Zacks Investment Research upgraded shares of Equity Residential (NYSE:EQR) from a hold rating to a buy rating in a report issued on Monday. The firm currently has $78.00 price target on the real estate investment trust’s stock.
According to Zacks, “Shares of Equity Residential outperformed its industry in six months time. Moreover, the trend in estimate revisions of current-quarter funds from operations (FFO) per share indicates a favorable outlook for the company. The company’s third-quarter 2018 results highlight improved same-store net operating income (NOI) and lease-up NOI, partly offset by higher total interest expenses. Elevated demand and focus on customer service aided high occupancy level, low turnover and strong renewal rates. Therefore, the company expects 2018 same-store revenue growth at the high end of its forecasts. Equity Residential is poised for growth amid economic recovery and job-market growth, favorable demographics, lifestyle transformation, and creation of households. Nevertheless, elevated supply in a number of its markets may strain rental rates and result in high concessions.”
A number of other equities analysts also recently commented on EQR. Stifel Nicolaus upped their target price on shares of Equity Residential from $60.00 to $68.00 and gave the stock a hold rating in a research note on Thursday, July 26th. Mizuho restated a buy rating and issued a $76.00 target price on shares of Equity Residential in a research note on Monday, August 6th. SunTrust Banks downgraded shares of 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. Robert W. Baird restated a hold rating and issued a $66.00 target price on shares of Equity Residential in a research note on Thursday, August 16th. Finally, Deutsche Bank upped their target price on shares of Equity Residential from $66.00 to $67.00 and gave the stock a hold rating in a research note on Wednesday, September 5th. Twelve equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Equity Residential has a consensus rating of Hold and a consensus target price of $69.06.
Equity Residential (NYSE:EQR) last issued 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 the consensus estimate of $645.77 million. Equity Residential had a net margin of 26.01% and a return on equity of 6.37%. The business’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.37 earnings per share. On average, equities analysts forecast that Equity Residential will post 3.26 EPS for the current year.
In related news, President Mark J. Parrell sold 37,294 shares of the stock in a transaction that occurred on Thursday, November 15th. The shares were sold at an average price of $67.60, for a total transaction of $2,521,074.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO David J. Neithercut sold 30,000 shares of the stock in a transaction that occurred on Tuesday, September 11th. The shares were sold at an average price of $68.00, for a total transaction of $2,040,000.00. The disclosure for this sale can be found here. Insiders have sold 200,532 shares of company stock valued at $13,543,569 in the last three months. 3.75% of the stock is currently owned by corporate insiders.
A number of large investors have recently bought and sold shares of the stock. Xact Kapitalforvaltning AB raised its holdings in shares of Equity Residential by 26.1% in the second quarter. Xact Kapitalforvaltning AB now owns 74,370 shares of the real estate investment trust’s stock worth $4,737,000 after buying an additional 15,400 shares during the last quarter. Calamos Advisors LLC raised its holdings in shares of Equity Residential by 13.6% in the second quarter. Calamos Advisors LLC now owns 45,657 shares of the real estate investment trust’s stock worth $2,908,000 after buying an additional 5,468 shares during the last quarter. Amalgamated Bank raised its holdings in shares of Equity Residential by 4.0% in the second quarter. Amalgamated Bank now owns 46,329 shares of the real estate investment trust’s stock worth $2,951,000 after buying an additional 1,797 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Equity Residential by 50.4% in the second quarter. Nisa Investment Advisors LLC now owns 70,392 shares of the real estate investment trust’s stock worth $4,483,000 after buying an additional 23,575 shares during the last quarter. Finally, Cornerstone Wealth Management LLC purchased a new position in shares of Equity Residential in the second quarter worth $187,000. 87.72% of the stock is owned by institutional investors.
About Equity Residential
Equity Residential is an S&P 500 company focused on the acquisition, development and management of rental apartment properties located in urban and high-density suburban markets where today's renters want to live, work and play. Equity Residential owns or has investments in 306 properties consisting of 79,260 apartment units, primarily located in Boston, New York, Washington, DC, Seattle, San Francisco, Southern California and Denver.
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