Mackenzie Financial Corp Reduces Stock Position in Equity Residential (NYSE:EQR)

Mackenzie Financial Corp reduced its holdings in Equity Residential (NYSE:EQR) by 1.7% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 47,711 shares of the real estate investment trust’s stock after selling 814 shares during the period. Mackenzie Financial Corp’s holdings in Equity Residential were worth $3,308,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in EQR. Fidelis Capital Partners LLC purchased a new position in shares of Equity Residential in the 1st quarter worth $27,000. Voisard Asset Management Group Inc. purchased a new position in shares of Equity Residential during the 4th quarter worth about $33,000. Massmutual Trust Co. FSB ADV boosted its stake in shares of Equity Residential by 41.9% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 525 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 155 shares during the period. HHM Wealth Advisors LLC boosted its stake in shares of Equity Residential by 146.6% during the 2nd quarter. HHM Wealth Advisors LLC now owns 550 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 327 shares during the period. Finally, Richardson Financial Services Inc. purchased a new position in shares of Equity Residential during the 1st quarter worth about $41,000. 92.68% of the stock is owned by hedge funds and other institutional investors.

Equity Residential Trading Down 0.8 %

NYSE:EQR opened at $73.88 on Wednesday. Equity Residential has a 52 week low of $52.57 and a 52 week high of $78.83. The firm has a 50 day moving average of $73.43 and a 200 day moving average of $68.28. The company has a quick ratio of 0.21, a current ratio of 0.21 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $28.04 billion, a price-to-earnings ratio of 30.66, a PEG ratio of 5.60 and a beta of 0.89.

Equity Residential (NYSE:EQR) last posted its earnings results on Monday, July 29th. The real estate investment trust reported $0.47 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.49). Equity Residential had a net margin of 32.83% and a return on equity of 8.53%. The firm had revenue of $734.20 million for the quarter, compared to analysts’ expectations of $735.26 million. During the same period in the previous year, the company earned $0.94 EPS. The company’s revenue was up 2.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Equity Residential will post 3.89 earnings per share for the current fiscal year.

Equity Residential Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, September 24th will be paid a dividend of $0.675 per share. The ex-dividend date of this dividend is Tuesday, September 24th. This represents a $2.70 dividend on an annualized basis and a yield of 3.65%. Equity Residential’s payout ratio is 112.03%.

Wall Street Analysts Forecast Growth

EQR has been the subject of a number of recent analyst reports. Scotiabank lifted their price target on shares of Equity Residential from $77.00 to $81.00 and gave the stock a “sector perform” rating in a research note on Monday, September 16th. Truist Financial lifted their price objective on shares of Equity Residential from $73.00 to $77.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Royal Bank of Canada lifted their price objective on shares of Equity Residential from $74.00 to $75.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Evercore ISI lifted their price objective on shares of Equity Residential from $75.00 to $76.00 and gave the company an “in-line” rating in a report on Monday, September 16th. Finally, Wells Fargo & Company lowered shares of Equity Residential from an “overweight” rating to an “equal weight” rating and lifted their price objective for the company from $69.00 to $77.00 in a report on Monday, August 26th. Thirteen research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Equity Residential presently has a consensus rating of “Hold” and a consensus price target of $75.97.

Equity Residential Profile

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.