Equity Residential (NYSE:EQR) Receives $71.40 Average PT from Analysts

Shares of Equity Residential (NYSE:EQR) have earned a consensus recommendation of “Hold” from the twenty-three research firms that are covering the firm, MarketBeat reports. Fourteen investment analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $71.40.

A number of brokerages have weighed in on EQR. Nordea Equity Research upgraded shares of Equity Residential to a “buy” rating in a report on Wednesday, May 27th. UBS Group lifted their target price on shares of Equity Residential from $71.00 to $73.00 and gave the company a “buy” rating in a report on Thursday, May 14th. Evercore boosted their price target on Equity Residential from $70.00 to $71.00 in a research report on Monday, June 8th. Wall Street Zen downgraded Equity Residential from a “hold” rating to a “sell” rating in a research note on Saturday, May 2nd. Finally, Piper Sandler raised their price objective on Equity Residential from $72.00 to $75.00 and gave the company a “neutral” rating in a research report on Tuesday, July 21st.

Hedge Funds Weigh In On Equity Residential

Large investors have recently modified their holdings of the stock. Norges Bank purchased a new stake in Equity Residential during the 4th quarter valued at about $2,201,674,000. State Street Corp increased its stake in Equity Residential by 2.8% during the 3rd quarter. State Street Corp now owns 24,922,935 shares of the real estate investment trust’s stock valued at $1,630,103,000 after purchasing an additional 688,854 shares in the last quarter. Geode Capital Management LLC raised its holdings in Equity Residential by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 10,258,275 shares of the real estate investment trust’s stock worth $644,412,000 after buying an additional 114,604 shares during the last quarter. First Eagle Investment Management LLC raised its holdings in Equity Residential by 0.5% in the fourth quarter. First Eagle Investment Management LLC now owns 9,242,013 shares of the real estate investment trust’s stock worth $582,617,000 after buying an additional 44,127 shares during the last quarter. Finally, Cohen & Steers Inc. lifted its stake in shares of Equity Residential by 227.7% in the fourth quarter. Cohen & Steers Inc. now owns 7,405,502 shares of the real estate investment trust’s stock worth $466,869,000 after buying an additional 5,145,442 shares in the last quarter. Hedge funds and other institutional investors own 92.68% of the company’s stock.

Equity Residential Stock Down 1.2%

Shares of Equity Residential stock opened at $64.33 on Thursday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.19 and a quick ratio of 0.19. The company has a 50-day moving average of $67.54 and a 200 day moving average of $64.47. The firm has a market cap of $24.12 billion, a price-to-earnings ratio of 27.97, a PEG ratio of 5.18 and a beta of 0.73. Equity Residential has a 1 year low of $57.57 and a 1 year high of $71.50.

Equity Residential Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Monday, June 29th were paid a $0.7025 dividend. This represents a $2.81 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend was Monday, June 29th. Equity Residential’s dividend payout ratio is currently 122.17%.

Equity Residential Company 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.