Jefferies Group LLC Reaffirms Hold Rating for Equity Residential (EQR)
Equity Residential (NYSE:EQR)‘s stock had its “hold” rating reiterated by analysts at Jefferies Group LLC in a report released on Sunday. They presently have a $65.00 price objective on the real estate investment trust’s stock. Jefferies Group LLC’s price objective points to a potential downside of 4.54% from the stock’s current price. Jefferies Group also issued estimates for Equity Residential’s Q3 2017 earnings at $0.78 EPS, Q4 2017 earnings at $0.80 EPS, FY2017 earnings at $3.10 EPS and FY2018 earnings at $3.34 EPS.
EQR has been the subject of a number of other research reports. Barclays PLC boosted their price target on Equity Residential from $65.00 to $66.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 1st. Stifel Nicolaus initiated coverage on Equity Residential in a report on Friday, September 1st. They set a “hold” rating and a $71.00 price target for the company. Bank of America Corporation raised Equity Residential from a “neutral” rating to a “buy” rating and set a $75.00 price target for the company in a report on Friday, June 16th. BidaskClub cut Equity Residential from a “buy” rating to a “hold” rating in a report on Saturday, July 1st. Finally, TheStreet cut Equity Residential from a “b” rating to a “c+” rating in a report on Wednesday, May 17th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $68.21.
Shares of Equity Residential (EQR) opened at 68.09 on Friday. The company has a market cap of $25.01 billion, a PE ratio of 30.47 and a beta of 0.36. Equity Residential has a one year low of $58.28 and a one year high of $68.83. The stock’s 50 day moving average price is $67.46 and its 200 day moving average price is $65.37.
Equity Residential (NYSE:EQR) last posted its quarterly earnings results on Tuesday, July 25th. The real estate investment trust reported $0.77 EPS for the quarter, hitting analysts’ consensus estimates of $0.77. Equity Residential had a return on equity of 7.92% and a net margin of 33.99%. The company had revenue of $612.48 million during the quarter, compared to analysts’ expectations of $609.37 million. During the same quarter in the previous year, the firm earned $0.76 EPS. Equity Residential’s revenue was up 2.9% on a year-over-year basis. Equities analysts predict that Equity Residential will post $1.48 earnings per share for the current fiscal year.
In other Equity Residential news, CEO David J. Neithercut sold 49,369 shares of the company’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $68.02, for a total value of $3,358,079.38. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Michael L. Manelis sold 433 shares of the company’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $67.03, for a total value of $29,023.99. The disclosure for this sale can be found here. Insiders sold a total of 163,622 shares of company stock worth $11,131,599 in the last quarter. Corporate insiders own 3.79% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in EQR. BlackRock Inc. grew its position in shares of Equity Residential by 2,486.4% in the 1st quarter. BlackRock Inc. now owns 33,800,889 shares of the real estate investment trust’s stock valued at $2,103,090,000 after buying an additional 32,494,035 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Equity Residential by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 52,348,375 shares of the real estate investment trust’s stock valued at $3,257,116,000 after buying an additional 1,140,042 shares during the last quarter. Bank of America Corp DE grew its position in shares of Equity Residential by 64.5% in the 1st quarter. Bank of America Corp DE now owns 2,443,018 shares of the real estate investment trust’s stock valued at $152,006,000 after buying an additional 957,684 shares during the last quarter. FMR LLC grew its position in shares of Equity Residential by 16.4% in the 2nd quarter. FMR LLC now owns 6,697,809 shares of the real estate investment trust’s stock valued at $440,917,000 after buying an additional 945,524 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of Equity Residential by 145.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,535,360 shares of the real estate investment trust’s stock valued at $101,073,000 after buying an additional 909,629 shares during the last quarter. Hedge funds and other institutional investors own 91.11% of the company’s stock.
Equity Residential Company Profile
Equity Residential is a real estate investment trust. The Company’s primary business is the acquisition, development and management of multifamily residential properties. Its segments include Boston, New York, Washington DC, Southern California, San Francisco, Seattle and Other Markets. Southern California includes Los Angeles, San Diego and Orange County.
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