California State Teachers Retirement System Sells 7,084 Shares of Equity Residential (NYSE:EQR)

California State Teachers Retirement System lessened its stake in shares of Equity Residential (NYSE:EQR – Get Rating) by 1.2% during the 3rd quarter, Holdings Channel reports. The fund owned 597,536 shares of the real estate investment trust’s stock after selling 7,084 shares during the period. California State Teachers Retirement System’s holdings in Equity Residential were worth $40,166,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Synovus Financial Corp bought a new stake in Equity Residential during the second quarter valued at about $307,000. Laurel Wealth Advisors Inc. boosted its holdings in shares of Equity Residential by 3.5% in the 3rd quarter. Laurel Wealth Advisors Inc. now owns 5,961 shares of the real estate investment trust’s stock valued at $400,000 after buying an additional 200 shares in the last quarter. Lazard Asset Management LLC grew its position in shares of Equity Residential by 155.5% in the 3rd quarter. Lazard Asset Management LLC now owns 5,061 shares of the real estate investment trust’s stock worth $339,000 after buying an additional 3,080 shares during the last quarter. Global Wealth Management Investment Advisory Inc. raised its stake in shares of Equity Residential by 10.9% during the 3rd quarter. Global Wealth Management Investment Advisory Inc. now owns 6,237 shares of the real estate investment trust’s stock worth $419,000 after acquiring an additional 613 shares in the last quarter. Finally, Avantax Advisory Services Inc. lifted its position in Equity Residential by 23.0% during the third quarter. Avantax Advisory Services Inc. now owns 3,505 shares of the real estate investment trust’s stock valued at $236,000 after acquiring an additional 656 shares during the last quarter. 82.62% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on EQR. Credit Suisse Group lowered shares of Equity Residential from an “outperform” rating to a “neutral” rating and set a $58.00 price target on the stock. in a report on Monday, January 9th. StockNews.com initiated coverage on Equity Residential in a research report on Thursday. They set a “hold” rating on the stock. Truist Financial raised their price target on Equity Residential from $68.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, March 10th. BTIG Research downgraded shares of Equity Residential from a “buy” rating to a “neutral” rating in a report on Wednesday, January 11th. Finally, Mizuho lifted their target price on shares of Equity Residential from $67.00 to $72.00 and gave the stock a “buy” rating in a research note on Thursday, February 23rd. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $72.00.

Equity Residential Price Performance

Shares of EQR opened at $57.58 on Friday. The business’s 50-day moving average is $62.52 and its two-hundred day moving average is $63.98. The company has a market capitalization of $21.80 billion, a P/E ratio of 27.95, a P/E/G ratio of 3.04 and a beta of 0.80. Equity Residential has a fifty-two week low of $57.38 and a fifty-two week high of $94.32. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.33 and a current ratio of 0.33.

Equity Residential Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 14th. Investors of record on Monday, March 27th will be given a dividend of $0.6625 per share. This is a boost from Equity Residential’s previous quarterly dividend of $0.63. This represents a $2.65 annualized dividend and a yield of 4.60%. The ex-dividend date of this dividend is Friday, March 24th. Equity Residential’s dividend payout ratio (DPR) is currently 121.36%.

Equity Residential Profile

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Equity Residential operates as a real estate investment trust. It engages in the acquisition, development, and management of rental apartment properties, which includes the generation of rental and other related income through the leasing of apartment units to residents. The company was founded by Robert H.