Cove Street Capital LLC Acquires 58,600 Shares of Equity Commonwealth (NYSE:EQC)
Cove Street Capital LLC lifted its holdings in Equity Commonwealth (NYSE:EQC) by 19.4% in the first quarter, Holdings Channel reports. The fund owned 360,800 shares of the real estate investment trust’s stock after buying an additional 58,600 shares during the period. Equity Commonwealth makes up 1.4% of Cove Street Capital LLC’s investment portfolio, making the stock its 25th biggest position. Cove Street Capital LLC’s holdings in Equity Commonwealth were worth $11,794,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. lifted its holdings in shares of Equity Commonwealth by 1.7% in the 4th quarter. BlackRock Inc. now owns 8,766,796 shares of the real estate investment trust’s stock worth $263,091,000 after acquiring an additional 144,422 shares during the last quarter. Millennium Management LLC bought a new stake in Equity Commonwealth during the 4th quarter valued at $3,511,000. Norges Bank bought a new stake in Equity Commonwealth during the 4th quarter valued at $40,047,000. Macquarie Group Ltd. raised its holdings in Equity Commonwealth by 14.1% during the 4th quarter. Macquarie Group Ltd. now owns 1,112,437 shares of the real estate investment trust’s stock valued at $33,384,000 after buying an additional 137,253 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings in Equity Commonwealth by 7.3% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 572,017 shares of the real estate investment trust’s stock valued at $17,166,000 after buying an additional 38,835 shares during the last quarter. Hedge funds and other institutional investors own 96.87% of the company’s stock.
NYSE:EQC opened at $33.59 on Wednesday. Equity Commonwealth has a 52 week low of $28.48 and a 52 week high of $33.77. The company has a debt-to-equity ratio of 0.08, a current ratio of 73.38 and a quick ratio of 73.38. The firm has a market cap of $4.06 billion, a P/E ratio of 48.68 and a beta of 0.26.
EQC has been the subject of a number of recent analyst reports. TheStreet upgraded shares of Equity Commonwealth from a “c+” rating to a “b” rating in a report on Tuesday, April 30th. Zacks Investment Research lowered shares of Equity Commonwealth from a “buy” rating to a “hold” rating in a report on Monday, June 3rd. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $34.00.
In related news, CFO Adam Scott Markman sold 12,500 shares of the company’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $31.96, for a total transaction of $399,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.60% of the company’s stock.
Equity Commonwealth Profile
Equity Commonwealth (NYSE: EQC) is a Chicago based, internally managed and self-advised real estate investment trust (REIT) with commercial office properties in the United States. As of December 31, 2018, EQC's portfolio comprised 10 properties and 5.1 million square feet.
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