Argus Raises Equity Residential (NYSE:EQR) Price Target to $96.00

Equity Residential (NYSE:EQR) had its target price raised by Argus from $92.00 to $96.00 in a report released on Tuesday, Stock Target Advisor reports. They currently have a buy rating on the real estate investment trust’s stock.

Several other equities analysts have also recently issued reports on EQR. SunTrust Banks set a $82.00 price objective on Equity Residential and gave the stock a hold rating in a report on Friday, October 25th. Morgan Stanley boosted their price target on Equity Residential from $79.00 to $90.00 and gave the stock an equal weight rating in a report on Friday, September 6th. ValuEngine cut Equity Residential from a buy rating to a hold rating in a report on Wednesday, October 2nd. Zacks Investment Research raised Equity Residential from a hold rating to a buy rating and set a $86.00 price target for the company in a report on Monday, August 12th. Finally, Barclays reissued a hold rating and issued a $87.00 price target on shares of Equity Residential in a report on Sunday, October 13th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of $82.16.

Shares of EQR stock opened at $83.98 on Tuesday. The stock has a fifty day moving average price of $87.04 and a 200 day moving average price of $81.07. The stock has a market cap of $31.49 billion, a PE ratio of 25.84, a P/E/G ratio of 4.05 and a beta of 0.44. Equity Residential has a 1 year low of $63.17 and a 1 year high of $89.55. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.13 and a current ratio of 0.13.

Equity Residential (NYSE:EQR) last issued its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.17). The firm had revenue of $685.15 million for the quarter, compared to analyst estimates of $679.66 million. Equity Residential had a return on equity of 7.73% and a net margin of 29.88%. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.83 earnings per share. As a group, equities research analysts predict that Equity Residential will post 3.47 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were issued a $0.5675 dividend. This represents a $2.27 dividend on an annualized basis and a dividend yield of 2.70%. This is a boost from Equity Residential’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend was Friday, September 27th. Equity Residential’s payout ratio is 69.85%.

In other news, Director David J. Neithercut sold 3,000 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $89.09, for a total value of $267,270.00. Following the completion of the transaction, the director now directly owns 3,392 shares of the company’s stock, valued at $302,193.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director David J. Neithercut sold 50,000 shares of the business’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $83.00, for a total value of $4,150,000.00. Following the completion of the transaction, the director now directly owns 3,392 shares of the company’s stock, valued at $281,536. The disclosure for this sale can be found here. Over the last three months, insiders sold 104,945 shares of company stock valued at $8,882,681. Insiders own 3.75% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in EQR. Eii Capital Management Inc. increased its stake in Equity Residential by 3.0% in the second quarter. Eii Capital Management Inc. now owns 77,118 shares of the real estate investment trust’s stock valued at $5,855,000 after purchasing an additional 2,259 shares during the last quarter. DNB Asset Management AS increased its stake in Equity Residential by 2.4% in the second quarter. DNB Asset Management AS now owns 39,656 shares of the real estate investment trust’s stock valued at $3,011,000 after purchasing an additional 929 shares during the last quarter. Carroll Financial Associates Inc. acquired a new position in Equity Residential in the second quarter valued at $205,000. Timbercreek Investment Management Inc. increased its stake in Equity Residential by 3.3% in the second quarter. Timbercreek Investment Management Inc. now owns 268,420 shares of the real estate investment trust’s stock valued at $20,784,000 after purchasing an additional 8,600 shares during the last quarter. Finally, Retirement Systems of Alabama increased its stake in Equity Residential by 0.3% in the second quarter. Retirement Systems of Alabama now owns 172,767 shares of the real estate investment trust’s stock valued at $13,116,000 after purchasing an additional 511 shares during the last quarter. Hedge funds and other institutional investors own 88.46% of the company’s stock.

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 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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Analyst Recommendations for Equity Residential (NYSE:EQR)

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