Equity Residential (NYSE:EQR) Receives $67.04 Consensus PT from Brokerages

Equity Residential (NYSE:EQR) has received an average rating of “Hold” from the fifteen analysts that are currently covering the company, Marketbeat.com reports. Nine equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $67.04.

EQR has been the subject of several recent research reports. Evercore ISI increased their target price on shares of Equity Residential from $67.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday, April 25th. BMO Capital Markets raised Equity Residential from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $68.00 to $70.00 in a report on Monday, April 22nd. Wedbush restated a “neutral” rating and set a $68.00 price target on shares of Equity Residential in a research note on Monday, April 29th. Royal Bank of Canada lifted their price objective on shares of Equity Residential from $65.00 to $66.00 and gave the company an “outperform” rating in a research report on Thursday, February 1st. Finally, The Goldman Sachs Group restated a “buy” rating and set a $70.00 price objective on shares of Equity Residential in a research report on Thursday, February 22nd.

Equity Residential Stock Performance

Shares of Equity Residential stock opened at $66.70 on Friday. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.64. Equity Residential has a 52 week low of $52.57 and a 52 week high of $69.45. The firm’s 50 day moving average is $62.76 and its two-hundred day moving average is $60.14. The firm has a market capitalization of $25.32 billion, a P/E ratio of 27.68, a P/E/G ratio of 3.49 and a beta of 0.82.

Equity Residential (NYSE:EQR) last announced its earnings results on Tuesday, April 23rd. The real estate investment trust reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.02. Equity Residential had a return on equity of 8.18% and a net margin of 31.70%. The firm had revenue of $730.80 million during the quarter, compared to analysts’ expectations of $728.09 million. During the same period in the prior year, the firm earned $0.87 EPS. The business’s revenue was up 3.6% on a year-over-year basis. Research analysts forecast that Equity Residential will post 3.87 EPS for the current fiscal year.

Equity Residential Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Monday, March 25th were paid a dividend of $0.675 per share. This is a positive change from Equity Residential’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend was Friday, March 22nd. This represents a $2.70 annualized dividend and a dividend yield of 4.05%. Equity Residential’s payout ratio is 112.03%.

Insider Activity at Equity Residential

In other news, EVP Alexander Brackenridge sold 4,027 shares of the firm’s stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $65.01, for a total value of $261,795.27. Following the completion of the transaction, the executive vice president now owns 69,901 shares in the company, valued at $4,544,264.01. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, CAO Ian Kaufman sold 716 shares of the firm’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 $41,384.80. Following the completion of 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Alexander Brackenridge sold 4,027 shares of the company’s stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $65.01, for a total value of $261,795.27. Following the completion of the sale, the executive vice president now directly owns 69,901 shares in the company, valued at approximately $4,544,264.01. The disclosure for this sale can be found here. Insiders sold 8,860 shares of company stock valued at $566,034 in the last ninety days. Corporate insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Equity Residential

Hedge funds have recently bought and sold shares of the stock. Robeco Institutional Asset Management B.V. raised its position in shares of Equity Residential by 264.0% in the third quarter. Robeco Institutional Asset Management B.V. now owns 374,059 shares of the real estate investment trust’s stock valued at $21,961,000 after buying an additional 271,294 shares during the last quarter. Xponance Inc. raised its holdings in Equity Residential by 8.0% in the 3rd quarter. Xponance Inc. now owns 48,772 shares of the real estate investment trust’s stock valued at $2,863,000 after acquiring an additional 3,595 shares during the last quarter. Dakota Wealth Management purchased a new position in shares of Equity Residential during the 3rd quarter worth $1,154,000. Raymond James & Associates lifted its stake in shares of Equity Residential by 1.6% during the 3rd quarter. Raymond James & Associates now owns 152,505 shares of the real estate investment trust’s stock worth $8,954,000 after purchasing an additional 2,406 shares during the period. Finally, Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Equity Residential by 5.1% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 11,887 shares of the real estate investment trust’s stock worth $698,000 after purchasing an additional 574 shares during the last quarter. Hedge funds and other institutional investors own 92.68% of the company’s stock.

About Equity Residential

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.