Equity Residential (NYSE:EQR – Get Rating) issued an update on its third quarter 2022 earnings guidance on Thursday morning. The company provided EPS guidance of $0.89-$0.93 for the period. The company issued revenue guidance of -. Equity Residential also updated its FY 2022 guidance to $3.48-$3.58 EPS.
Analysts Set New Price Targets
Several research firms have commented on EQR. Scotiabank cut their price target on Equity Residential from $92.00 to $90.00 in a report on Thursday, May 19th. Royal Bank of Canada raised Equity Residential from a sector perform rating to an outperform rating and dropped their target price for the stock from $95.00 to $79.00 in a report on Wednesday, June 22nd. TheStreet cut Equity Residential from a b rating to a c+ rating in a report on Friday, May 6th. Credit Suisse Group initiated coverage on Equity Residential in a report on Wednesday, June 22nd. They issued an outperform rating and a $80.00 target price for the company. Finally, Mizuho dropped their target price on Equity Residential from $84.00 to $79.00 and set a buy rating for the company in a report on Monday, June 27th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Equity Residential has an average rating of Hold and an average target price of $84.18.
Equity Residential Stock Up 0.4 %
Shares of EQR opened at $75.22 on Friday. The firm has a market capitalization of $28.29 billion, a price-to-earnings ratio of 22.59, a PEG ratio of 3.20 and a beta of 0.81. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.19 and a current ratio of 0.24. The business’s fifty day moving average price is $73.08 and its two-hundred day moving average price is $81.34. Equity Residential has a 52 week low of $67.48 and a 52 week high of $94.32.
Equity Residential Dividend Announcement
Insider Buying and Selling at Equity Residential
In other news, Director Mark S. Shapiro sold 6,665 shares of the firm’s stock in a transaction on Friday, June 17th. The stock was sold at an average price of $70.10, for a total value of $467,216.50. Following the transaction, the director now directly owns 12,497 shares in the company, valued at approximately $876,039.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.30% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently made changes to their positions in EQR. Avalon Investment & Advisory raised its stake in Equity Residential by 1.3% during the 1st quarter. Avalon Investment & Advisory now owns 173,798 shares of the real estate investment trust’s stock worth $15,628,000 after buying an additional 2,312 shares during the period. Global Wealth Management Investment Advisory Inc. raised its stake in Equity Residential by 12.8% during the 1st quarter. Global Wealth Management Investment Advisory Inc. now owns 4,911 shares of the real estate investment trust’s stock worth $442,000 after buying an additional 559 shares during the period. Meiji Yasuda Asset Management Co Ltd. raised its stake in Equity Residential by 717.2% during the 1st quarter. Meiji Yasuda Asset Management Co Ltd. now owns 72,839 shares of the real estate investment trust’s stock worth $6,550,000 after buying an additional 63,926 shares during the period. Beacon Pointe Advisors LLC acquired a new stake in Equity Residential during the 1st quarter worth $3,092,000. Finally, Quantamental Technologies LLC acquired a new stake in shares of Equity Residential in the 1st quarter valued at about $287,000. 91.43% of the stock is currently owned by institutional investors.
Equity Residential Company Profile
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 high quality long-term renters. Equity Residential owns or has investments in 305 properties consisting of 78,568 apartment units, located in Boston, New York, Washington, DC, Seattle, San Francisco, Southern California and Denver.
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