Mitsubishi UFJ Asset Management Co. Ltd. Boosts Stock Position in Equity Residential (NYSE:EQR)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Equity Residential by 11.0% during the first quarter, holding 845,820 shares valued at approximately $60.5 million.
• Equity Residential reported a quarterly EPS of $0.99, meeting analysts' expectations, with a 4.7% increase in revenue year-over-year.
• Analysts have varied opinions on Equity Residential, with price targets ranging from $71.00 to $83.00 and a consensus rating of "Hold".

Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Equity Residential (NYSE:EQR - Free Report) by 11.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 845,820 shares of the real estate investment trust's stock after buying an additional 83,788 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.22% of Equity Residential worth $60,544,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Versant Capital Management Inc lifted its position in 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 valued at $33,000 after buying an additional 157 shares during the period. Kapitalo Investimentos Ltda purchased a new position in shares of Equity Residential in the 4th quarter worth about $51,000. MassMutual Private Wealth & Trust FSB raised its position in shares of Equity Residential by 27.6% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 740 shares of the real estate investment trust's stock worth $53,000 after purchasing an additional 160 shares during the last quarter. Continuum Advisory LLC raised its position in shares of Equity Residential by 38.8% in the 4th quarter. Continuum Advisory LLC now owns 765 shares of the real estate investment trust's stock worth $55,000 after purchasing an additional 214 shares during the last quarter. Finally, Parvin Asset Management LLC purchased a new position in shares of Equity Residential in the 4th quarter worth about $57,000. Hedge funds and other institutional investors own 92.68% of the company's stock.

Equity Residential Stock Performance

Shares of Equity Residential stock traded up $0.54 during trading hours on Wednesday, reaching $63.24. 567,505 shares of the stock traded hands, compared to its average volume of 1,920,249. Equity Residential has a one year low of $59.41 and a one year high of $78.83. The company has a quick ratio of 0.17, a current ratio of 0.17 and a debt-to-equity ratio of 0.75. The firm has a market capitalization of $24.15 billion, a price-to-earnings ratio of 23.88, a P/E/G ratio of 3.17 and a beta of 0.92. The company has a 50 day moving average price of $66.85 and a 200 day moving average price of $68.81.

Equity Residential (NYSE:EQR - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The real estate investment trust reported $0.99 earnings per share for the quarter, meeting analysts' consensus estimates of $0.99. Equity Residential had a return on equity of 9.05% and a net margin of 33.22%. The firm had revenue of $768.83 million for the quarter, compared to analysts' expectations of $770.60 million. During the same period in the previous year, the firm earned $0.97 EPS. The business's quarterly revenue was up 4.7% on a year-over-year basis. On average, equities research analysts expect that Equity Residential will post 3.98 earnings per share for the current fiscal year.

Equity Residential Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Tuesday, June 24th were given a dividend of $0.6925 per share. This represents a $2.77 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend was Tuesday, June 24th. Equity Residential's payout ratio is presently 104.53%.

Wall Street Analyst Weigh In

EQR has been the subject of several recent analyst reports. Scotiabank lowered their price target on Equity Residential from $82.00 to $78.00 and set a "sector perform" rating for the company in a research report on Friday, June 13th. Royal Bank Of Canada lifted their price target on Equity Residential from $75.00 to $76.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Stifel Nicolaus set a $80.50 price target on Equity Residential and gave the stock a "buy" rating in a research report on Tuesday, August 5th. Mizuho reduced their price objective on Equity Residential from $76.00 to $71.00 and set a "neutral" rating for the company in a report on Friday, May 23rd. Finally, Wall Street Zen downgraded Equity Residential from a "hold" rating to a "sell" rating in a report on Saturday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $77.84.

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.