Equity Commonwealth (EQC) Posts Quarterly Earnings Results, Misses Expectations By $0.05 EPS
Equity Commonwealth (NYSE:EQC) released its earnings results on Tuesday. The real estate investment trust reported $0.19 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.24 by ($0.05), Bloomberg Earnings reports. Equity Commonwealth had a return on equity of 3.69% and a net margin of 28.50%. The firm had revenue of $77.80 million during the quarter, compared to analyst estimates of $92.13 million. During the same quarter last year, the business posted $0.23 EPS. The firm’s revenue was down 32.1% on a year-over-year basis.
Shares of Equity Commonwealth (NYSE EQC) opened at 29.98 on Wednesday. The company has a 50 day moving average of $30.44 and a 200 day moving average of $31.15. Equity Commonwealth has a 52 week low of $28.04 and a 52 week high of $32.51. The firm has a market cap of $3.72 billion, a PE ratio of 34.70 and a beta of 0.14.
EQC has been the subject of several recent analyst reports. BidaskClub cut shares of Equity Commonwealth from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 8th. Stifel Nicolaus restated a “hold” rating and issued a $33.00 target price on shares of Equity Commonwealth in a research note on Friday, July 28th. Finally, Zacks Investment Research upgraded shares of Equity Commonwealth from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 4th.
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A hedge fund recently raised its stake in Equity Commonwealth stock. The Manufacturers Life Insurance Company raised its holdings in Equity Commonwealth (NYSE:EQC) by 7.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,853 shares of the real estate investment trust’s stock after acquiring an additional 275 shares during the quarter. The Manufacturers Life Insurance Company ‘s holdings in Equity Commonwealth were worth $122,000 as of its most recent filing with the Securities and Exchange Commission. Hedge funds and other institutional investors own 94.07% of the company’s stock.
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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