Equity Residential Sees Strong Trading Volume Following Analyst Upgrade (EQR)
Shares of Equity Residential (NYSE:EQR) saw unusually-strong trading volume on Thursday after Deutsche Bank raised their price target on the stock from $61.00 to $64.00, StockRatingsNetwork reports. Deutsche Bank currently has a hold rating on the stock. Approximately 2,351,555 shares changed hands during trading, an increase of 42% from the previous session’s volume of 1,651,952 shares.The stock last traded at $63.65 and had previously closed at $63.59.
A number of other firms have also recently commented on EQR. Analysts at Zacks reiterated a “neutral” rating on shares of Equity Residential in a research note on Tuesday, June 24th. They now have a $65.00 price target on the stock. Separately, analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Equity Residential in a research note on Monday, June 23rd. They now have a $66.00 price target on the stock, up previously from $57.00. Finally, analysts at JPMorgan Chase & Co. raised their price target on shares of Equity Residential from $61.00 to $62.00 in a research note on Friday, June 20th. They now have a “neutral” rating on the stock. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $60.18.
In other Equity Residential news, CEO David J. Neithercut sold 75,000 shares of the company’s stock on the open market in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $63.17, for a total transaction of $4,737,750.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link.
The stock has a 50-day moving average of $62.13 and a 200-day moving average of $58.5. The company has a market cap of $23.009 billion and a price-to-earnings ratio of 25.79.
Equity Residential (NYSE:EQR) last announced its earnings results on Wednesday, April 30th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by $0.61. The company had revenue of $633.44 million for the quarter, compared to the consensus estimate of $635.84 million. Analysts expect that Equity Residential will post $3.09 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, July 11th. Stockholders of record on Monday, June 23rd will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.15%. The ex-dividend date is Thursday, June 19th.
Equity Residential (NYSE:EQR) is a real estate investment trust (REIT).
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