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

According to Zacks, “Shares of Equity Residential have outperformed its industry, in the past three months. However, this trend is unlikely to continue because there are elevated levels of new supply across the company’s markets. This high supply is anticipated to put pressure on rental rates and adversely affect revenue growth this year. Further, there is high concession activity amid higher supply, which remains another concern. Furthermore, rate hike added to its woes. Nevertheless, the company is making concerted efforts to reposition its portfolio in high barrier-to-entry/core markets. Such efforts have the capacity to drive long term growth. Also, the company is anticipated to benefit from favorable demographics, lifestyle transformation and creation of new households.”

Several other brokerages also recently weighed in on EQR. Stifel Nicolaus cut their target price on shares of Equity Residential from $71.00 to $68.00 and set a “hold” rating on the stock in a research note on Friday, October 27th. Robert W. Baird reaffirmed a “hold” rating and set a $70.00 target price on shares of Equity Residential in a research note on Friday, November 10th. Royal Bank of Canada reaffirmed a “hold” rating and set a $70.00 target price on shares of Equity Residential in a research note on Friday, October 20th. Mizuho raised shares of Equity Residential from a “neutral” rating to a “buy” rating and set a $76.00 target price on the stock in a research note on Monday, November 6th. Finally, TheStreet downgraded shares of Equity Residential from a “b” rating to a “c+” rating in a research note on Tuesday, October 24th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $69.13.

Shares of Equity Residential (NYSE:EQR) traded up $0.42 during mid-day trading on Tuesday, hitting $63.11. 1,814,100 shares of the stock traded hands, compared to its average volume of 1,720,900. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.24 and a current ratio of 0.24. Equity Residential has a 52-week low of $59.49 and a 52-week high of $70.46. The firm has a market cap of $23,180.00, a price-to-earnings ratio of 21.76, a P/E/G ratio of 3.05 and a beta of 0.36.

In other Equity Residential news, CFO Mark J. Parrell sold 1,600 shares of the stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $68.01, for a total value of $108,816.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Alexander Brackenridge sold 6,497 shares of the stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $69.41, for a total transaction of $450,956.77. The disclosure for this sale can be found here. Over the last three months, insiders sold 402,380 shares of company stock worth $27,663,622. Insiders own 3.79% of the company’s stock.

Large investors have recently made changes to their positions in the business. Forsta AP Fonden increased its position in shares of Equity Residential by 33.7% in the 3rd quarter. Forsta AP Fonden now owns 147,700 shares of the real estate investment trust’s stock valued at $9,738,000 after purchasing an additional 37,200 shares during the last quarter. Janus Henderson Group PLC grew its position in shares of Equity Residential by 157.8% in the 2nd quarter. Janus Henderson Group PLC now owns 677,944 shares of the real estate investment trust’s stock valued at $44,632,000 after buying an additional 414,959 shares during the last quarter. Honeywell International Inc. grew its position in shares of Equity Residential by 27.8% in the 3rd quarter. Honeywell International Inc. now owns 92,269 shares of the real estate investment trust’s stock valued at $6,083,000 after buying an additional 20,043 shares during the last quarter. Wells Fargo & Company MN grew its position in shares of Equity Residential by 15.4% in the 3rd quarter. Wells Fargo & Company MN now owns 790,718 shares of the real estate investment trust’s stock valued at $52,132,000 after buying an additional 105,328 shares during the last quarter. Finally, Cohen & Steers Inc. grew its position in shares of Equity Residential by 109.4% in the 3rd quarter. Cohen & Steers Inc. now owns 14,548,725 shares of the real estate investment trust’s stock valued at $959,197,000 after buying an additional 7,600,203 shares during the last quarter. 94.03% of the stock is currently owned by institutional investors.

WARNING: This piece was first published by American Banking News and is the property of of American Banking News. If you are viewing this piece on another site, it was stolen and republished in violation of U.S. & international copyright & trademark legislation. The legal version of this piece can be viewed at https://www.americanbankingnews.com/2018/01/09/zacks-investment-research-downgrades-equity-residential-eqr-to-sell.html.

About Equity Residential

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.

Get a free copy of the Zacks research report on Equity Residential (EQR)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Equity Residential (NYSE:EQR)

Receive News & Ratings for Equity Residential Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Equity Residential and related companies with MarketBeat.com's FREE daily email newsletter.