Principal Financial Group Inc. Has $436.23 Million Stock Position in Equity Residential $EQR

Principal Financial Group Inc. cut its holdings in Equity Residential (NYSE:EQR) by 3.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,739,250 shares of the real estate investment trust’s stock after selling 209,798 shares during the period. Principal Financial Group Inc.’s holdings in Equity Residential were worth $436,232,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of EQR. Empowered Funds LLC increased its holdings in shares of Equity Residential by 3.1% during the first quarter. Empowered Funds LLC now owns 7,489 shares of the real estate investment trust’s stock worth $536,000 after purchasing an additional 226 shares during the period. HB Wealth Management LLC grew its position in Equity Residential by 25.9% during the second quarter. HB Wealth Management LLC now owns 5,545 shares of the real estate investment trust’s stock worth $374,000 after buying an additional 1,141 shares in the last quarter. Lecap Asset Management Ltd. bought a new position in Equity Residential during the 2nd quarter worth $287,000. Consolidated Investment Group LLC raised its holdings in Equity Residential by 30.4% in the 2nd quarter. Consolidated Investment Group LLC now owns 30,000 shares of the real estate investment trust’s stock valued at $2,025,000 after acquiring an additional 7,000 shares in the last quarter. Finally, Segment Wealth Management LLC acquired a new position in Equity Residential in the 2nd quarter valued at $263,000. Institutional investors and hedge funds own 92.68% of the company’s stock.

Wall Street Analysts Forecast Growth

EQR has been the subject of a number of analyst reports. Mizuho dropped their price target on Equity Residential from $66.00 to $65.00 and set a “neutral” rating for the company in a research note on Monday, November 24th. Truist Financial dropped their target price on shares of Equity Residential from $75.00 to $70.00 and set a “buy” rating for the company in a research report on Monday, November 17th. Evercore ISI reduced their price target on shares of Equity Residential from $70.00 to $68.00 and set an “outperform” rating on the stock in a research report on Monday, November 3rd. Morgan Stanley decreased their price objective on shares of Equity Residential from $75.00 to $73.50 and set an “equal weight” rating on the stock in a research note on Thursday, November 13th. Finally, Scotiabank cut their target price on Equity Residential from $73.00 to $66.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 4th. Seven investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $70.01.

Equity Residential Trading Up 0.7%

EQR opened at $62.32 on Friday. Equity Residential has a fifty-two week low of $58.38 and a fifty-two week high of $75.86. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.45 and a quick ratio of 0.45. The firm has a market capitalization of $23.71 billion, a price-to-earnings ratio of 20.57, a PEG ratio of 4.21 and a beta of 0.75. The company’s 50 day moving average price is $61.66 and its two-hundred day moving average price is $62.86.

Equity Residential Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 16th. Stockholders of record on Friday, January 2nd were paid a $0.6925 dividend. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $2.77 annualized dividend and a dividend yield of 4.4%. Equity Residential’s dividend payout ratio is presently 91.42%.

Equity Residential Profile

Equity Residential (NYSE: EQR) is a publicly traded real estate investment trust that acquires, develops, owns and operates rental apartment properties. Headquartered in Chicago, the company focuses on delivering professionally managed, market-rate apartment homes and related services to renters. Its operations cover a range of property types, including high-rise and mid-rise assets, with amenities and on-site management designed to support resident retention and occupancy.

The company’s core activities include property acquisitions, development and redevelopment, leasing, and day-to-day property management.