Daiwa Securities Group Inc. decreased its holdings in Equity Residential (NYSE:EQR) by 47.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,383,027 shares of the real estate investment trust’s stock after selling 1,254,628 shares during the period. Daiwa Securities Group Inc.’s holdings in Equity Residential were worth $91,640,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also added to or reduced their stakes in the company. Landaas & Co. WI ADV purchased a new stake in Equity Residential in the second quarter worth $101,000. Cornerstone Wealth Management LLC purchased a new stake in Equity Residential in the second quarter worth $187,000. Girard Partners LTD. purchased a new stake in Equity Residential in the second quarter worth $203,000. Marco Investment Management LLC purchased a new stake in Equity Residential in the second quarter worth $205,000. Finally, HL Financial Services LLC increased its stake in Equity Residential by 156.6% in the second quarter. HL Financial Services LLC now owns 3,265 shares of the real estate investment trust’s stock worth $208,000 after purchasing an additional 9,030 shares during the period. Institutional investors and hedge funds own 87.34% of the company’s stock.
In other news, CEO David J. Neithercut sold 30,000 shares of the firm’s stock in a transaction on Tuesday, September 11th. The stock was sold at an average price of $68.00, for a total transaction of $2,040,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Vice Chairman Gerald A. Spector sold 13,024 shares of the firm’s stock in a transaction on Wednesday, September 5th. The shares were sold at an average price of $67.50, for a total value of $879,120.00. Following the transaction, the insider now owns 294,287 shares in the company, valued at approximately $19,864,372.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 71,177 shares of company stock worth $4,787,379. Insiders own 3.75% of the company’s stock.
Equity Residential (NYSE:EQR) last announced its quarterly earnings results on Tuesday, October 23rd. The real estate investment trust reported $0.60 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.23). The firm had revenue of $652.87 million for the quarter, compared to analysts’ expectations of $645.77 million. Equity Residential had a net margin of 26.01% and a return on equity of 6.37%. The business’s quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.37 EPS. Sell-side analysts predict that Equity Residential will post 3.26 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, October 12th. Stockholders of record on Monday, September 24th were paid a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, September 21st. This represents a $2.16 annualized dividend and a dividend yield of 3.35%. Equity Residential’s dividend payout ratio is currently 69.01%.
A number of analysts have weighed in on EQR shares. Wells Fargo & Co set a $70.00 target price on Equity Residential and gave the stock a “hold” rating in a research note on Thursday. Deutsche Bank increased their target price on Equity Residential from $66.00 to $67.00 and gave the stock a “hold” rating in a research note on Wednesday, September 5th. Argus increased their target price on Equity Residential from $70.00 to $71.00 and gave the stock a “buy” rating in a research note on Tuesday, October 30th. Robert W. Baird reiterated a “hold” rating and issued a $66.00 target price on shares of Equity Residential in a research note on Thursday, August 16th. Finally, SunTrust Banks lowered Equity Residential from a “buy” rating to a “hold” rating and set a $71.00 target price on the stock. in a research note on Tuesday, August 14th. Twelve analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $68.69.
Equity Residential 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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