Oppenheimer Asset Management Inc. Trims Position in Equity Residential (EQR)
Oppenheimer Asset Management Inc. reduced its position in shares of Equity Residential (NYSE:EQR) by 30.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 6,660 shares of the real estate investment trust’s stock after selling 2,905 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Equity Residential were worth $441,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also recently made changes to their positions in the business. Russell Investments Group Ltd. grew its position in shares of Equity Residential by 9.4% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,638,295 shares of the real estate investment trust’s stock valued at $107,791,000 after purchasing an additional 140,334 shares during the period. Robeco Institutional Asset Management B.V. grew its position in shares of Equity Residential by 22.2% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 161,813 shares of the real estate investment trust’s stock valued at $10,725,000 after purchasing an additional 29,410 shares during the period. Lenox Wealth Management Inc. acquired a new position in shares of Equity Residential in the 3rd quarter valued at approximately $426,000. IFM Investors Pty Ltd grew its position in shares of Equity Residential by 14.2% in the 3rd quarter. IFM Investors Pty Ltd now owns 18,833 shares of the real estate investment trust’s stock valued at $1,248,000 after purchasing an additional 2,348 shares during the period. Finally, Oakbrook Investments LLC grew its position in shares of Equity Residential by 36.8% in the 3rd quarter. Oakbrook Investments LLC now owns 20,804 shares of the real estate investment trust’s stock valued at $1,378,000 after purchasing an additional 5,600 shares during the period. 87.34% of the stock is owned by hedge funds and other institutional investors.
In other news, CEO David J. Neithercut sold 30,000 shares of the stock in a transaction that occurred on Tuesday, September 11th. The stock was sold at an average price of $68.00, for a total value of $2,040,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Gerald A. Spector sold 13,024 shares of the stock in a transaction that occurred on Wednesday, September 5th. The shares were sold at an average price of $67.50, for a total value of $879,120.00. Following the completion of the sale, the insider now directly owns 294,287 shares of the company’s stock, valued at approximately $19,864,372.50. The disclosure for this sale can be found here. In the last three months, insiders sold 71,177 shares of company stock valued at $4,787,379. 3.75% of the stock is currently owned by insiders.
Equity Residential (NYSE:EQR) last released its quarterly earnings data on Tuesday, October 23rd. The real estate investment trust reported $0.60 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.23). The company had revenue of $652.87 million during the quarter, compared to analyst estimates of $645.77 million. Equity Residential had a net margin of 26.01% and a return on equity of 6.37%. The company’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.37 EPS. On average, sell-side analysts forecast that Equity Residential will post 3.26 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 12th. Stockholders of record on Monday, September 24th were issued a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 3.20%. The ex-dividend date of this dividend was Friday, September 21st. Equity Residential’s payout ratio is presently 69.01%.
EQR has been the subject of several research analyst reports. SunTrust Banks lowered Equity Residential from a “buy” rating to a “hold” rating and set a $71.00 price objective for the company. in a research report on Tuesday, August 14th. Robert W. Baird reiterated a “hold” rating and issued a $66.00 price objective on shares of Equity Residential in a research report on Thursday, August 16th. Scotiabank initiated coverage on Equity Residential in a research report on Tuesday, October 16th. They issued an “outperform” rating for the company. Deutsche Bank upped their price target on Equity Residential from $66.00 to $67.00 and gave the stock a “hold” rating in a research report on Wednesday, September 5th. Finally, Mizuho reaffirmed a “buy” rating and set a $76.00 price target on shares of Equity Residential in a research report on Monday, August 6th. Twelve investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $68.69.
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Equity Residential Profile
Equity Residential is an S&P 500 company focused on the acquisition, development and management of rental apartment properties in urban and high-density suburban coastal gateway markets where today's renters want to live, work and play. Equity Residential owns or has investments in 304 properties consisting of 78,645 apartment units, primarily located in Boston, New York, Washington, DC, Seattle, San Francisco and Southern California.
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