Equity Residential Stock Rating Reaffirmed by Jefferies Group (EQR)
Equity Residential (NYSE:EQR)‘s stock had its “hold” rating reiterated by research analysts at Jefferies Group in a report released on Friday, StockRatingsNetwork reports. They currently have a $57.00 target price on the stock, down from their previous target price of $63.00. Jefferies Group’s target price points to a potential upside of 4.17% from the company’s current price.
The analysts wrote, “With: 1) several REITs lowering the high end of 2013 guidance during 2Q13 earnings season; 2) rising supply concerns; 3) rising risk of a reduction in GSE funding; and 4) continued risk of rising interest rates, we may have been early in our move to a more constructive view of sector in July. That said, the apartment sector has declined 9% since July 18, and valuation looks more reasonable; thus we maintain our neutral stance.”
A number of other firms have also recently commented on EQR. Analysts at Cowen and Company cut their price target on shares of Equity Residential (NYSE:EQR) from $60.00 to $52.00 in a research note to investors on Thursday. They now have a “market perform” rating on the stock. Separately, analysts at RBC Capital cut their price target on shares of Equity Residential (NYSE:EQR) from $63.00 to $62.00 in a research note to investors on Tuesday, August 13th. They now have a “sector perform” rating on the stock. Finally, analysts at ISI Group downgraded shares of Equity Residential (NYSE:EQR) from a “buy” rating to a “neutral” rating in a research note to investors on Monday, July 15th.
One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the company’s stock. Equity Residential currently has an average rating of “Hold” and an average price target of $61.17.
Equity Residential (NYSE:EQR) traded up 0.04% on Friday, hitting $54.74. The stock had a trading volume of 648,289 shares. Equity Residential has a one year low of $50.24 and a one year high of $61.02. The stock has a 50-day moving average of $53.62 and a 200-day moving average of $56.23. The company has a market cap of $19.725 billion and a price-to-earnings ratio of 9.30.
Equity Residential (NYSE:EQR) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.71 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.71. The company had revenue of $635.10 million for the quarter, compared to the consensus estimate of $616.09 million. During the same quarter in the previous year, the company posted $0.68 earnings per share. The company’s revenue for the quarter was up 41.7% on a year-over-year basis. Analysts expect that Equity Residential will post $2.60 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, October 11th. Shareholders of record on Monday, September 23rd will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.92%.
Equity Residential (NYSE:EQR) is a real estate investment trust (REIT).
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.