Investors Buy Shares of Equity Residential (EQR) on Weakness

Investors bought shares of Equity Residential (NYSE:EQR) on weakness during trading on Wednesday. $40.09 million flowed into the stock on the tick-up and $20.57 million flowed out of the stock on the tick-down, for a money net flow of $19.52 million into the stock. Of all stocks tracked, Equity Residential had the 27th highest net in-flow for the day. Equity Residential traded down ($0.16) for the day and closed at $66.72

EQR has been the topic of several research reports. TheStreet upgraded shares of Equity Residential from a “c+” rating to a “b” rating in a research note on Monday, July 31st. BidaskClub upgraded shares of Equity Residential from a “hold” rating to a “buy” rating in a research note on Thursday, August 3rd. Zacks Investment Research upgraded shares of Equity Residential from a “hold” rating to a “buy” rating and set a $74.00 price target on the stock in a research note on Tuesday, July 18th. Barclays PLC upped their price target on shares of Equity Residential from $65.00 to $66.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 1st. Finally, Stifel Nicolaus started coverage on shares of Equity Residential in a research note on Friday, September 1st. They issued a “hold” rating and a $71.00 price target on the stock. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $68.15.

The stock has a market cap of $24.51 billion, a PE ratio of 29.85 and a beta of 0.37. The stock has a 50 day moving average price of $66.83 and a 200 day moving average price of $66.12.

Equity Residential (NYSE:EQR) last posted its earnings results on Tuesday, July 25th. The real estate investment trust reported $0.77 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.77. The business had revenue of $612.48 million during the quarter, compared to analyst estimates of $609.37 million. Equity Residential had a return on equity of 7.92% and a net margin of 33.99%. The company’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.76 EPS. Analysts predict that Equity Residential will post $1.48 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, October 13th. Shareholders of record on Monday, September 25th were issued a dividend of $0.5038 per share. This represents a $2.02 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date was Friday, September 22nd. Equity Residential’s payout ratio is presently 90.58%.

In other news, CEO David J. Neithercut sold 75,000 shares of the business’s stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $68.10, for a total transaction of $5,107,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider David S. Santee sold 10,967 shares of the business’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $67.93, for a total value of $744,988.31. The disclosure for this sale can be found here. Insiders have sold 173,622 shares of company stock valued at $11,816,599 in the last three months. 3.79% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of EQR. Bessemer Group Inc. grew its holdings in shares of Equity Residential by 124.6% during the second quarter. Bessemer Group Inc. now owns 1,572 shares of the real estate investment trust’s stock worth $103,000 after purchasing an additional 872 shares in the last quarter. D.A. Davidson & CO. grew its holdings in shares of Equity Residential by 4.1% during the second quarter. D.A. Davidson & CO. now owns 1,873 shares of the real estate investment trust’s stock worth $123,000 after purchasing an additional 73 shares in the last quarter. Sun Life Financial INC grew its holdings in shares of Equity Residential by 22,450.0% during the second quarter. Sun Life Financial INC now owns 2,706 shares of the real estate investment trust’s stock worth $178,000 after purchasing an additional 2,694 shares in the last quarter. Girard Partners LTD. purchased a new position in shares of Equity Residential during the second quarter worth about $209,000. Finally, Prudential PLC purchased a new position in shares of Equity Residential during the second quarter worth about $209,000. 91.05% of the stock is owned by institutional investors.

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About Equity Residential

Equity Residential is a real estate investment trust. The Company’s primary business is the acquisition, development and management of multifamily residential properties. Its segments include Boston, New York, Washington DC, Southern California, San Francisco, Seattle and Other Markets. Southern California includes Los Angeles, San Diego and Orange County.

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