added to or reduced their stakes in the business. Teachers Advisors LLC boosted its holdings in shares of Equity Residential by 1.4% in the first quarter. Teachers Advisors LLC now owns 1,758,681 shares of the real estate investment trust’s stock worth $109,425,000 after acquiring an additional 23,513 shares during the period. Global X Management Co. LLC boosted its holdings in shares of Equity Residential by 8.4% in the first quarter. Global X Management Co. LLC now owns 6,373 shares of the real estate investment trust’s stock worth $397,000 after acquiring an additional 492 shares during the period. BlackRock Inc. boosted its holdings 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 acquiring an additional 32,494,035 shares during the period. KCG Holdings Inc. bought a new position in shares of Equity Residential in the first quarter worth $712,000. Finally, United Capital Financial Advisers LLC boosted its holdings in shares of Equity Residential by 7.6% in the first quarter. United Capital Financial Advisers LLC now owns 26,022 shares of the real estate investment trust’s stock worth $1,619,000 after acquiring an additional 1,833 shares during the period. 91.05% of the stock is owned by institutional investors and hedge funds.
About Equity Residential
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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