Lenox Wealth Management Inc. increased its stake in Equity Residential (NYSE:EQR) by 1,837.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,313 shares of the real estate investment trust’s stock after acquiring an additional 3,142 shares during the period. Lenox Wealth Management Inc.’s holdings in Equity Residential were worth $287,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of the company. NEXT Financial Group Inc bought a new stake in Equity Residential during the second quarter worth approximately $34,000. Advisory Services Network LLC boosted its holdings in Equity Residential by 14.9% during the second quarter. Advisory Services Network LLC now owns 3,517 shares of the real estate investment trust’s stock worth $267,000 after buying an additional 457 shares in the last quarter. Cibc World Markets Corp boosted its holdings in Equity Residential by 31.4% during the second quarter. Cibc World Markets Corp now owns 64,380 shares of the real estate investment trust’s stock worth $4,888,000 after buying an additional 15,393 shares in the last quarter. Altshuler Shaham Ltd bought a new stake in Equity Residential during the second quarter worth approximately $90,000. Finally, Huntington National Bank boosted its holdings in Equity Residential by 4.6% during the second quarter. Huntington National Bank now owns 3,700 shares of the real estate investment trust’s stock worth $282,000 after buying an additional 163 shares in the last quarter. Institutional investors and hedge funds own 88.46% of the company’s stock.
In other Equity Residential news, EVP Alan W. George sold 13,277 shares of the stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $89.00, for a total value of $1,181,653.00. Following the completion of the sale, the executive vice president now owns 18,003 shares in the company, valued at approximately $1,602,267. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director David J. Neithercut sold 3,000 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $89.09, for a total transaction of $267,270.00. Following the completion of the sale, the director now owns 3,392 shares of the company’s stock, valued at approximately $302,193.28. The disclosure for this sale can be found here. In the last quarter, insiders sold 104,945 shares of company stock valued at $8,882,681. Insiders own 3.75% of the company’s stock.
Equity Residential (NYSE:EQR) last posted its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.71 EPS for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.17). Equity Residential had a return on equity of 7.73% and a net margin of 29.88%. The firm had revenue of $685.15 million during the quarter, compared to analyst estimates of $679.66 million. During the same period in the prior year, the business posted $0.83 EPS. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. As a group, sell-side analysts predict that Equity Residential will post 3.47 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were given a $0.5675 dividend. This is an increase from Equity Residential’s previous quarterly dividend of $0.57. The ex-dividend date was Friday, September 27th. This represents a $2.27 dividend on an annualized basis and a yield of 2.70%. Equity Residential’s dividend payout ratio is presently 69.85%.
EQR has been the subject of a number of recent analyst reports. ValuEngine lowered shares of Equity Residential from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Goldman Sachs Group initiated coverage on shares of Equity Residential in a research note on Friday. They issued a “sell” rating and a $86.00 price objective for the company. SunTrust Banks set a $82.00 price objective on shares of Equity Residential and gave the stock a “hold” rating in a research note on Friday, October 25th. Robert W. Baird lowered shares of Equity Residential from a “neutral” rating to an “underperform” rating and raised their price objective for the stock from $78.00 to $81.00 in a research note on Monday, October 14th. Finally, Argus raised their price objective on shares of Equity Residential from $92.00 to $96.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Three investment 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. The company currently has a consensus rating of “Hold” and an average price target of $82.16.
Equity Residential Company 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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