Oppenheimer Asset Management Inc. decreased its position in shares of Equity Residential (NYSE:EQR) by 30.4% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 6,660 shares of the real estate investment trust’s stock after selling 2,905 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Equity Residential were worth $441,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently bought and sold shares of the company. LPL Financial LLC increased its holdings in shares of Equity Residential by 74.6% during the 1st quarter. LPL Financial LLC now owns 18,562 shares of the real estate investment trust’s stock worth $1,144,000 after buying an additional 7,928 shares during the last quarter. Royal Bank of Canada increased its holdings in shares of Equity Residential by 9.3% during the 1st quarter. Royal Bank of Canada now owns 126,748 shares of the real estate investment trust’s stock worth $7,810,000 after buying an additional 10,754 shares during the last quarter. Brown Advisory Inc. increased its holdings in shares of Equity Residential by 26.3% during the 1st quarter. Brown Advisory Inc. now owns 7,684 shares of the real estate investment trust’s stock worth $474,000 after buying an additional 1,600 shares during the last quarter. DnB Asset Management AS increased its holdings in shares of Equity Residential by 4.1% during the 2nd quarter. DnB Asset Management AS now owns 45,237 shares of the real estate investment trust’s stock worth $2,881,000 after buying an additional 1,800 shares during the last quarter. Finally, IFM Investors Pty Ltd increased its holdings in shares of Equity Residential by 48.4% during the 2nd quarter. IFM Investors Pty Ltd now owns 16,485 shares of the real estate investment trust’s stock worth $1,050,000 after buying an additional 5,376 shares during the last quarter. Hedge funds and other institutional investors own 87.34% of the company’s stock.
Equity Residential stock opened at $67.47 on Thursday. Equity Residential has a fifty-two week low of $54.97 and a fifty-two week high of $70.46. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.13 and a quick ratio of 0.13. The company has a market capitalization of $24.51 billion, a P/E ratio of 21.56, a P/E/G ratio of 3.40 and a beta of 0.40.
Equity Residential (NYSE:EQR) last posted its earnings results on Tuesday, October 23rd. The real estate investment trust reported $0.60 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.83 by ($0.23). Equity Residential had a net margin of 26.01% and a return on equity of 6.37%. The company had revenue of $652.87 million during the quarter, compared to analyst estimates of $645.77 million. During the same quarter last year, the business posted $0.37 EPS. The firm’s revenue for the quarter was up 4.6% on a year-over-year basis. On average, sell-side analysts expect that Equity Residential will post 3.26 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 12th. Shareholders of record on Monday, September 24th were given a $0.54 dividend. The ex-dividend date was Friday, September 21st. This represents a $2.16 annualized dividend and a yield of 3.20%. Equity Residential’s dividend payout ratio is presently 69.01%.
In other Equity Residential news, Vice Chairman Gerald A. Spector sold 13,024 shares of the firm’s stock in a transaction that occurred on Wednesday, September 5th. The shares were sold at an average price of $67.50, for a total value of $879,120.00. Following the completion of the transaction, the insider now owns 294,287 shares of the company’s stock, valued at approximately $19,864,372.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO David J. Neithercut sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 25th. The shares were sold at an average price of $66.00, for a total transaction of $1,320,000.00. The disclosure for this sale can be found here. Insiders sold a total of 71,177 shares of company stock valued at $4,787,379 in the last three months. 3.75% of the stock is currently owned by corporate insiders.
EQR has been the subject of a number of recent analyst reports. Argus raised their price target on shares of Equity Residential from $70.00 to $71.00 and gave the stock a “buy” rating in a report on Tuesday, October 30th. Zacks Investment Research upgraded shares of Equity Residential from a “hold” rating to a “buy” rating and set a $74.00 target price for the company in a report on Friday, October 26th. Mizuho reiterated a “buy” rating and issued a $76.00 target price on shares of Equity Residential in a report on Monday, August 6th. Wells Fargo & Co set a $70.00 target price on shares of Equity Residential and gave the company a “hold” rating in a report on Thursday, November 1st. Finally, Deutsche Bank lifted their target price on shares of Equity Residential from $66.00 to $67.00 and gave the company a “hold” rating in a report on Wednesday, September 5th. Twelve investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Equity Residential currently has an average rating of “Hold” and an average price target of $68.69.
Equity Residential Company Profile
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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