OVERSEA CHINESE BANKING Corp Ltd Acquires 2,311 Shares of Equinix, Inc. (NASDAQ:EQIX)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd has increased its holdings in Equinix, Inc. by 11.7% during Q1, owning 22,058 shares valued at approximately $17.99 million.
• Equinix will pay a quarterly dividend of $4.69 per share on September 17th, 2023, representing an annualized yield of 2.4% despite a high payout ratio of 183.74%.
• Wall Street analysts favor Equinix with an average rating of "Buy"* and a consensus price target of $957.27, indicating a positive outlook for the stock.

OVERSEA CHINESE BANKING Corp Ltd raised its holdings in Equinix, Inc. (NASDAQ:EQIX - Free Report) by 11.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 22,058 shares of the financial services provider's stock after acquiring an additional 2,311 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Equinix were worth $17,985,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in EQIX. PNC Financial Services Group Inc. increased its position in shares of Equinix by 4.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 14,357 shares of the financial services provider's stock valued at $11,706,000 after purchasing an additional 667 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its stake in Equinix by 0.4% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 86,054 shares of the financial services provider's stock worth $70,164,000 after purchasing an additional 317 shares during the period. UNIVEST FINANCIAL Corp boosted its holdings in shares of Equinix by 3.9% during the 1st quarter. UNIVEST FINANCIAL Corp now owns 5,068 shares of the financial services provider's stock valued at $4,132,000 after buying an additional 189 shares in the last quarter. US Bancorp DE grew its holdings in Equinix by 3.6% in the first quarter. US Bancorp DE now owns 53,858 shares of the financial services provider's stock worth $43,914,000 after purchasing an additional 1,854 shares during the period. Finally, American Assets Investment Management LLC increased its position in Equinix by 1,641.1% during the 1st quarter. American Assets Investment Management LLC now owns 17,359 shares of the financial services provider's stock valued at $14,154,000 after buying an additional 16,362 shares in the last quarter. 94.94% of the stock is currently owned by institutional investors and hedge funds.

Equinix Trading Up 0.9%

EQIX traded up $6.64 during mid-day trading on Monday, reaching $778.39. The stock had a trading volume of 538,442 shares, compared to its average volume of 590,650. The stock has a market capitalization of $76.17 billion, a P/E ratio of 76.24, a P/E/G ratio of 1.25 and a beta of 0.90. Equinix, Inc. has a 52 week low of $701.41 and a 52 week high of $994.03. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.54 and a current ratio of 1.54. The firm's fifty day simple moving average is $831.20 and its two-hundred day simple moving average is $852.93.

Equinix (NASDAQ:EQIX - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The financial services provider reported $9.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.49 by $6.42. Equinix had a net margin of 11.11% and a return on equity of 7.22%. The company had revenue of $2.26 billion during the quarter, compared to the consensus estimate of $2.26 billion. During the same quarter in the prior year, the firm earned $9.22 earnings per share. The firm's revenue was up 4.5% compared to the same quarter last year. On average, equities analysts predict that Equinix, Inc. will post 33.1 EPS for the current year.

Equinix Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 17th. Stockholders of record on Wednesday, August 20th will be issued a dividend of $4.69 per share. The ex-dividend date is Wednesday, August 20th. This represents a $18.76 annualized dividend and a dividend yield of 2.4%. Equinix's dividend payout ratio is 183.74%.

Insider Transactions at Equinix

In other Equinix news, Director Christopher B. Paisley sold 100 shares of the company's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $869.41, for a total transaction of $86,941.00. Following the sale, the director owned 17,569 shares of the company's stock, valued at approximately $15,274,664.29. This represents a 0.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Kurt Pletcher sold 127 shares of Equinix stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $877.70, for a total transaction of $111,467.90. Following the transaction, the insider directly owned 1,842 shares in the company, valued at approximately $1,616,723.40. This represents a 6.45% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,176 shares of company stock worth $2,808,008. Corporate insiders own 0.27% of the company's stock.

Analyst Ratings Changes

EQIX has been the topic of a number of research reports. TD Securities boosted their target price on shares of Equinix from $978.00 to $1,018.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. Stifel Nicolaus reduced their price target on Equinix from $1,050.00 to $1,010.00 and set a "buy" rating for the company in a research report on Thursday, June 26th. Cfra Research downgraded Equinix from a "moderate buy" rating to a "hold" rating in a research report on Thursday. BNP Paribas upgraded shares of Equinix to a "strong-buy" rating in a report on Thursday, May 1st. Finally, JMP Securities reiterated a "market outperform" rating and set a $1,200.00 price target on shares of Equinix in a research report on Tuesday, July 22nd. Five analysts have rated the stock with a hold rating, twenty have issued a buy rating and five have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $957.27.

Equinix Profile

Equinix Nasdaq: EQIX is the world's digital infrastructure company . Digital leaders harness Equinix's trusted platform to bring together and interconnect foundational infrastructure at software speed. Equinix enables organizations to access all the right places, partners and possibilities to scale with agility, speed the launch of digital services, deliver world-class experiences and multiply their value, while supporting their sustainability goals.