Equity Residential (NYSE:EQR) Given New $75.00 Price Target at UBS Group

Equity Residential (NYSE:EQRFree Report) had its price objective hoisted by UBS Group from $73.00 to $75.00 in a report issued on Tuesday, Benzinga reports. They currently have a buy rating on the real estate investment trust’s stock.

Several other brokerages have also commented on EQR. Piper Sandler raised their price objective on Equity Residential from $62.00 to $70.00 and gave the company a neutral rating in a research report on Monday, April 29th. Evercore ISI cut shares of Equity Residential from an outperform rating to an in-line rating and set a $70.00 price objective on the stock. in a report on Monday. Barclays lowered their target price on shares of Equity Residential from $69.00 to $67.00 and set an equal weight rating for the company in a report on Tuesday, February 20th. Wedbush restated a neutral rating and issued a $68.00 price target on shares of Equity Residential in a research note on Monday, April 29th. Finally, Raymond James raised Equity Residential from an underperform rating to a market perform rating in a research report on Monday, March 18th. Twelve research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Equity Residential currently has a consensus rating of Hold and an average price target of $68.22.

View Our Latest Report on Equity Residential

Equity Residential Trading Up 1.0 %

NYSE:EQR opened at $67.39 on Tuesday. The company has a 50-day moving average price of $63.22 and a 200-day moving average price of $60.44. The stock has a market cap of $25.58 billion, a price-to-earnings ratio of 27.96, a P/E/G ratio of 3.54 and a beta of 0.82. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.64. Equity Residential has a 12 month low of $52.57 and a 12 month high of $69.45.

Equity Residential (NYSE:EQRGet Free Report) last issued its quarterly earnings data on Tuesday, April 23rd. The real estate investment trust reported $0.93 EPS for the quarter, topping the consensus estimate of $0.91 by $0.02. Equity Residential had a net margin of 31.70% and a return on equity of 8.18%. The business had revenue of $730.80 million during the quarter, compared to analyst estimates of $728.09 million. During the same period last year, the business posted $0.87 earnings per share. Equity Residential’s quarterly revenue was up 3.6% compared to the same quarter last year. Equities analysts predict that Equity Residential will post 3.87 EPS for the current year.

Equity Residential Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Monday, March 25th were paid a dividend of $0.675 per share. The ex-dividend date was Friday, March 22nd. This is a positive change from Equity Residential’s previous quarterly dividend of $0.66. This represents a $2.70 dividend on an annualized basis and a yield of 4.01%. Equity Residential’s payout ratio is currently 112.03%.

Insider Activity

In related news, Director Mary Kay Haben sold 3,241 shares of the company’s stock in a transaction on Friday, April 26th. The stock was sold at an average price of $65.48, for a total transaction of $212,220.68. Following the completion of the sale, the director now owns 9,720 shares in the company, valued at $636,465.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, EVP Alexander Brackenridge sold 4,027 shares of Equity Residential stock in a transaction on Wednesday, April 24th. The shares were sold at an average price of $65.01, for a total transaction of $261,795.27. Following the transaction, the executive vice president now owns 69,901 shares in the company, valued at approximately $4,544,264.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mary Kay Haben sold 3,241 shares of the company’s stock in a transaction on Friday, April 26th. The stock was sold at an average price of $65.48, for a total value of $212,220.68. Following the completion of the sale, the director now owns 9,720 shares of the company’s stock, valued at $636,465.60. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Institutional Trading of Equity Residential

Several hedge funds have recently bought and sold shares of the stock. Norges Bank bought a new position in shares of Equity Residential during the 4th quarter valued at approximately $2,143,388,000. FMR LLC increased its stake in shares of Equity Residential by 68.5% in the third quarter. FMR LLC now owns 4,416,565 shares of the real estate investment trust’s stock worth $259,297,000 after purchasing an additional 1,795,772 shares in the last quarter. Davis Asset Management L.P. bought a new stake in shares of Equity Residential during the 4th quarter valued at $61,160,000. Canada Pension Plan Investment Board lifted its stake in shares of Equity Residential by 13.8% during the 3rd quarter. Canada Pension Plan Investment Board now owns 5,206,249 shares of the real estate investment trust’s stock valued at $305,659,000 after buying an additional 629,813 shares in the last quarter. Finally, First Eagle Investment Management LLC boosted its holdings in Equity Residential by 5.9% in the 4th quarter. First Eagle Investment Management LLC now owns 9,325,268 shares of the real estate investment trust’s stock worth $570,333,000 after buying an additional 516,941 shares during the period. Institutional investors own 92.68% of the company’s stock.

Equity Residential Company Profile

(Get Free Report)

Equity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, is focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract affluent long-term renters. Equity Residential owns or has investments in 305 properties consisting of 80,683 apartment units, with an established presence in Boston, New York, Washington, DC, Seattle, San Francisco and Southern California, and an expanding presence in Denver, Atlanta, Dallas/Ft.

See Also

Analyst Recommendations for Equity Residential (NYSE:EQR)

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