Comerica Bank Cuts Stake in Equity Residential (EQR)

Comerica Bank lessened its holdings in Equity Residential (NYSE:EQR) by 14.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 113,627 shares of the real estate investment trust’s stock after selling 18,987 shares during the quarter. Comerica Bank’s holdings in Equity Residential were worth $7,243,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. BlackRock Inc. lifted its position in shares of Equity Residential by 6.3% in the second quarter. BlackRock Inc. now owns 38,144,554 shares of the real estate investment trust’s stock worth $2,429,425,000 after purchasing an additional 2,247,512 shares in the last quarter. FMR LLC lifted its position in shares of Equity Residential by 5.1% in the second quarter. FMR LLC now owns 10,660,719 shares of the real estate investment trust’s stock worth $678,982,000 after purchasing an additional 520,610 shares in the last quarter. Boston Partners lifted its position in shares of Equity Residential by 80.2% in the second quarter. Boston Partners now owns 6,431,486 shares of the real estate investment trust’s stock worth $409,622,000 after purchasing an additional 2,862,717 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Equity Residential by 1.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,543,211 shares of the real estate investment trust’s stock worth $353,044,000 after purchasing an additional 71,485 shares in the last quarter. Finally, Cbre Clarion Securities LLC lifted its position in shares of Equity Residential by 12.1% in the second quarter. Cbre Clarion Securities LLC now owns 4,492,256 shares of the real estate investment trust’s stock worth $286,112,000 after purchasing an additional 485,777 shares in the last quarter. 87.34% of the stock is currently owned by institutional investors and hedge funds.

A number of analysts have recently commented on the stock. Stifel Nicolaus boosted their price objective on shares of Equity Residential from $60.00 to $68.00 and gave the stock a “hold” rating in a research report on Thursday, July 26th. Zacks Investment Research raised shares of Equity Residential from a “hold” rating to a “buy” rating and set a $74.00 price objective on the stock in a research report on Friday, October 26th. BMO Capital Markets boosted their price objective on shares of Equity Residential from $68.00 to $69.00 and gave the stock a “market perform” rating in a research report on Wednesday, October 24th. Scotiabank assumed coverage on shares of Equity Residential in a research report on Tuesday, October 16th. They set an “outperform” rating on the stock. 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 equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Equity Residential has a consensus rating of “Hold” and a consensus target price of $68.69.

In other news, insider Michael L. Manelis sold 670 shares of the stock in a transaction dated Tuesday, September 11th. The shares were sold at an average price of $67.91, for a total value of $45,499.70. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Ian Kaufman sold 5,075 shares of the stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $67.75, for a total transaction of $343,831.25. The disclosure for this sale can be found here. Insiders sold 83,676 shares of company stock worth $5,627,937 over the last three months. Insiders own 3.75% of the company’s stock.

NYSE EQR opened at $67.48 on Friday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.13 and a current ratio of 0.13. Equity Residential has a 1 year low of $54.97 and a 1 year high of $70.35. The firm has a market cap of $24.80 billion, a price-to-earnings ratio of 20.77, a PEG ratio of 3.44 and a beta of 0.40.

Equity Residential (NYSE:EQR) last posted its quarterly earnings results on Tuesday, October 23rd. The real estate investment trust reported $0.60 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.83 by ($0.23). Equity Residential had a return on equity of 6.37% and a net margin of 26.01%. The firm had revenue of $652.87 million for the quarter, compared to the consensus estimate of $645.77 million. During the same period last year, the company posted $0.37 earnings per share. The business’s revenue was up 4.6% compared to the same quarter last year. Equities research analysts anticipate that Equity Residential will post 3.26 EPS 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 given 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%.

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About Equity Residential

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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Institutional Ownership by Quarter for Equity Residential (NYSE:EQR)

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