Equity Residential (NYSE:EQR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday.

According to Zacks, “Shares of Equity Residential have underperformed its industry, year to date. The stock has seen the Zacks Consensus Estimate for third-quarter and current-year funds from operations (FFO) per share remaining unchanged in a month’s time. Notably, there is elevated supply in a number of its markets. This is likely to put pressure on rental rates and adversely affect revenue growth this year. Further, there is high concession activity amid higher supply, which remains a concern. Also, the company’s 2016 huge disposition activity is anticipated to affect its net operating income. Nevertheless, the company’s efforts to reposition portfolio in high barrier-to-entry/core markets is encouraging. Also, the company might benefit from favorable demographics, lifestyle transformation and creation of new households.”

Several other equities research analysts have also recently issued reports on the stock. BidaskClub cut shares of Equity Residential from a “buy” rating to a “hold” rating in a report on Saturday, July 1st. Stifel Nicolaus initiated coverage on shares of Equity Residential in a report on Friday, September 1st. They issued a “hold” rating and a $71.00 target price on the stock. Jefferies Group LLC restated a “hold” rating and issued a $65.00 target price on shares of Equity Residential in a report on Sunday, September 10th. BMO Capital Markets restated a “hold” rating and issued a $68.00 target price on shares of Equity Residential in a report on Wednesday, September 6th. Finally, TheStreet upgraded shares of Equity Residential from a “c+” rating to a “b” rating in a report on Monday, July 31st. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $68.15.

Equity Residential (EQR) traded down 0.86% during midday trading on Tuesday, hitting $66.69. 613,529 shares of the company were exchanged. The stock has a market capitalization of $24.50 billion, a price-to-earnings ratio of 29.84 and a beta of 0.37. Equity Residential has a 1-year low of $58.28 and a 1-year high of $68.83. The stock has a 50 day moving average of $66.83 and a 200-day moving average of $66.12.

Equity Residential (NYSE:EQR) last issued its earnings results on Tuesday, July 25th. The real estate investment trust reported $0.77 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.77. Equity Residential had a net margin of 33.99% and a return on equity of 7.92%. The company had revenue of $612.48 million for the quarter, compared to analysts’ expectations of $609.37 million. During the same quarter last year, the company posted $0.76 earnings per share. The firm’s quarterly revenue was up 2.9% on a year-over-year basis. Equities analysts expect that Equity Residential will post $1.48 earnings per share for the current year.

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In other news, insider David S. Santee sold 10,967 shares of Equity Residential stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $67.93, for a total transaction of $744,988.31. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Michael L. Manelis sold 433 shares of Equity Residential stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $67.03, for a total transaction of $29,023.99. The disclosure for this sale can be found here. Insiders have sold a total of 173,622 shares of company stock worth $11,816,599 in the last quarter. Corporate insiders own 3.79% of the company’s stock.

Several hedge funds have recently made changes to their positions in EQR. Teachers Advisors LLC raised its position in shares of Equity Residential by 1.4% during the 1st quarter. Teachers Advisors LLC now owns 1,758,681 shares of the real estate investment trust’s stock valued at $109,425,000 after purchasing an additional 23,513 shares during the period. Global X Management Co. LLC raised its position in shares of Equity Residential by 8.4% during the 1st quarter. Global X Management Co. LLC now owns 6,373 shares of the real estate investment trust’s stock valued at $397,000 after purchasing an additional 492 shares during the period. BlackRock Inc. raised its position in shares of Equity Residential by 2,486.4% during 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 purchasing an additional 32,494,035 shares during the period. KCG Holdings Inc. bought a new stake in shares of Equity Residential during the 1st quarter valued at $712,000. Finally, United Capital Financial Advisers LLC raised its position in shares of Equity Residential by 7.6% during the 1st quarter. United Capital Financial Advisers LLC now owns 26,022 shares of the real estate investment trust’s stock valued at $1,619,000 after purchasing an additional 1,833 shares during the period. Hedge funds and other institutional investors own 91.05% 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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Analyst Recommendations for Equity Residential (NYSE:EQR)

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