Equity Residential (NYSE:EQR) Sets New 12-Month High After Analyst Upgrade

Shares of Equity Residential (NYSE:EQRGet Free Report) reached a new 52-week high during trading on Monday after Truist Financial raised their price target on the stock from $67.00 to $73.00. Truist Financial currently has a buy rating on the stock. Equity Residential traded as high as $69.57 and last traded at $69.37, with a volume of 338630 shares changing hands. The stock had previously closed at $68.31.

Several other research firms have also commented on EQR. Morgan Stanley increased their target price on shares of Equity Residential from $68.00 to $70.00 and gave the company an “equal weight” rating in a report on Tuesday, May 14th. Raymond James raised shares of Equity Residential from an “underperform” rating to a “market perform” rating in a report on Monday, March 18th. UBS Group raised their price target on shares of Equity Residential from $73.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, May 14th. Scotiabank raised their price target on shares of Equity Residential from $65.00 to $72.00 and gave the stock a “sector perform” rating in a report on Tuesday, May 14th. Finally, Evercore ISI lowered shares of Equity Residential from an “outperform” rating to an “in-line” rating and set a $70.00 price target on the stock. in a report on Monday, May 13th. Twelve analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $68.47.

View Our Latest Analysis on EQR

Insider Activity

In related news, EVP Alexander Brackenridge sold 4,027 shares of Equity Residential stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $65.01, for a total transaction of $261,795.27. Following the completion of the transaction, the executive vice president now directly owns 69,901 shares of the company’s stock, valued at approximately $4,544,264.01. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, EVP Alexander Brackenridge sold 4,027 shares of Equity Residential stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $65.01, for a total transaction of $261,795.27. Following the completion of the transaction, the executive vice president now directly owns 69,901 shares of the company’s stock, valued at approximately $4,544,264.01. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Mary Kay Haben sold 3,241 shares of Equity Residential stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $65.48, for a total transaction of $212,220.68. Following the transaction, the director now directly owns 9,720 shares of the company’s stock, valued at $636,465.60. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Fidelis Capital Partners LLC bought a new stake in Equity Residential during the first quarter valued at approximately $27,000. Bruce G. Allen Investments LLC bought a new stake in Equity Residential during the fourth quarter valued at approximately $28,000. Financial Gravity Asset Management Inc. grew its position in Equity Residential by 593.9% during the third quarter. Financial Gravity Asset Management Inc. now owns 458 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 392 shares during the period. Allworth Financial LP grew its position in Equity Residential by 120.8% during the fourth quarter. Allworth Financial LP now owns 488 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 267 shares during the period. Finally, Voisard Asset Management Group Inc. bought a new stake in Equity Residential during the fourth quarter valued at approximately $33,000. 92.68% of the stock is owned by hedge funds and other institutional investors.

Equity Residential Price Performance

The firm’s 50-day moving average is $65.52 and its 200-day moving average is $62.62. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.23 and a quick ratio of 0.23. The company has a market capitalization of $26.26 billion, a P/E ratio of 28.71, a price-to-earnings-growth ratio of 3.89 and a beta of 0.85.

Equity Residential (NYSE:EQRGet Free Report) last announced its earnings results on Tuesday, April 23rd. The real estate investment trust reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.02. The company had revenue of $730.80 million during the quarter, compared to analyst estimates of $728.09 million. Equity Residential had a net margin of 31.70% and a return on equity of 8.18%. The firm’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.87 earnings per share. Analysts predict that Equity Residential will post 3.88 EPS for the current fiscal year.

Equity Residential Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Monday, July 1st will be given a $0.675 dividend. The ex-dividend date of this dividend is Monday, July 1st. This represents a $2.70 dividend on an annualized basis and a dividend yield of 3.90%. Equity Residential’s payout ratio is currently 112.03%.

Equity Residential Company Profile

(Get Free Report)

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 affluent long-term renters. Equity Residential owns or has investments in 305 properties consisting of 80,683 apartment units, with an established presence in Boston, New York, Washington, DC, Seattle, San Francisco and Southern California, and an expanding presence in Denver, Atlanta, Dallas/Ft.

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