Carronade Capital Management LP Has $9.84 Million Position in Equity Residential $EQR

Key Points

• Carronade Capital Management LP increased its stake in Equity Residential (EQR) by 19.2%, owning a total of 137,485 shares worth approximately $9.84 million.
• The real estate investment trust reported $0.99 earnings per share for the last quarter, matching analysts' expectations, with a revenue of $768.83 million.
• Equity Residential announced a quarterly dividend of $0.6925, resulting in an annualized dividend of $2.77 and a yield of 4.2%.

Carronade Capital Management LP boosted its holdings in Equity Residential (NYSE:EQR - Free Report) by 19.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 137,485 shares of the real estate investment trust's stock after acquiring an additional 22,171 shares during the quarter. Equity Residential accounts for about 0.6% of Carronade Capital Management LP's investment portfolio, making the stock its 19th biggest position. Carronade Capital Management LP's holdings in Equity Residential were worth $9,841,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in EQR. Versant Capital Management Inc lifted its position in shares of Equity Residential by 51.6% during the first quarter. Versant Capital Management Inc now owns 461 shares of the real estate investment trust's stock worth $33,000 after purchasing an additional 157 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its stake in shares of Equity Residential by 27.6% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 740 shares of the real estate investment trust's stock worth $53,000 after buying an additional 160 shares during the last quarter. Greenleaf Trust raised its stake in shares of Equity Residential by 4.4% during the first quarter. Greenleaf Trust now owns 3,858 shares of the real estate investment trust's stock worth $276,000 after buying an additional 162 shares during the last quarter. Brown Advisory Inc. raised its stake in shares of Equity Residential by 1.6% during the first quarter. Brown Advisory Inc. now owns 10,733 shares of the real estate investment trust's stock worth $768,000 after buying an additional 166 shares during the last quarter. Finally, Avior Wealth Management LLC grew its stake in shares of Equity Residential by 2.9% during the first quarter. Avior Wealth Management LLC now owns 6,283 shares of the real estate investment trust's stock worth $450,000 after purchasing an additional 177 shares during the period. 92.68% of the stock is currently owned by institutional investors and hedge funds.

Equity Residential Stock Up 1.4%

EQR traded up $0.91 during trading on Thursday, hitting $65.58. The company had a trading volume of 1,391,157 shares, compared to its average volume of 1,936,226. The company has a market capitalization of $25.05 billion, a PE ratio of 24.75, a PEG ratio of 3.36 and a beta of 0.93. The company has a quick ratio of 0.17, a current ratio of 0.17 and a debt-to-equity ratio of 0.75. Equity Residential has a one year low of $59.41 and a one year high of $78.83. The firm's 50-day moving average price is $65.53 and its 200 day moving average price is $68.14.

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

Equity Residential Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Tuesday, June 24th were given a $0.6925 dividend. This represents a $2.77 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend was Tuesday, June 24th. Equity Residential's payout ratio is currently 104.53%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on EQR shares. Evercore ISI cut their target price on Equity Residential from $72.00 to $71.00 and set an "outperform" rating on the stock in a research note on Tuesday, August 12th. Barclays cut their price target on shares of Equity Residential from $83.00 to $81.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 12th. Wall Street Zen lowered shares of Equity Residential from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Truist Financial lowered their target price on shares of Equity Residential from $78.00 to $75.00 and set a "buy" rating for the company in a research note on Friday, August 29th. Finally, Mizuho reduced their price target on shares of Equity Residential from $76.00 to $71.00 and set a "neutral" rating on the stock in a research report on Friday, May 23rd. Eight investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $76.90.

Equity Residential 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.