Equity Residential $EQR Shares Acquired by Renaissance Technologies LLC

Key Points

• Renaissance Technologies increased its Equity Residential position by 573% in the first quarter, adding 506,934 shares to own 595,400 shares worth approximately $35.2 million. Institutional investors and hedge funds collectively own 92.68% of the stock.
• Equity Residential shares opened at $68.15, up 1.3%, and trade within a 52-week range of $57.57 to $71.50. The company reported quarterly revenue of $779.85 million, up 2.5% year over year, but earnings per share of $0.24 missed analyst expectations of $0.33.
• The REIT declared a quarterly dividend of $0.7025, equivalent to an annualized $2.81 and a 4.1% yield. Analysts have a consensus “Hold” rating and an average price target of $71.40.

Renaissance Technologies LLC lifted its position in shares of Equity Residential (NYSE:EQR - Free Report) by 573.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 595,400 shares of the real estate investment trust's stock after purchasing an additional 506,934 shares during the period. Renaissance Technologies LLC owned about 0.16% of Equity Residential worth $35,218,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Insigneo Advisory Services LLC boosted its position in shares of Equity Residential by 4.9% during the 4th quarter. Insigneo Advisory Services LLC now owns 3,543 shares of the real estate investment trust's stock worth $223,000 after acquiring an additional 165 shares in the last quarter. Cetera Investment Advisers increased its stake in Equity Residential by 0.3% in the first quarter. Cetera Investment Advisers now owns 61,177 shares of the real estate investment trust's stock valued at $3,619,000 after purchasing an additional 171 shares during the last quarter. Leonteq Securities AG increased its stake in Equity Residential by 48.8% in the first quarter. Leonteq Securities AG now owns 549 shares of the real estate investment trust's stock valued at $32,000 after purchasing an additional 180 shares during the last quarter. Frank Rimerman Advisors LLC raised its holdings in Equity Residential by 4.2% during the first quarter. Frank Rimerman Advisors LLC now owns 4,990 shares of the real estate investment trust's stock worth $295,000 after purchasing an additional 201 shares in the last quarter. Finally, Empowered Funds LLC raised its holdings in Equity Residential by 2.3% during the fourth quarter. Empowered Funds LLC now owns 9,165 shares of the real estate investment trust's stock worth $571,000 after purchasing an additional 204 shares in the last quarter. 92.68% of the stock is currently owned by institutional investors and hedge funds.

Equity Residential Stock Up 1.3%

Shares of NYSE:EQR opened at $68.15 on Wednesday. Equity Residential has a 1-year low of $57.57 and a 1-year high of $71.50. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.19 and a quick ratio of 0.18. The stock has a market cap of $25.55 billion, a P/E ratio of 29.63, a P/E/G ratio of 5.35 and a beta of 0.74. The firm has a fifty day moving average price of $67.40 and a 200 day moving average price of $64.04.

Equity Residential (NYSE:EQR - Get Free Report) last announced its earnings results on Tuesday, April 28th. The real estate investment trust reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.09). The business had revenue of $779.85 million for the quarter, compared to analyst estimates of $781.79 million. Equity Residential had a return on equity of 8.06% and a net margin of 27.97%.Equity Residential's quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter last year, the company posted $0.95 EPS. Sell-side analysts predict that Equity Residential will post 4.08 EPS for the current year.

Equity Residential Dividend Announcement

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

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on EQR. Evercore upped their target price on shares of Equity Residential from $70.00 to $71.00 in a report on Monday, June 8th. UBS Group boosted their price target on shares of Equity Residential from $71.00 to $73.00 and gave the company a "buy" rating in a research report on Thursday, May 14th. Wells Fargo & Company upped their price objective on shares of Equity Residential from $62.00 to $64.00 and gave the company an "equal weight" rating in a research note on Thursday, April 23rd. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $72.00 price objective on shares of Equity Residential in a report on Monday, July 20th. Finally, Royal Bank Of Canada cut Equity Residential from an "outperform" rating to a "sector perform" rating and lifted their target price for the stock from $69.00 to $70.00 in a research report on Monday, June 8th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and fourteen have given a Hold rating to the company's stock. According to data from MarketBeat.com, Equity Residential has a consensus rating of "Hold" and an average price target of $71.40.

Equity Residential Profile

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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