Evercore ISI Lowers Equity Residential (NYSE:EQR) Price Target to $71.00

Key Points

• Evercore ISI has reduced the price target for Equity Residential (EQR) from $72.00 to $71.00, while maintaining an "outperform" rating.
• Equity Residential's current market capitalization is approximately $23.80 billion, with a recent EPS report matching consensus estimates at $0.99.
• Analysts have mixed opinions on EQR, with a consensus rating of "Hold" and an average target price of $78.17, indicating potential modest growth ahead.

Equity Residential (NYSE:EQR - Get Free Report) had its target price dropped by research analysts at Evercore ISI from $72.00 to $71.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an "outperform" rating on the real estate investment trust's stock. Evercore ISI's target price would suggest a potential upside of 13.92% from the company's current price.

Other equities research analysts also recently issued reports about the stock. Royal Bank Of Canada lifted their price target on shares of Equity Residential from $75.00 to $76.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. UBS Group lowered their price target on shares of Equity Residential from $84.00 to $76.00 and set a "buy" rating for the company in a report on Tuesday, July 15th. Wedbush reiterated a "neutral" rating and set a $75.00 price target on shares of Equity Residential in a report on Wednesday, May 28th. Scotiabank lowered their price target on shares of Equity Residential from $82.00 to $78.00 and set a "sector perform" rating for the company in a report on Friday, June 13th. Finally, Stifel Nicolaus set a $80.50 price target on shares of Equity Residential and gave the stock a "buy" rating in a research report on Tuesday, August 5th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $78.17.

Equity Residential Stock Performance

Shares of EQR opened at $62.32 on Tuesday. The stock has a market cap of $23.80 billion, a P/E ratio of 23.52, a PEG ratio of 3.25 and a beta of 0.92. Equity Residential has a 12-month low of $59.41 and a 12-month high of $78.83. The company has a current ratio of 0.17, a quick ratio of 0.17 and a debt-to-equity ratio of 0.75. The company has a 50-day moving average of $66.97 and a two-hundred day moving average of $68.85.

Equity Residential (NYSE:EQR - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $0.99 EPS for the quarter, hitting analysts' consensus estimates of $0.99. The business had revenue of $768.83 million during the quarter, compared to the consensus estimate of $770.60 million. Equity Residential had a net margin of 33.22% and a return on equity of 9.05%. The company's quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.97 earnings per share. As a group, research analysts predict that Equity Residential will post 3.98 EPS for the current fiscal year.

Institutional Investors Weigh In On Equity Residential

Several institutional investors have recently bought and sold shares of EQR. Nuveen LLC purchased a new stake in Equity Residential during the first quarter worth approximately $165,442,000. Northern Trust Corp grew its stake in Equity Residential by 53.1% during the fourth quarter. Northern Trust Corp now owns 6,476,004 shares of the real estate investment trust's stock worth $464,718,000 after buying an additional 2,246,555 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Equity Residential by 5.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 20,711,588 shares of the real estate investment trust's stock worth $1,482,537,000 after buying an additional 1,101,027 shares during the period. Adelante Capital Management LLC grew its stake in Equity Residential by 172.1% during the fourth quarter. Adelante Capital Management LLC now owns 1,077,337 shares of the real estate investment trust's stock worth $77,310,000 after buying an additional 681,356 shares during the period. Finally, Lasalle Investment Management Securities LLC grew its stake in Equity Residential by 79.1% during the fourth quarter. Lasalle Investment Management Securities LLC now owns 1,161,137 shares of the real estate investment trust's stock worth $83,323,000 after buying an additional 512,723 shares during the period. 92.68% of the stock is currently owned by hedge funds and other institutional investors.

Equity Residential Company Profile

Equity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, is focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract affluent long-term renters. Equity Residential owns or has investments in 305 properties consisting of 80,683 apartment units, with an established presence in Boston, New York, Washington, DC, Seattle, San Francisco and Southern California, and an expanding presence in Denver, Atlanta, Dallas/Ft.

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