Adelante Capital Management LLC Decreases Stake in Equity Residential (EQR)
Adelante Capital Management LLC lowered its stake in shares of Equity Residential (NYSE:EQR) by 3.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,506,945 shares of the real estate investment trust’s stock after selling 60,430 shares during the period. Equity Residential accounts for 5.6% of Adelante Capital Management LLC’s investment portfolio, making the stock its 3rd biggest holding. Adelante Capital Management LLC owned approximately 0.41% of Equity Residential worth $99,202,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently modified their holdings of the company. Bessemer Group Inc. grew its stake in Equity Residential by 124.6% in the 2nd quarter. Bessemer Group Inc. now owns 1,572 shares of the real estate investment trust’s stock valued at $103,000 after buying an additional 872 shares in the last quarter. D.A. Davidson & CO. grew its stake in Equity Residential by 4.1% in the 2nd quarter. D.A. Davidson & CO. now owns 1,873 shares of the real estate investment trust’s stock valued at $123,000 after buying an additional 73 shares in the last quarter. Sun Life Financial INC grew its stake in Equity Residential by 22,450.0% in the 2nd quarter. Sun Life Financial INC now owns 2,706 shares of the real estate investment trust’s stock valued at $178,000 after buying an additional 2,694 shares in the last quarter. Girard Partners LTD. purchased a new position in Equity Residential in the 2nd quarter valued at approximately $209,000. Finally, Prudential PLC purchased a new position in Equity Residential in the 2nd quarter valued at approximately $209,000. Institutional investors own 91.06% of the company’s stock.
Equity Residential (EQR) traded up 0.36% on Thursday, hitting $66.76. 437,564 shares of the stock were exchanged. Equity Residential has a 12 month low of $58.28 and a 12 month high of $68.83. The firm has a market cap of $24.52 billion, a P/E ratio of 29.87 and a beta of 0.37. The company has a 50-day moving average of $67.07 and a 200 day moving average of $65.90.
Equity Residential (NYSE:EQR) last announced its quarterly earnings data on Tuesday, July 25th. The real estate investment trust reported $0.77 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.77. The firm had revenue of $612.48 million during the quarter, compared to analysts’ expectations of $609.37 million. Equity Residential had a net margin of 33.99% and a return on equity of 7.92%. The company’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.76 earnings per share. Equities research analysts expect that Equity Residential will post $1.48 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Monday, September 25th will be paid a $0.5038 dividend. The ex-dividend date of this dividend is Friday, September 22nd. This represents a $2.02 dividend on an annualized basis and a dividend yield of 3.03%. Equity Residential’s dividend payout ratio (DPR) is presently 90.58%.
In other news, Director Mark S. Shapiro sold 2,853 shares of the stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $67.30, for a total value of $192,006.90. Following the completion of the sale, the director now directly owns 2,573 shares of the company’s stock, valued at $173,162.90. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Michael L. Manelis sold 433 shares of the stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $67.03, for a total transaction of $29,023.99. The disclosure for this sale can be found here. Over the last three months, insiders sold 173,622 shares of company stock valued at $11,816,599. Corporate insiders own 3.79% of the company’s stock.
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A number of research analysts recently weighed in on EQR shares. Stifel Nicolaus started coverage on shares of Equity Residential in a research note on Friday, September 1st. They issued a “hold” rating and a $71.00 price objective for the company. Barclays PLC lifted their price objective on shares of Equity Residential from $65.00 to $66.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 1st. BMO Capital Markets reiterated a “hold” rating and issued a $68.00 price objective on shares of Equity Residential in a research note on Wednesday, September 6th. BidaskClub lowered shares of Equity Residential from a “buy” rating to a “hold” rating in a research note on Saturday, July 1st. Finally, TheStreet upgraded shares of Equity Residential from a “c+” rating to a “b” rating in a research note on Monday, July 31st. One research analyst has rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the stock. Equity Residential currently has a consensus rating of “Hold” and an average price target of $68.15.
About Equity Residential
Equity Residential is a real estate investment trust. The Company’s primary business is the acquisition, development and management of multifamily residential properties. Its segments include Boston, New York, Washington DC, Southern California, San Francisco, Seattle and Other Markets. Southern California includes Los Angeles, San Diego and Orange County.
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