Lazard Asset Management LLC Sells 223 Shares of Equity Residential (NYSE:EQR)

Lazard Asset Management LLC reduced its stake in shares of Equity Residential (NYSE:EQRGet Rating) by 10.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,981 shares of the real estate investment trust’s stock after selling 223 shares during the quarter. Lazard Asset Management LLC’s holdings in Equity Residential were worth $143,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Envestnet Asset Management Inc. grew its stake in shares of Equity Residential by 3.6% during the second quarter. Envestnet Asset Management Inc. now owns 112,936 shares of the real estate investment trust’s stock valued at $8,156,000 after purchasing an additional 3,959 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Equity Residential in the first quarter valued at approximately $40,000. DAVENPORT & Co LLC lifted its holdings in Equity Residential by 11.2% in the first quarter. DAVENPORT & Co LLC now owns 2,872 shares of the real estate investment trust’s stock valued at $258,000 after buying an additional 289 shares during the period. Handelsbanken Fonder AB lifted its holdings in Equity Residential by 2.7% in the second quarter. Handelsbanken Fonder AB now owns 121,290 shares of the real estate investment trust’s stock valued at $8,760,000 after buying an additional 3,170 shares during the period. Finally, Versor Investments LP lifted its holdings in Equity Residential by 26.9% in the first quarter. Versor Investments LP now owns 10,834 shares of the real estate investment trust’s stock valued at $974,000 after buying an additional 2,294 shares during the period. 83.92% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on EQR shares. The Goldman Sachs Group cut their price objective on shares of Equity Residential from $86.00 to $74.00 and set a “neutral” rating on the stock in a report on Tuesday, October 18th. Jefferies Financial Group cut their price objective on shares of Equity Residential from $72.00 to $64.00 and set a “hold” rating on the stock in a report on Wednesday, October 19th. Mizuho cut their price objective on shares of Equity Residential from $77.00 to $66.00 and set a “buy” rating on the stock in a report on Thursday, November 10th. Argus upgraded shares of Equity Residential from a “hold” rating to a “buy” rating and set a $72.00 price objective on the stock in a report on Thursday, November 17th. Finally, Piper Sandler cut their price objective on shares of Equity Residential from $70.00 to $62.00 and set an “underweight” rating on the stock in a report on Friday, October 7th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $78.00.

Equity Residential Trading Down 0.2 %

Shares of NYSE:EQR opened at $62.81 on Tuesday. Equity Residential has a 12 month low of $59.32 and a 12 month high of $94.32. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 0.67. The company’s fifty day simple moving average is $64.99 and its 200 day simple moving average is $71.13. The firm has a market cap of $23.74 billion, a price-to-earnings ratio of 20.66, a PEG ratio of 2.62 and a beta of 0.77.

Equity Residential Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 14th. Investors of record on Monday, September 26th were given a $0.625 dividend. This represents a $2.50 dividend on an annualized basis and a yield of 3.98%. The ex-dividend date of this dividend was Friday, September 23rd. Equity Residential’s dividend payout ratio (DPR) is currently 82.24%.

About Equity Residential

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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.

Further Reading

Institutional Ownership by Quarter for Equity Residential (NYSE:EQR)

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