Zacks Investment Research Upgrades Equity Commonwealth (EQC) to Hold

Equity Commonwealth (NYSE:EQC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday.

According to Zacks, “Equity Commonwealth is an internally managed and self-advised real estate investment trust. It primarily owns office buildings located throughout the United States. The majority of its portfolio consists of office buildings located in central business districts, or CBDs, of major metropolitan markets. Equity Commonwealth, formerly known as CommonWealth REIT, is based in Chicago. “

A number of other research analysts have also commented on the company. TheStreet lowered Equity Commonwealth from a “b-” rating to a “c+” rating in a report on Wednesday, October 17th. ValuEngine raised Equity Commonwealth from a “hold” rating to a “buy” rating in a report on Wednesday, August 15th. Finally, Citigroup increased their price objective on Equity Commonwealth from $31.00 to $32.00 and gave the company a “neutral” rating in a report on Thursday, August 9th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $33.75.

Shares of EQC stock opened at $31.74 on Tuesday. The company has a current ratio of 63.60, a quick ratio of 63.60 and a debt-to-equity ratio of 0.09. Equity Commonwealth has a fifty-two week low of $27.96 and a fifty-two week high of $32.66. The stock has a market capitalization of $3.86 billion, a price-to-earnings ratio of 34.50 and a beta of 0.19.

Equity Commonwealth (NYSE:EQC) last issued its earnings results on Wednesday, October 24th. The real estate investment trust reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.06. Equity Commonwealth had a return on equity of 7.35% and a net margin of 104.48%. The company had revenue of $46.87 million for the quarter, compared to analyst estimates of $48.78 million. Equities research analysts expect that Equity Commonwealth will post 0.65 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the company. California Public Employees Retirement System increased its holdings in shares of Equity Commonwealth by 3.1% during the 2nd quarter. California Public Employees Retirement System now owns 424,358 shares of the real estate investment trust’s stock valued at $13,367,000 after acquiring an additional 12,657 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Equity Commonwealth by 0.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,952,009 shares of the real estate investment trust’s stock valued at $61,488,000 after acquiring an additional 11,311 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Equity Commonwealth by 59.1% during the 2nd quarter. Millennium Management LLC now owns 379,396 shares of the real estate investment trust’s stock valued at $11,951,000 after acquiring an additional 140,902 shares during the last quarter. Dean Capital Management acquired a new position in shares of Equity Commonwealth during the 2nd quarter valued at about $1,967,000. Finally, Caisse DE Depot ET Placement DU Quebec acquired a new stake in Equity Commonwealth in the 2nd quarter valued at approximately $4,725,000. 97.16% of the stock is currently owned by institutional investors and hedge funds.

About Equity Commonwealth

Equity Commonwealth (NYSE: EQC) is a Chicago based, internally managed and self-advised real estate investment trust (REIT) with commercial office properties in the United States. As of June 30, 2018, EQC's portfolio comprised 13 properties and 6.3 million square feet.

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