New York Life Investment Management LLC increased its position in shares of Equity Residential (NYSE:EQR - Free Report) by 78.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 109,228 shares of the real estate investment trust's stock after acquiring an additional 48,112 shares during the quarter. New York Life Investment Management LLC's holdings in Equity Residential were worth $6,680,000 as of its most recent filing with the SEC.
Other hedge funds have also recently bought and sold shares of the company. Financial Gravity Asset Management Inc. lifted its holdings in shares of Equity Residential by 593.9% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 458 shares of the real estate investment trust's stock valued at $25,000 after acquiring an additional 392 shares in the last quarter. Bruce G. Allen Investments LLC purchased a new stake in Equity Residential during the 4th quarter worth $28,000. Allworth Financial LP increased its stake in Equity Residential by 120.8% during the 4th quarter. Allworth Financial LP now owns 488 shares of the real estate investment trust's stock worth $30,000 after buying an additional 267 shares during the period. AdvisorNet Financial Inc purchased a new stake in Equity Residential during the 4th quarter worth $34,000. Finally, Kelly Lawrence W & Associates Inc. CA purchased a new stake in Equity Residential during the 3rd quarter worth $40,000. Institutional investors and hedge funds own 92.68% of the company's stock.
Analysts Set New Price Targets
Several equities research analysts have recently weighed in on EQR shares. Mizuho dropped their target price on shares of Equity Residential from $62.00 to $61.00 and set a "neutral" rating for the company in a research report on Wednesday, February 28th. BMO Capital Markets raised shares of Equity Residential from a "market perform" rating to an "outperform" rating and lifted their price target for the company from $68.00 to $70.00 in a report on Monday, April 22nd. Raymond James raised shares of Equity Residential from an "underperform" rating to a "market perform" rating in a report on Monday, March 18th. Barclays decreased their price target on shares of Equity Residential from $69.00 to $67.00 and set an "equal weight" rating for the company in a report on Tuesday, February 20th. Finally, Truist Financial decreased their price target on shares of Equity Residential from $71.00 to $67.00 and set a "buy" rating for the company in a report on Tuesday, April 9th. Ten analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $67.04.
Get Our Latest Stock Analysis on EQR
Equity Residential Price Performance
Shares of NYSE EQR traded up $0.35 during mid-day trading on Friday, reaching $65.91. 1,638,743 shares of the company traded hands, compared to its average volume of 2,120,961. Equity Residential has a fifty-two week low of $52.57 and a fifty-two week high of $69.45. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.23 and a quick ratio of 0.30. The firm has a market cap of $25.02 billion, a PE ratio of 27.35, a price-to-earnings-growth ratio of 3.39 and a beta of 0.82. The stock has a fifty day simple moving average of $62.34 and a 200-day simple moving average of $59.97.
Equity Residential (NYSE:EQR - Get Free Report) last posted its quarterly earnings data on Tuesday, April 23rd. The real estate investment trust reported $0.93 EPS for the quarter, beating analysts' consensus estimates of $0.91 by $0.02. Equity Residential had a net margin of 31.70% and a return on equity of 8.18%. The business had revenue of $730.80 million for the quarter, compared to analyst estimates of $728.09 million. During the same quarter last year, the business earned $0.87 earnings per share. The business's revenue for the quarter was up 3.6% on a year-over-year basis. Equities research analysts anticipate that Equity Residential will post 3.88 EPS for the current fiscal year.
Equity Residential Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Monday, March 25th were paid a dividend of $0.675 per share. This represents a $2.70 dividend on an annualized basis and a dividend yield of 4.10%. The ex-dividend date was Friday, March 22nd. This is a positive change from Equity Residential's previous quarterly dividend of $0.66. Equity Residential's dividend payout ratio (DPR) is currently 112.03%.
Insider Activity at Equity Residential
In related news, EVP Alexander Brackenridge sold 4,027 shares of the firm's stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $65.01, for a total transaction of $261,795.27. Following the transaction, the executive vice president now owns 69,901 shares in the company, valued at $4,544,264.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Equity Residential news, Director Mary Kay Haben sold 3,241 shares of Equity Residential stock in a transaction on Friday, April 26th. The shares were sold at an average price of $65.48, for a total transaction of $212,220.68. Following the completion of the sale, the director now owns 9,720 shares of the company's stock, valued at approximately $636,465.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Alexander Brackenridge sold 4,027 shares of Equity Residential stock in a transaction on Wednesday, April 24th. The shares were sold at an average price of $65.01, for a total transaction of $261,795.27. Following the sale, the executive vice president now directly owns 69,901 shares of the company's stock, valued at approximately $4,544,264.01. The disclosure for this sale can be found here. Insiders have sold 10,548 shares of company stock worth $666,351 over the last quarter. 1.00% of the stock is currently owned by company insiders.
Equity Residential Profile
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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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