Equity Residential (NYSE:EQR) had its price objective reduced by equities research analysts at Stifel Nicolaus from $71.00 to $68.00 in a research note issued to investors on Friday, October 27th. The brokerage currently has a “hold” rating on the real estate investment trust’s stock. Stifel Nicolaus’ price target suggests a potential downside of 1.81% from the company’s previous close.
Several other equities research analysts have also weighed in on EQR. Jefferies Group LLC restated a “hold” rating and set a $65.00 price target on shares of Equity Residential in a research report on Sunday, September 10th. Barclays PLC lifted their price objective on Equity Residential from $65.00 to $66.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 1st. BidaskClub upgraded Equity Residential from a “hold” rating to a “buy” rating in a report on Thursday, August 17th. TheStreet upgraded Equity Residential from a “c+” rating to a “b” rating in a report on Monday, July 31st. Finally, Royal Bank of Canada restated a “hold” rating on shares of Equity Residential in a report on Monday, July 31st. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and five have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $69.40.
Shares of Equity Residential (NYSE EQR) traded down $0.63 during midday trading on Friday, reaching $69.25. The company’s stock had a trading volume of 1,410,900 shares, compared to its average volume of 1,702,306. Equity Residential has a 12-month low of $58.28 and a 12-month high of $70.46. The firm has a market capitalization of $25,679.84, a P/E ratio of 22.54, a price-to-earnings-growth ratio of 3.53 and a beta of 0.37. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.24 and a current ratio of 0.24.
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In other news, EVP Bruce C. Strohm sold 25,000 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $68.00, for a total value of $1,700,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO David J. Neithercut sold 100,000 shares of the firm’s stock in a transaction on Wednesday, November 8th. The shares were sold at an average price of $70.17, for a total transaction of $7,017,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 555,252 shares of company stock worth $38,063,245. 3.79% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the company. Bessemer Group Inc. raised its stake in shares of Equity Residential by 124.6% in the 2nd quarter. Bessemer Group Inc. now owns 1,572 shares of the real estate investment trust’s stock valued at $103,000 after acquiring an additional 872 shares during the period. D.A. Davidson & CO. increased its stake in Equity Residential by 4.1% during the 2nd quarter. D.A. Davidson & CO. now owns 1,873 shares of the real estate investment trust’s stock worth $123,000 after buying an additional 73 shares during the period. Amica Retiree Medical Trust purchased a new stake in Equity Residential during the 3rd quarter worth $135,000. Sun Life Financial INC increased its stake in Equity Residential by 22,450.0% during the 2nd quarter. Sun Life Financial INC now owns 2,706 shares of the real estate investment trust’s stock worth $178,000 after buying an additional 2,694 shares during the period. Finally, Girard Partners LTD. purchased a new stake in Equity Residential during the 2nd quarter worth $209,000. 90.97% of the stock is currently 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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