Scotiabank assumed coverage on shares of Equity Residential (NYSE:EQR) in a research report released on Tuesday, The Fly reports. The brokerage issued an outperform rating on the real estate investment trust’s stock.
A number of other brokerages have also recently issued reports on EQR. Mizuho reissued a buy rating and set a $76.00 price objective on shares of Equity Residential in a report on Monday, August 6th. ValuEngine cut Equity Residential from a hold rating to a sell rating in a report on Monday, June 18th. Robert W. Baird reiterated a hold rating and set a $66.00 price objective on shares of Equity Residential in a research report on Thursday, August 16th. Deutsche Bank increased their price objective on Equity Residential from $66.00 to $67.00 and gave the company a hold rating in a research report on Wednesday, September 5th. Finally, SunTrust Banks lowered Equity Residential from a buy rating to a hold rating and set a $71.00 price objective on the stock. in a research report on Tuesday, August 14th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $67.57.
Shares of EQR opened at $64.41 on Tuesday. The stock has a market cap of $23.60 billion, a P/E ratio of 19.96, a P/E/G ratio of 3.32 and a beta of 0.37. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.16 and a current ratio of 0.16. Equity Residential has a 52-week low of $54.97 and a 52-week high of $70.46.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 12th. Stockholders of record on Monday, September 24th were given a $0.54 dividend. The ex-dividend date of this dividend was Friday, September 21st. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.35%. Equity Residential’s dividend payout ratio is currently 69.01%.
In other news, CEO David J. Neithercut sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 11th. The stock was sold at an average price of $68.00, for a total value of $2,040,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Ian Kaufman sold 5,075 shares of the firm’s stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $67.75, for a total value of $343,831.25. The disclosure for this sale can be found here. In the last 90 days, insiders sold 48,769 shares of company stock valued at $3,308,451. 3.75% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Landaas & Co. WI ADV purchased a new position in Equity Residential during the second quarter valued at $101,000. Girard Partners LTD. purchased a new position in Equity Residential during the second quarter valued at $203,000. Marco Investment Management LLC purchased a new position in Equity Residential during the second quarter valued at $205,000. HL Financial Services LLC raised its stake in Equity Residential by 156.6% during the second quarter. HL Financial Services LLC now owns 3,265 shares of the real estate investment trust’s stock valued at $208,000 after buying an additional 9,030 shares during the last quarter. Finally, Fulton Bank N.A. purchased a new position in Equity Residential during the second quarter valued at $221,000. Institutional investors own 87.35% 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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