Cubist Systematic Strategies LLC lowered its position in Equity Residential (NYSE:EQR) by 71.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,506 shares of the real estate investment trust’s stock after selling 13,656 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in Equity Residential were worth $363,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. D.A. Davidson & CO. raised its stake in shares of Equity Residential by 4.1% in the 2nd quarter. D.A. Davidson & CO. now owns 1,873 shares of the real estate investment trust’s stock valued at $123,000 after purchasing an additional 73 shares in the last quarter. Amica Retiree Medical Trust acquired a new stake in shares of Equity Residential in the 3rd quarter valued at about $135,000. Zions Bancorporation raised its stake in shares of Equity Residential by 3,348.4% in the 3rd quarter. Zions Bancorporation now owns 2,138 shares of the real estate investment trust’s stock valued at $141,000 after purchasing an additional 2,076 shares in the last quarter. Sun Life Financial INC raised its stake in shares of Equity Residential by 22,450.0% in the 2nd quarter. Sun Life Financial INC now owns 2,706 shares of the real estate investment trust’s stock valued at $178,000 after purchasing an additional 2,694 shares in the last quarter. Finally, Prudential PLC acquired a new stake in shares of Equity Residential in the 2nd quarter valued at about $209,000. Hedge funds and other institutional investors own 94.03% of the company’s stock.
In other Equity Residential news, Chairman Samuel Zell sold 91,651 shares of the company’s stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $67.17, for a total value of $6,156,197.67. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Alan W. George sold 84,326 shares of the company’s stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $69.47, for a total transaction of $5,858,127.22. The disclosure for this sale can be found here. In the last 90 days, insiders sold 402,380 shares of company stock valued at $27,663,622. 3.79% of the stock is owned by insiders.
A number of equities research analysts have recently issued reports on the stock. Zacks Investment Research lowered shares of Equity Residential from a “hold” rating to a “sell” rating in a research note on Tuesday. Robert W. Baird reaffirmed a “hold” rating and set a $65.00 price objective on shares of Equity Residential in a research report on Tuesday. Stifel Nicolaus lowered their price objective on shares of Equity Residential from $71.00 to $68.00 and set a “hold” rating for the company in a research report on Friday, October 27th. Mizuho upgraded shares of Equity Residential from a “neutral” rating to a “buy” rating and set a $76.00 target price for the company in a research report on Monday, November 6th. Finally, SunTrust Banks set a $71.00 target price on shares of Equity Residential and gave the stock a “buy” rating in a research report on Tuesday, October 24th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the stock. Equity Residential currently has an average rating of “Hold” and an average price target of $69.13.
Equity Residential (EQR) traded down $0.76 during mid-day trading on Wednesday, reaching $62.35. 1,614,200 shares of the company traded hands, compared to its average volume of 1,703,117. The company has a current ratio of 0.24, a quick ratio of 0.24 and a debt-to-equity ratio of 0.86. The firm has a market capitalization of $22,910.00, a price-to-earnings ratio of 21.50, a PEG ratio of 3.05 and a beta of 0.36. Equity Residential has a fifty-two week low of $59.49 and a fifty-two week high of $70.46.
The company also recently declared a quarterly dividend, which will be paid on Friday, January 12th. Investors of record on Tuesday, January 2nd will be given a $0.5038 dividend. The ex-dividend date of this dividend is Friday, December 29th. This represents a $2.02 annualized dividend and a dividend yield of 3.23%. Equity Residential’s dividend payout ratio (DPR) is presently 69.66%.
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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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