Equity Residential $EQR Position Reduced by Royal Bank of Canada

Key Points

• Royal Bank of Canada cut its Equity Residential stake by 34.9% in the first quarter, selling 250,311 shares and retaining 466,485 shares worth approximately $27.6 million.
• Equity Residential shares opened at $67.74, near their 50-day average, while the REIT recently paid a quarterly dividend of $0.7025 per share, implying a 4.1% annualized yield.
• Analyst sentiment remains mixed, with the stock carrying an overall “Hold” rating and an average price target of $71.40; institutional investors collectively own 92.68% of the shares.

Royal Bank of Canada reduced its stake in shares of Equity Residential (NYSE:EQR - Free Report) by 34.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 466,485 shares of the real estate investment trust's stock after selling 250,311 shares during the period. Royal Bank of Canada owned about 0.12% of Equity Residential worth $27,592,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Equity Residential in the 4th quarter valued at about $2,201,674,000. State Street Corp grew its stake in Equity Residential by 2.8% in the third quarter. State Street Corp now owns 24,922,935 shares of the real estate investment trust's stock worth $1,630,103,000 after purchasing an additional 688,854 shares in the last quarter. Geode Capital Management LLC increased its holdings in Equity Residential by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 10,258,275 shares of the real estate investment trust's stock valued at $644,412,000 after buying an additional 114,604 shares during the last quarter. First Eagle Investment Management LLC increased its holdings in Equity Residential by 0.5% in the fourth quarter. First Eagle Investment Management LLC now owns 9,242,013 shares of the real estate investment trust's stock valued at $582,617,000 after buying an additional 44,127 shares during the last quarter. Finally, Cohen & Steers Inc. raised its stake in Equity Residential by 227.7% during the fourth quarter. Cohen & Steers Inc. now owns 7,405,502 shares of the real estate investment trust's stock valued at $466,869,000 after buying an additional 5,145,442 shares in the last quarter. 92.68% of the stock is owned by institutional investors and hedge funds.

Equity Residential Trading Up 0.3%

Shares of NYSE:EQR opened at $67.74 on Wednesday. The company has a market cap of $25.40 billion, a PE ratio of 29.45, a P/E/G ratio of 5.37 and a beta of 0.73. The company's 50-day moving average price is $67.54 and its 200 day moving average price is $64.27. Equity Residential has a fifty-two week low of $57.57 and a fifty-two week high of $71.50. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 0.77.

Equity Residential Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Weiss Ratings raised Equity Residential from a "hold (c)" rating to a "hold (c+)" rating in a report on Monday. Stifel Nicolaus upped their price target on Equity Residential from $78.25 to $79.00 and gave the company a "buy" rating in a research report on Wednesday, May 27th. BNP Paribas Exane upped their price target on Equity Residential from $68.00 to $70.00 and gave the company a "neutral" rating in a research report on Monday, May 18th. Barclays restated an "equal weight" rating and set a $76.00 price objective on shares of Equity Residential in a research note on Tuesday, July 14th. Finally, Wolfe Research raised shares of Equity Residential from a "hold" rating to an "outperform" rating in a report on Monday, June 1st. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and fourteen have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $71.40.

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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