Bank of America Corp DE Buys 357,829 Shares of Equity Residential $EQR

Key Points

• Bank of America increased its Equity Residential stake by 14.2% in the first quarter, adding 357,829 shares to hold 2.87 million shares valued at approximately $169.8 million. Institutional investors collectively own 92.68% of EQR.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $71.40. Recent target increases include Truist Financial and Evercore, while Wolfe Research upgraded the stock to “Outperform.”
• Equity Residential’s shares opened at $67.80, near their 50-day average, while the REIT recently paid a quarterly dividend of $0.7025 per share, equivalent to a 4.1% annual yield.

Bank of America Corp DE grew its position in Equity Residential (NYSE:EQR - Free Report) by 14.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,871,275 shares of the real estate investment trust's stock after acquiring an additional 357,829 shares during the quarter. Bank of America Corp DE owned about 0.77% of Equity Residential worth $169,836,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Empowered Funds LLC lifted its stake in shares of Equity Residential by 3.1% during the 1st quarter. Empowered Funds LLC now owns 7,489 shares of the real estate investment trust's stock worth $536,000 after acquiring an additional 226 shares during the last quarter. Cresset Asset Management LLC boosted its stake in shares of Equity Residential by 13.9% during the second quarter. Cresset Asset Management LLC now owns 4,836 shares of the real estate investment trust's stock valued at $330,000 after purchasing an additional 590 shares during the period. Jump Financial LLC increased its stake in Equity Residential by 96.1% in the 2nd quarter. Jump Financial LLC now owns 11,300 shares of the real estate investment trust's stock worth $763,000 after buying an additional 5,537 shares during the period. Federated Hermes Inc. bought a new stake in Equity Residential during the 2nd quarter valued at about $100,000. Finally, Cerity Partners LLC lifted its holdings in Equity Residential by 170.7% during the 2nd quarter. Cerity Partners LLC now owns 20,646 shares of the real estate investment trust's stock valued at $1,393,000 after buying an additional 13,018 shares in the last quarter. Institutional investors own 92.68% of the company's stock.

Analysts Set New Price Targets

EQR has been the subject of several research analyst reports. Evercore lifted their price target on shares of Equity Residential from $70.00 to $71.00 in a research note on Monday, June 8th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $72.00 price objective on shares of Equity Residential in a report on Monday, July 20th. Wolfe Research raised Equity Residential from a "hold" rating to an "outperform" rating in a research report on Monday, June 1st. Wells Fargo & Company upped their target price on Equity Residential from $62.00 to $64.00 and gave the stock an "equal weight" rating in a report on Thursday, April 23rd. Finally, Truist Financial increased their price target on Equity Residential from $70.00 to $72.00 and gave the stock a "buy" rating in a research report on Tuesday, June 16th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and fourteen have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $71.40.

Equity Residential Price Performance

NYSE EQR opened at $67.80 on Thursday. The company has a market cap of $25.42 billion, a PE ratio of 29.48, a P/E/G ratio of 5.38 and a beta of 0.73. The firm's 50 day moving average price is $67.57 and its 200-day moving average price is $64.32. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.19 and a current ratio of 0.19. Equity Residential has a 52-week low of $57.57 and a 52-week high of $71.50.

Equity Residential Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Monday, June 29th were given a $0.7025 dividend. This represents a $2.81 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend was Monday, June 29th. Equity Residential's payout ratio is presently 122.17%.

About Equity Residential

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.

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