Mackenzie Financial Corp Raises Holdings in Equity Residential (NYSE:EQR)

Key Points

• Mackenzie Financial Corp increased its holdings in Equity Residential by 32.5%, owning 63,744 shares valued at approximately $4.56 million after acquiring an additional 15,649 shares.
• Equity Residential reported earnings of $0.95 per share for the last quarter, surpassing estimates by $0.02, with a revenue of $760.81 million reflecting a 4.1% year-over-year increase.
• The firm declared a quarterly dividend of $0.6925, yielding 4.4% annually, despite a dividend payout ratio of 105.73%.

Mackenzie Financial Corp raised its holdings in shares of Equity Residential (NYSE:EQR - Free Report) by 32.5% during the first quarter, according to its most recent filing with the SEC. The firm owned 63,744 shares of the real estate investment trust's stock after purchasing an additional 15,649 shares during the period. Mackenzie Financial Corp's holdings in Equity Residential were worth $4,563,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of EQR. LPL Financial LLC boosted its stake in shares of Equity Residential by 5.9% during the fourth quarter. LPL Financial LLC now owns 60,899 shares of the real estate investment trust's stock valued at $4,370,000 after purchasing an additional 3,392 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Equity Residential by 1.8% in the 4th quarter. Geode Capital Management LLC now owns 9,519,627 shares of the real estate investment trust's stock valued at $681,594,000 after acquiring an additional 165,683 shares during the period. Headlands Technologies LLC bought a new position in shares of Equity Residential in the 4th quarter worth $71,000. Huntington National Bank lifted its stake in shares of Equity Residential by 10.5% during the 4th quarter. Huntington National Bank now owns 3,003 shares of the real estate investment trust's stock worth $215,000 after purchasing an additional 286 shares during the last quarter. Finally, Landscape Capital Management L.L.C. boosted its position in Equity Residential by 50.5% during the fourth quarter. Landscape Capital Management L.L.C. now owns 27,950 shares of the real estate investment trust's stock valued at $2,006,000 after purchasing an additional 9,376 shares in the last quarter. Institutional investors own 92.68% of the company's stock.

Analysts Set New Price Targets

Several analysts have commented on EQR shares. Mizuho decreased their price target on shares of Equity Residential from $76.00 to $71.00 and set a "neutral" rating for the company in a research report on Friday, May 23rd. Barclays increased their target price on shares of Equity Residential from $79.00 to $83.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. Stifel Nicolaus cut their price target on shares of Equity Residential from $82.25 to $80.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. Evercore ISI raised Equity Residential from an "in-line" rating to an "outperform" rating and upped their price target for the stock from $74.00 to $75.00 in a research report on Monday, July 7th. Finally, Royal Bank Of Canada raised their price objective on Equity Residential from $75.00 to $76.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Eight investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $78.40.

Equity Residential Stock Performance

NYSE EQR traded down $0.45 on Friday, hitting $62.75. 3,720,115 shares of the company's stock traded hands, compared to its average volume of 2,075,869. The firm's 50-day moving average price is $67.70 and its two-hundred day moving average price is $69.10. The firm has a market capitalization of $23.84 billion, a PE ratio of 23.95, a P/E/G ratio of 3.25 and a beta of 0.92. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 0.70. Equity Residential has a 1-year low of $59.41 and a 1-year high of $78.83.

Equity Residential Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Tuesday, June 24th were issued a $0.6925 dividend. This represents a $2.77 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend was Tuesday, June 24th. Equity Residential's dividend payout ratio is presently 105.73%.

About Equity Residential

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.