Wells Fargo & Co Reiterates “$70.00” Price Target for Equity Residential (EQR)

Wells Fargo & Co set a $70.00 price objective on Equity Residential (NYSE:EQR) in a research report released on Thursday. The firm currently has a hold rating on the real estate investment trust’s stock.

EQR has been the subject of a number of other research reports. Deutsche Bank raised their price objective on shares of Equity Residential from $66.00 to $67.00 and gave the stock a hold rating in a report on Wednesday, September 5th. Robert W. Baird restated a hold rating and set a $66.00 price objective on shares of Equity Residential in a report on Thursday, August 16th. Argus raised their price objective 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. ValuEngine upgraded shares of Equity Residential from a sell rating to a hold rating in a report on Friday, July 6th. Finally, SunTrust Banks downgraded shares of Equity Residential from a buy rating to a hold rating and set a $71.00 price objective for the company. in a report on Tuesday, August 14th. Twelve equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $68.69.

NYSE EQR traded down $0.38 during trading hours on Thursday, reaching $64.44. 2,228,419 shares of the company were exchanged, compared to its average volume of 1,997,182. Equity Residential has a 1 year low of $54.97 and a 1 year high of $70.46. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.16 and a current ratio of 0.13. The company has a market capitalization of $23.74 billion, a PE ratio of 20.59, a price-to-earnings-growth ratio of 3.29 and a beta of 0.40.

Equity Residential (NYSE:EQR) last posted its quarterly earnings data on Tuesday, October 23rd. The real estate investment trust reported $0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.23). Equity Residential had a return on equity of 6.37% and a net margin of 26.01%. The company had revenue of $652.87 million for the quarter, compared to analysts’ expectations of $645.77 million. During the same quarter last year, the business posted $0.37 EPS. The business’s quarterly revenue was up 4.6% on a year-over-year basis. As a group, analysts forecast that Equity Residential will post 3.26 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, October 12th. Shareholders of record on Monday, September 24th were given a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, September 21st. This represents a $2.16 dividend on an annualized basis and a yield of 3.35%. 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 stock in a transaction dated Wednesday, September 5th. The shares were sold at an average price of $67.50, for a total transaction of $879,120.00. Following the completion of the transaction, the insider now owns 294,287 shares in the company, valued at $19,864,372.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David J. Neithercut sold 20,000 shares of the stock in a transaction dated Thursday, October 25th. The stock was 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 have sold 71,177 shares of company stock valued at $4,787,379 in the last quarter. Company insiders own 3.75% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in EQR. Landaas & Co. WI ADV bought a new position in shares of Equity Residential in the second quarter valued at approximately $101,000. Bbva Compass Bancshares Inc. bought a new position in shares of Equity Residential in the third quarter valued at approximately $137,000. Cornerstone Wealth Management LLC bought a new position in shares of Equity Residential in the second quarter valued at approximately $187,000. Girard Partners LTD. bought a new position in shares of Equity Residential in the second quarter valued at approximately $203,000. Finally, Marco Investment Management LLC bought a new position in shares of Equity Residential in the second quarter valued at approximately $205,000. Institutional investors own 87.34% of the company’s stock.

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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Analyst Recommendations for Equity Residential (NYSE:EQR)

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