Chemical Bank raised its position in Equity Residential (NYSE:EQR) by 35.4% during the 1st quarter, Holdings Channel reports. The firm owned 12,189 shares of the real estate investment trust’s stock after acquiring an additional 3,187 shares during the period. Chemical Bank’s holdings in Equity Residential were worth $918,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of EQR. Norges Bank acquired a new position in Equity Residential in the 4th quarter valued at about $1,249,322,000. Oregon Public Employees Retirement Fund boosted its holdings in Equity Residential by 6,420.1% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,632,545 shares of the real estate investment trust’s stock valued at $40,000 after purchasing an additional 2,592,169 shares during the last quarter. BlackRock Inc. boosted its holdings in Equity Residential by 5.8% in the 4th quarter. BlackRock Inc. now owns 41,246,537 shares of the real estate investment trust’s stock valued at $2,722,686,000 after purchasing an additional 2,256,566 shares during the last quarter. Barings LLC acquired a new position in Equity Residential in the 4th quarter valued at about $74,003,000. Finally, Morgan Stanley boosted its holdings in Equity Residential by 17.4% in the 3rd quarter. Morgan Stanley now owns 6,086,929 shares of the real estate investment trust’s stock valued at $403,319,000 after purchasing an additional 901,037 shares during the last quarter. Institutional investors own 92.04% of the company’s stock.
Several equities analysts have weighed in on the stock. Zacks Investment Research lowered shares of Equity Residential from a “hold” rating to a “sell” rating in a report on Monday, March 25th. BMO Capital Markets reiterated a “hold” rating and issued a $78.00 target price on shares of Equity Residential in a report on Monday, March 25th. Evercore ISI lowered shares of Equity Residential from an “in-line” rating to an “underperform” rating in a report on Monday, April 1st. Barclays reiterated a “hold” rating and issued a $65.00 target price on shares of Equity Residential in a report on Wednesday, January 23rd. Finally, Argus boosted their target price on shares of Equity Residential to $80.00 and gave the company a “buy” rating in a report on Thursday, February 14th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the stock. Equity Residential has an average rating of “Hold” and an average price target of $72.48.
In other Equity Residential news, insider Alan W. George sold 35,000 shares of the stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $76.26, for a total transaction of $2,669,100.00. Following the sale, the insider now directly owns 91,582 shares in the company, valued at approximately $6,984,043.32. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director David J. Neithercut sold 36,353 shares of the stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $76.33, for a total transaction of $2,774,824.49. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 199,997 shares of company stock worth $15,013,752. 3.75% of the stock is owned by company insiders.
Shares of EQR stock opened at $75.81 on Thursday. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.88. Equity Residential has a one year low of $59.29 and a one year high of $77.69. The company has a market capitalization of $28.10 billion, a PE ratio of 23.33, a P/E/G ratio of 3.78 and a beta of 0.58.
Equity Residential (NYSE:EQR) last released its earnings results on Tuesday, April 30th. The real estate investment trust reported $0.28 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.81 by ($0.53). The business had revenue of $662.30 million for the quarter, compared to analyst estimates of $655.00 million. Equity Residential had a return on equity of 5.31% and a net margin of 21.10%. Equity Residential’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.77 earnings per share. Equities analysts expect that Equity Residential will post 3.39 earnings per share for the current year.
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About Equity Residential
Equity Residential is an S&P 500 company focused on the acquisition, development and management of rental apartment properties located in urban and high-density suburban markets where today's renters want to live, work and play. Equity Residential owns or has investments in 307 properties consisting of 79,482 apartment units, primarily located in Boston, New York, Washington, DC, Seattle, San Francisco, Southern California and Denver.
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