Equity Commonwealth (EQC) Upgraded by Zacks Investment Research to Hold
Equity Commonwealth (NYSE:EQC) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “Equity Commonwealth is an internally managed and self-advised real estate investment trust. It primarily owns office buildings located throughout the United States. The majority of its portfolio consists of office buildings located in central business districts, or CBDs, of major metropolitan markets. Equity Commonwealth, formerly known as CommonWealth REIT, is based in Chicago. “
Other research analysts also recently issued reports about the stock. Stifel Nicolaus reissued a “hold” rating and set a $33.00 price target on shares of Equity Commonwealth in a research note on Thursday, September 21st. BidaskClub raised shares of Equity Commonwealth from a “strong sell” rating to a “sell” rating in a research note on Thursday, June 15th.
Equity Commonwealth (NYSE EQC) traded up 1.02% during midday trading on Wednesday, reaching $30.60. 581,368 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $30.50 and a 200-day moving average of $31.26. Equity Commonwealth has a 12 month low of $28.04 and a 12 month high of $32.51. The stock has a market cap of $3.80 billion, a PE ratio of 35.42 and a beta of 0.14.
Equity Commonwealth (NYSE:EQC) last posted its quarterly earnings results on Monday, July 24th. The real estate investment trust reported $0.22 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.05). The business had revenue of $91.60 million for the quarter, compared to analysts’ expectations of $98.55 million. Equity Commonwealth had a return on equity of 3.69% and a net margin of 28.50%. The company’s revenue was down 37.0% compared to the same quarter last year. During the same period last year, the business posted $0.42 earnings per share. On average, equities research analysts predict that Equity Commonwealth will post $0.19 earnings per share for the current year.
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Several hedge funds have recently bought and sold shares of the business. Perpetual Ltd purchased a new position in shares of Equity Commonwealth during the second quarter worth approximately $4,429,000. Archford Capital Strategies LLC grew its holdings in shares of Equity Commonwealth by 38,920.0% in the second quarter. Archford Capital Strategies LLC now owns 5,853 shares of the real estate investment trust’s stock worth $418,000 after purchasing an additional 5,838 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Equity Commonwealth by 7.7% in the second quarter. The Manufacturers Life Insurance Company now owns 3,853 shares of the real estate investment trust’s stock worth $122,000 after purchasing an additional 275 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Equity Commonwealth by 31.6% in the second quarter. Arrowstreet Capital Limited Partnership now owns 739,416 shares of the real estate investment trust’s stock worth $23,366,000 after purchasing an additional 177,347 shares during the last quarter. Finally, New Mountain Vantage Advisers L.L.C. grew its holdings in shares of Equity Commonwealth by 8.0% in the second quarter. New Mountain Vantage Advisers L.L.C. now owns 1,386,413 shares of the real estate investment trust’s stock worth $43,811,000 after purchasing an additional 103,238 shares during the last quarter. 94.08% of the stock is currently owned by hedge funds and other institutional investors.
About Equity Commonwealth
Equity Commonwealth is an internally managed and self-advised real estate investment trust. The Company is engaged in the ownership and operation primarily of office buildings across the United States. The Company conducts its activities primarily through EQC Operating Trust (the Operating Trust). As of August 14, 2017, the Company’s portfolio included 20 properties and 11 million square feet.
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