Equity Residential’s (EQR) “Neutral” Rating Reaffirmed at Wedbush

Equity Residential (NYSE:EQR)‘s stock had its “neutral” rating reissued by research analysts at Wedbush in a research report issued on Monday, Benzinga reports. They currently have a $68.00 price target on the real estate investment trust’s stock. Wedbush’s price objective indicates a potential upside of 4.02% from the stock’s current price.

EQR has been the topic of a number of other research reports. Mizuho cut their target price on Equity Residential from $62.00 to $61.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 28th. Raymond James raised shares of Equity Residential from an “underperform” rating to a “market perform” rating in a research note on Monday, March 18th. Truist Financial reduced their target price on shares of Equity Residential from $71.00 to $67.00 and set a “buy” rating on the stock in a report on Tuesday, April 9th. BMO Capital Markets upgraded Equity Residential from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $68.00 to $70.00 in a research note on Monday, April 22nd. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Equity Residential in a report on Tuesday, January 30th. They set a “hold” rating and a $64.00 price target on the stock. Ten investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Equity Residential currently has an average rating of “Hold” and a consensus target price of $67.04.

Equity Residential Price Performance

Shares of NYSE:EQR traded up $0.23 during trading on Monday, reaching $65.37. The stock had a trading volume of 1,558,837 shares, compared to its average volume of 2,104,592. The business has a fifty day moving average price of $61.99 and a 200-day moving average price of $59.84. Equity Residential has a 1-year low of $52.57 and a 1-year high of $69.45. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.30 and a current ratio of 0.23. The stock has a market cap of $24.77 billion, a PE ratio of 27.12, a PEG ratio of 3.78 and a beta of 0.84.

Equity Residential (NYSE:EQR) last issued its earnings results on Tuesday, April 23rd. The real estate investment trust reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.02. The business had revenue of $730.80 million for the quarter, compared to analysts’ expectations of $728.09 million. Equity Residential had a return on equity of 8.18% and a net margin of 31.70%. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.87 EPS. On average, equities analysts forecast that Equity Residential will post 3.85 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Robert Garechana sold 876 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $57.80, for a total transaction of $50,632.80. Following the completion of the transaction, the chief financial officer now owns 20,933 shares of the company’s stock, valued at $1,209,927.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Ian Kaufman sold 716 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $57.80, for a total transaction of $41,384.80. Following the transaction, the chief accounting officer now directly owns 23,949 shares of the company’s stock, valued at approximately $1,384,252.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Robert Garechana sold 876 shares of Equity Residential stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $57.80, for a total value of $50,632.80. Following the completion of the transaction, the chief financial officer now owns 20,933 shares of the company’s stock, valued at $1,209,927.40. The disclosure for this sale can be found here. In the last three months, insiders sold 3,280 shares of company stock valued at $192,335. Company insiders own 1.00% of the company’s stock.

Institutional Trading of Equity Residential

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Cornercap Investment Counsel Inc. lifted its stake in shares of Equity Residential by 2.6% in the 4th quarter. Cornercap Investment Counsel Inc. now owns 7,291 shares of the real estate investment trust’s stock worth $446,000 after acquiring an additional 185 shares during the period. Chicago Partners Investment Group LLC lifted its position in Equity Residential by 1.5% in the fourth quarter. Chicago Partners Investment Group LLC now owns 13,864 shares of the real estate investment trust’s stock worth $815,000 after purchasing an additional 208 shares during the period. Czech National Bank boosted its stake in Equity Residential by 0.3% during the 1st quarter. Czech National Bank now owns 60,730 shares of the real estate investment trust’s stock valued at $3,833,000 after purchasing an additional 210 shares in the last quarter. Covestor Ltd raised its stake in shares of Equity Residential by 17.3% in the 3rd quarter. Covestor Ltd now owns 1,626 shares of the real estate investment trust’s stock worth $95,000 after buying an additional 240 shares in the last quarter. Finally, US Bancorp DE raised its stake in shares of Equity Residential by 0.4% in the 4th quarter. US Bancorp DE now owns 67,535 shares of the real estate investment trust’s stock worth $4,130,000 after buying an additional 251 shares in the last quarter. 92.68% of the stock is currently owned by institutional investors and hedge funds.

Equity Residential Company 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.