Meadow Creek Investment Management LLC Acquires 4,818 Shares of Equity Residential (NYSE:EQR)

Meadow Creek Investment Management LLC lifted its holdings in shares of Equity Residential (NYSE:EQR) by 29.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,922 shares of the real estate investment trust’s stock after purchasing an additional 4,818 shares during the period. Meadow Creek Investment Management LLC’s holdings in Equity Residential were worth $1,588,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Glen Harbor Capital Management LLC raised its stake in shares of Equity Residential by 29.9% during the 2nd quarter. Glen Harbor Capital Management LLC now owns 26,628 shares of the real estate investment trust’s stock worth $2,022,000 after purchasing an additional 6,132 shares during the period. Elkfork Partners LLC raised its stake in shares of Equity Residential by 29.9% during the 2nd quarter. Elkfork Partners LLC now owns 32,334 shares of the real estate investment trust’s stock worth $2,455,000 after purchasing an additional 7,446 shares during the period. Flinton Capital Management LLC raised its stake in shares of Equity Residential by 29.9% during the 2nd quarter. Flinton Capital Management LLC now owns 15,216 shares of the real estate investment trust’s stock worth $1,155,000 after purchasing an additional 3,504 shares during the period. Natixis Advisors L.P. raised its stake in shares of Equity Residential by 1.4% during the 2nd quarter. Natixis Advisors L.P. now owns 36,529 shares of the real estate investment trust’s stock worth $2,773,000 after purchasing an additional 522 shares during the period. Finally, Brown Advisory Inc. raised its stake in shares of Equity Residential by 7.9% during the 2nd quarter. Brown Advisory Inc. now owns 6,924 shares of the real estate investment trust’s stock worth $526,000 after purchasing an additional 507 shares during the period. Institutional investors own 88.47% of the company’s stock.

In other news, EVP Alan W. George sold 33,302 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $80.64, for a total transaction of $2,685,473.28. Following the completion of the transaction, the executive vice president now owns 41,280 shares of the company’s stock, valued at $3,328,819.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Christa L. Sorenson sold 400 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $78.33, for a total value of $31,332.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 194,327 shares of company stock worth $15,811,300. Company insiders own 3.75% of the company’s stock.

Equity Residential stock traded down $0.82 during midday trading on Friday, reaching $84.54. The stock had a trading volume of 68,658 shares, compared to its average volume of 1,327,384. Equity Residential has a 12 month low of $62.40 and a 12 month high of $87.09. The firm’s 50-day moving average price is $82.10 and its 200 day moving average price is $77.66. The firm has a market capitalization of $31.32 billion, a PE ratio of 26.07, a P/E/G ratio of 4.09 and a beta of 0.49. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.88.

Equity Residential (NYSE:EQR) last announced its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $0.83 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.85 by ($0.02). Equity Residential had a net margin of 28.27% and a return on equity of 7.21%. The company had revenue of $669.37 million for the quarter, compared to the consensus estimate of $667.59 million. During the same quarter in the prior year, the company earned $0.81 earnings per share. The company’s quarterly revenue was up 4.7% on a year-over-year basis. Equities research analysts expect that Equity Residential will post 3.45 EPS for the current year.

A number of equities research analysts have recently commented on the company. Zacks Investment Research upgraded Equity Residential from a “hold” rating to a “buy” rating and set a $86.00 target price on the stock in a research note on Monday, August 12th. SunTrust Banks boosted their price objective on Equity Residential from $74.00 to $80.00 and gave the company a “hold” rating in a research note on Friday, August 23rd. Argus boosted their price objective on Equity Residential to $84.00 and gave the company a “buy” rating in a research note on Thursday, May 23rd. Finally, Morgan Stanley boosted their price objective on Equity Residential from $79.00 to $90.00 and gave the company an “equal weight” rating in a research note on Friday, September 6th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. Equity Residential presently has a consensus rating of “Hold” and an average target price of $77.97.

Equity Residential Profile

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 307 properties consisting of 79,482 apartment units, primarily located in Boston, New York, Washington, DC, Seattle, San Francisco, Southern California and Denver.

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Institutional Ownership by Quarter for Equity Residential (NYSE:EQR)

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