PNC Financial Services Group Inc. lifted its stake in Equity Residential (NYSE:EQR - Free Report) by 9.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 54,271 shares of the real estate investment trust's stock after acquiring an additional 4,499 shares during the period. PNC Financial Services Group Inc.'s holdings in Equity Residential were worth $3,885,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in EQR. Versant Capital Management Inc boosted its stake in Equity Residential by 51.6% in the 1st quarter. Versant Capital Management Inc now owns 461 shares of the real estate investment trust's stock worth $33,000 after purchasing an additional 157 shares during the period. Kapitalo Investimentos Ltda purchased a new stake in shares of Equity Residential in the fourth quarter worth about $51,000. MassMutual Private Wealth & Trust FSB boosted its position in shares of Equity Residential by 27.6% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 740 shares of the real estate investment trust's stock valued at $53,000 after acquiring an additional 160 shares during the period. Continuum Advisory LLC grew its stake in Equity Residential by 38.8% during the fourth quarter. Continuum Advisory LLC now owns 765 shares of the real estate investment trust's stock valued at $55,000 after acquiring an additional 214 shares in the last quarter. Finally, Parvin Asset Management LLC bought a new stake in Equity Residential during the 4th quarter worth approximately $57,000. 92.68% of the stock is currently owned by hedge funds and other institutional investors.
Equity Residential Trading Up 0.9%
Shares of EQR opened at $63.94 on Friday. Equity Residential has a fifty-two week low of $59.41 and a fifty-two week high of $78.83. The firm has a market cap of $24.29 billion, a price-to-earnings ratio of 24.13, a PEG ratio of 3.26 and a beta of 0.92. The firm has a 50 day moving average price of $67.26 and a 200-day moving average price of $68.93. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.20 and a current ratio of 0.17.
Equity Residential (NYSE:EQR - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $0.99 earnings per share for the quarter, hitting the consensus estimate of $0.99. Equity Residential had a net margin of 33.22% and a return on equity of 9.05%. The business had revenue of $768.83 million during the quarter, compared to the consensus estimate of $770.60 million. During the same period in the previous year, the firm posted $0.97 earnings per share. The firm's revenue for the quarter was up 4.7% on a year-over-year basis. As a group, equities research analysts forecast that Equity Residential will post 3.98 earnings per share for the current year.
Equity Residential Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Tuesday, June 24th were given a $0.6925 dividend. The ex-dividend date was Tuesday, June 24th. This represents a $2.77 annualized dividend and a yield of 4.3%. Equity Residential's payout ratio is presently 105.73%.
Analyst Upgrades and Downgrades
Several brokerages have commented on EQR. Barclays raised their price target on shares of Equity Residential from $79.00 to $83.00 and gave the company an "overweight" rating in a report on Friday, May 9th. UBS Group reduced their target price on Equity Residential from $84.00 to $76.00 and set a "buy" rating for the company in a research report on Tuesday, July 15th. Stifel Nicolaus set a $80.50 target price on Equity Residential and gave the stock a "buy" rating in a research note on Tuesday. Evercore ISI upgraded Equity Residential from an "in-line" rating to an "outperform" rating and lifted their price target for the company from $74.00 to $75.00 in a research report on Monday, July 7th. Finally, Scotiabank cut their price objective on Equity Residential from $82.00 to $78.00 and set a "sector perform" rating for the company in a report on Friday, June 13th. Eight analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $78.43.
View Our Latest Stock Analysis on EQR
About Equity Residential
(
Free Report)
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.
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