Hennion & Walsh Asset Management Inc. bought a new position in Equity Residential (NYSE:EQR – Get Rating) during the first quarter, Holdings Channel reports. The fund bought 2,381 shares of the real estate investment trust, valued at around $214,000.
A number of other hedge funds and other institutional investors have also recently changed their holdings in the company. BlackRock Inc. increased its position in Equity Residential shares by 3.8% in the fourth quarter. BlackRock Inc. now owns 39,022,849 shares of the real estate investment trust worth $3,531,569,000 after purchasing an additional 1,445,519 shares during the period. Norges Bank bought a new stake in shares of Equity Residential in the 4th quarter for a value of approximately $2,729,361,000. State Street Corp increased its position in Equity Residential shares by 7.6% in the fourth quarter. State Street Corp now owns 23,284,521 shares of the real estate investment trust worth $2,121,056,000 after purchasing an additional 1,650,178 shares during the period. Bank of America Corp DE increased its position in Equity Residential shares by 1.7% in the fourth quarter. Bank of America Corp DE now owns 11,610,191 shares of the real estate investment trust worth $1,050,722,000 after purchasing an additional 193,315 shares during the period. Lastly, Geode Capital Management LLC increased its position in Equity Residential shares by 1.8% in the 4th quarter. Geode Capital Management LLC now owns 7,132,900 shares of the real estate investment trust worth $644,029,000 after purchasing an additional 127,759 shares during the period. 91.43% of the shares are held by hedge funds and other institutional investors.
Insider Trading at Equity Residential
In other news, Director Mark S. Shapiro sold 6,665 shares in a trade that took place on Friday, June 17. The shares were sold at an average price of $70.10, for a total value of $467,216.50. As a result of the transaction, the administrator now owns 12,497 shares of the company, valued at approximately $876,039.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. Insiders of the company hold 2.30% of the shares of the company.
Performance of residential stocks
Shares of NYSE EQR opened at $71.32 on Friday. The company’s 50-day moving average price is $73.20 and its 200-day moving average price is $83.03. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt ratio of 0.74. The company has a market capitalization of $26.82 billion, a PE ratio of 19.92, a PEG ratio of 3.12 and a beta of 0.81. Equity Residential has a 52-week low of $67.48 and a 52-week high of $94.32.
Equity Residential (NYSE:EQR – Get Rating) last reported quarterly results on Tuesday, April 26. The REIT reported earnings per share (EPS) of $0.19 for the quarter, missing analyst consensus estimates of $0.80 per ($0.61). Equity Residential had a net margin of 53.42% and a return on equity of 12.35%. In the same quarter a year earlier, the company posted EPS of $0.68. As a group, analysts expect Equity Residential to post year-to-date EPS of 3.45.
Equity Residential Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 8. Shareholders of record on Monday, June 27 received a dividend of $0.625. This represents an annualized dividend of $2.50 and a dividend yield of 3.51%. The ex-dividend date was Friday, June 24. Equity Residential’s dividend payout ratio (DPR) is currently 69.83%.
Analyst upgrades and downgrades
Several analysts have recently commented on EQR’s stock. Credit Suisse Group began covering Equity Residential stocks in a research report on Wednesday, June 22. They set an “outperform” rating and a price target of $80.00 for the stock. Royal Bank of Canada has upgraded Equity Residential shares from an ‘sector performer’ rating to an ‘outperformer’ rating and cut its price target for the company from $95.00 to 79.00 $ in a research report from Wednesday, June 22. Evercore ISI set a price target of $86.00 on Equity Residential shares in a Monday, June 20 research report. Jefferies Financial Group cut its price target on Equity Residential shares from $78.00 to $64.00 and set a “hold” rating on the stock in a Thursday, June 30 research report. Finally, TheStreet downgraded the shares of Equity Residential from a “b” rating to a “c+” rating in a Friday, May 6 research report. Twelve investment analysts gave the stock a hold rating and five gave the company a buy rating. According to data from MarketBeat, Equity Residential currently has a consensus rating of “Hold” and an average price target of $84.25.
Residential Equity Profile
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Equity Residential is committed to creating communities where people thrive. The Company, an S&P 500 member, is focused on acquiring, developing and managing residential properties located in and around vibrant cities that attract high-quality, long-term tenants. Equity Residential owns or has investments in 305 properties consisting of 78,568 apartments, located in Boston, New York, Washington, DC, Seattle, San Francisco, Southern California and Denver.
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