Goldman Sachs Group began coverage on shares of Equity Residential (NYSE:EQR) in a research note issued on Friday, The Fly reports. The brokerage set a “sell” rating and a $86.00 price target on the real estate investment trust’s stock. Goldman Sachs Group’s price objective indicates a potential upside of 2.41% from the stock’s current price.
Other equities analysts have also recently issued reports about the company. 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 report on Monday, August 12th. ValuEngine cut Equity Residential from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Morgan Stanley upped their price objective on Equity Residential from $79.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Friday, September 6th. Argus upped their price objective on Equity Residential from $92.00 to $96.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, SunTrust Banks set a $82.00 price objective on Equity Residential and gave the stock a “hold” rating in a research note on Friday, October 25th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $82.16.
Shares of NYSE EQR traded down $0.09 during midday trading on Friday, hitting $83.98. 975,999 shares of the stock traded hands, compared to its average volume of 1,406,390. The firm has a 50-day moving average of $87.04 and a two-hundred day moving average of $81.07. The firm has a market capitalization of $31.49 billion, a P/E ratio of 25.84, a PEG ratio of 4.05 and a beta of 0.44. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.13 and a current ratio of 0.13. Equity Residential has a one year low of $63.17 and a one year high of $89.55.
Equity Residential (NYSE:EQR) last released its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.71 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.17). The firm had revenue of $685.15 million for the quarter, compared to the consensus estimate of $679.66 million. Equity Residential had a net margin of 29.88% and a return on equity of 7.73%. Equity Residential’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.83 earnings per share. Equities analysts forecast that Equity Residential will post 3.47 earnings per share for the current fiscal year.
In other Equity Residential news, Director David J. Neithercut sold 50,000 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $83.00, for a total value of $4,150,000.00. Following the completion of the sale, the director now owns 3,392 shares in the company, valued at approximately $281,536. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Michael L. Manelis sold 8,672 shares of the stock in a transaction on Monday, August 19th. The stock was sold at an average price of $82.00, for a total value of $711,104.00. The disclosure for this sale can be found here. Insiders sold a total of 104,945 shares of company stock valued at $8,882,681 over the last 90 days. 3.75% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of EQR. Cohen & Steers Inc. increased its stake in Equity Residential by 74.6% in the 2nd quarter. Cohen & Steers Inc. now owns 6,812,818 shares of the real estate investment trust’s stock worth $517,229,000 after buying an additional 2,911,036 shares in the last quarter. Nuveen Asset Management LLC grew its position in shares of Equity Residential by 179.5% during the second quarter. Nuveen Asset Management LLC now owns 3,746,745 shares of the real estate investment trust’s stock valued at $284,454,000 after purchasing an additional 2,406,121 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of Equity Residential by 45.0% during the third quarter. Russell Investments Group Ltd. now owns 2,033,629 shares of the real estate investment trust’s stock valued at $175,478,000 after purchasing an additional 631,243 shares in the last quarter. Daiwa Securities Group Inc. grew its position in shares of Equity Residential by 65.9% during the second quarter. Daiwa Securities Group Inc. now owns 1,524,017 shares of the real estate investment trust’s stock valued at $115,704,000 after purchasing an additional 605,640 shares in the last quarter. Finally, California Public Employees Retirement System grew its position in shares of Equity Residential by 21.1% during the second quarter. California Public Employees Retirement System now owns 2,900,970 shares of the real estate investment trust’s stock valued at $220,242,000 after purchasing an additional 505,971 shares in the last quarter. Institutional investors and hedge funds own 88.46% of the company’s stock.
About Equity Residential
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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