Allstate Corp Lowers Stake in Equity Residential $EQR

Key Points

• Allstate Corp has reduced its stake in Equity Residential by 37.2%, selling 27,900 shares and now owning 47,159 shares, valued at approximately $3.38 million.
• Equity Residential reported Q2 earnings of $0.99 per share, meeting analyst expectations, and a revenue of $768.83 million, slightly below the forecasted $770.60 million.
• The company announced a quarterly dividend of $0.6925 per share with a yield of 4.3%, but its dividend payout ratio stands high at 104.53%.

Allstate Corp decreased its position in Equity Residential (NYSE:EQR - Free Report) by 37.2% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 47,159 shares of the real estate investment trust's stock after selling 27,900 shares during the period. Allstate Corp's holdings in Equity Residential were worth $3,376,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of EQR. Nuveen LLC purchased a new stake in shares of Equity Residential during the first quarter worth about $165,442,000. Northern Trust Corp increased its stake in shares of 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 purchasing an additional 2,246,555 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of 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 purchasing an additional 1,101,027 shares in the last quarter. Adelante Capital Management LLC increased its stake in shares of 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 purchasing an additional 681,356 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in Equity Residential by 7,177.2% during the 1st quarter. GAMMA Investing LLC now owns 506,930 shares of the real estate investment trust's stock valued at $36,286,000 after acquiring an additional 499,964 shares in the last quarter. Hedge funds and other institutional investors own 92.68% of the company's stock.

Equity Residential Stock Down 0.4%

Equity Residential stock traded down $0.23 during mid-day trading on Tuesday, reaching $64.57. 5,972,521 shares of the company's stock were exchanged, compared to its average volume of 1,955,729. The company has a market cap of $24.66 billion, a P/E ratio of 24.37, a P/E/G ratio of 3.31 and a beta of 0.92. Equity Residential has a twelve month low of $59.41 and a twelve month high of $78.83. The company has a quick ratio of 0.17, a current ratio of 0.17 and a debt-to-equity ratio of 0.75. The company has a fifty day moving average of $65.96 and a 200-day moving average of $68.40.

Equity Residential (NYSE:EQR - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The real estate investment trust reported $0.99 earnings per share for the quarter, meeting analysts' consensus estimates of $0.99. Equity Residential had a net margin of 33.22% and a return on equity of 9.05%. The business had revenue of $768.83 million for the quarter, compared to analyst estimates of $770.60 million. During the same period last year, the business earned $0.97 EPS. The company's revenue was up 4.7% on a year-over-year basis. Equity Residential has set its FY 2025 guidance at 3.970-4.030 EPS. Q3 2025 guidance at 0.990-1.030 EPS. Sell-side analysts expect that Equity Residential will post 3.98 EPS for the current year.

Equity Residential Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Tuesday, June 24th were issued a $0.6925 dividend. This represents a $2.77 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date was Tuesday, June 24th. Equity Residential's dividend payout ratio (DPR) is presently 104.53%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Morgan Stanley lowered their target price on Equity Residential from $76.50 to $75.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 13th. Wall Street Zen cut Equity Residential from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Stifel Nicolaus set a $80.50 price target on shares of Equity Residential and gave the company a "buy" rating in a research note on Tuesday, August 5th. Scotiabank dropped their price target on shares of Equity Residential from $78.00 to $77.00 and set a "sector perform" rating for the company in a research note on Thursday, August 14th. Finally, UBS Group dropped their price target on shares of Equity Residential from $84.00 to $76.00 and set a "buy" rating for the company in a research note on Tuesday, July 15th. Eight research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $77.78.

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.