Equity Residential (NYSE:EQR) saw a significant decrease in short interest in August. As of August 31st, there was short interest totalling 4,518,700 shares, a decrease of 12.4% from the July 31st total of 5,156,700 shares. Approximately 1.2% of the company’s stock are short sold. Based on an average daily volume of 1,270,000 shares, the short-interest ratio is currently 3.6 days.
Several equities research analysts have recently issued reports on the company. Argus raised their price target on Equity Residential to $84.00 and gave the company a “buy” rating in a research report on Thursday, May 23rd. Morgan Stanley raised their price target on Equity Residential from $79.00 to $90.00 and gave the company an “equal weight” rating in a research report on Friday, September 6th. Zacks Investment Research raised Equity Residential from a “hold” rating to a “buy” rating and set a $86.00 price target on the stock in a research report on Monday, August 12th. Finally, SunTrust Banks raised their price target on Equity Residential from $74.00 to $80.00 and gave the company a “hold” rating in a research report on Friday, August 23rd. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $77.97.
EQR traded up $0.35 on Thursday, reaching $85.12. The company had a trading volume of 52,143 shares, compared to its average volume of 1,359,346. Equity Residential has a fifty-two week low of $62.40 and a fifty-two week high of $87.09. The stock has a market cap of $31.24 billion, a P/E ratio of 26.18, a P/E/G ratio of 4.12 and a beta of 0.49. The company’s fifty day moving average is $82.10 and its 200 day moving average is $77.66. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.45 and a current ratio of 1.45.
Equity Residential (NYSE:EQR) last announced its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $0.83 EPS for the quarter, missing the Zacks’ consensus estimate of $0.85 by ($0.02). The company had revenue of $669.37 million during the quarter, compared to analyst estimates of $667.59 million. Equity Residential had a net margin of 28.27% and a return on equity of 7.21%. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter last year, the company posted $0.81 EPS. On average, sell-side analysts expect that Equity Residential will post 3.45 EPS for the current year.
In other news, CFO Robert Garechana sold 4,974 shares of the company’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $79.00, for a total value of $392,946.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Scott Fenster sold 2,118 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $84.12, for a total transaction of $178,166.16. The disclosure for this sale can be found here. Insiders sold 209,862 shares of company stock valued at $17,023,030 in the last 90 days. Corporate insiders own 2.40% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. NEXT Financial Group Inc purchased a new stake in shares of Equity Residential during the second quarter worth about $34,000. Advisory Services Network LLC boosted its position in shares of Equity Residential by 14.9% in the second quarter. Advisory Services Network LLC now owns 3,517 shares of the real estate investment trust’s stock worth $267,000 after buying an additional 457 shares during the period. Tiemann Investment Advisors LLC purchased a new stake in shares of Equity Residential in the first quarter worth about $204,000. Green Street Investors LLC boosted its position in shares of Equity Residential by 46.3% in the first quarter. Green Street Investors LLC now owns 258,300 shares of the real estate investment trust’s stock worth $19,455,000 after buying an additional 81,700 shares during the period. Finally, Northern Trust Corp boosted its position in shares of Equity Residential by 0.4% in the first quarter. Northern Trust Corp now owns 6,770,425 shares of the real estate investment trust’s stock worth $509,949,000 after buying an additional 28,685 shares during the period. Institutional investors own 88.47% of the company’s stock.
Equity Residential Company Profile
Equity Residential is an S&P 500 company focused on the acquisition, development and management of rental apartment properties located in urban and high-density suburban markets where today's renters want to live, work and play. Equity Residential owns or has investments in 307 properties consisting of 79,482 apartment units, primarily located in Boston, New York, Washington, DC, Seattle, San Francisco, Southern California and Denver.
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