Equity Residential (NYSE:EQR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday, October 17th.
According to Zacks, “Shares of Equity Residential have underperformed its industry, year to date. The stock has seen the Zacks Consensus Estimate for third-quarter and current-year funds from operations (FFO) per share remaining unchanged in a month’s time. Notably, there is elevated supply in a number of its markets. This is likely to put pressure on rental rates and adversely affect revenue growth this year. Further, there is high concession activity amid higher supply, which remains a concern. Also, the company’s 2016 huge disposition activity is anticipated to affect its net operating income. Nevertheless, the company’s efforts to reposition portfolio in high barrier-to-entry/core markets is encouraging. Also, the company might benefit from favorable demographics, lifestyle transformation and creation of new households.”
A number of other equities analysts have also commented on the stock. BidaskClub lowered shares of Equity Residential from a “buy” rating to a “hold” rating in a report on Saturday, July 1st. Stifel Nicolaus started coverage on shares of Equity Residential in a research note on Friday, September 1st. They set a “hold” rating and a $71.00 target price for the company. Jefferies Group LLC reissued a “hold” rating and set a $65.00 target price on shares of Equity Residential in a research note on Sunday, September 10th. BMO Capital Markets reaffirmed a “hold” rating and issued a $68.00 price target on shares of Equity Residential in a research note on Wednesday, September 6th. Finally, TheStreet raised shares of Equity Residential from a “c+” rating to a “b” rating in a research note on Monday, July 31st. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $69.36.
Shares of Equity Residential (EQR) traded up $1.02 during trading on Tuesday, reaching $69.23. 811,935 shares of the company’s stock were exchanged, compared to its average volume of 1,470,000. Equity Residential has a 1 year low of $58.28 and a 1 year high of $69.63. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.24 and a quick ratio of 0.24. The firm has a market capitalization of $25,430.00, a price-to-earnings ratio of 22.00, a P/E/G ratio of 3.45 and a beta of 0.37.
In related news, EVP Bruce C. Strohm sold 25,000 shares of the firm’s stock in a transaction that occurred 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 transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Michael L. Manelis sold 433 shares of the firm’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $67.03, for a total transaction of $29,023.99. The disclosure for this sale can be found here. Over the last quarter, insiders sold 351,306 shares of company stock valued at $23,823,824. 3.79% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. lifted its holdings in Equity Residential by 2.3% during the second quarter. BlackRock Inc. now owns 34,594,954 shares of the real estate investment trust’s stock valued at $2,277,386,000 after purchasing an additional 794,065 shares in the last quarter. State Street Corp lifted its holdings in Equity Residential by 1.3% during the first quarter. State Street Corp now owns 21,674,961 shares of the real estate investment trust’s stock valued at $1,348,617,000 after purchasing an additional 286,200 shares in the last quarter. APG Asset Management US Inc. lifted its holdings in Equity Residential by 1.8% during the second quarter. APG Asset Management US Inc. now owns 15,060,400 shares of the real estate investment trust’s stock valued at $991,426,000 after purchasing an additional 269,599 shares in the last quarter. Macquarie Group Ltd. raised its position in shares of Equity Residential by 7.3% during the first quarter. Macquarie Group Ltd. now owns 12,930,323 shares of the real estate investment trust’s stock valued at $804,524,000 after buying an additional 879,622 shares during the last quarter. Finally, Daiwa Securities Group Inc. raised its position in shares of Equity Residential by 113.9% during the third quarter. Daiwa Securities Group Inc. now owns 7,724,194 shares of the real estate investment trust’s stock valued at $509,256,000 after buying an additional 4,112,438 shares during the last quarter. 90.97% of the stock is currently owned by institutional investors.
Equity Residential Company Profile
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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