Equity Commonwealth (EQC) Downgraded by Zacks Investment Research
Zacks Investment Research lowered shares of Equity Commonwealth (NYSE:EQC) from a hold rating to a sell rating in a research note published on Thursday morning.
According to Zacks, “Equity Commonwealth is an internally managed and self-advised real estate investment trust. It primarily owns office buildings located throughout the United States. The majority of its portfolio consists of office buildings located in central business districts, or CBDs, of major metropolitan markets. Equity Commonwealth, formerly known as CommonWealth REIT, is based in Chicago. “
A number of other equities research analysts have also recently weighed in on the stock. Stifel Nicolaus reissued a hold rating and issued a $33.00 price target on shares of Equity Commonwealth in a research report on Thursday, September 21st. BidaskClub cut shares of Equity Commonwealth from a sell rating to a strong sell rating in a research report on Saturday, July 8th.
Shares of Equity Commonwealth (EQC) traded down 0.03% during mid-day trading on Thursday, hitting $30.00. The stock had a trading volume of 719,846 shares. Equity Commonwealth has a 12 month low of $28.04 and a 12 month high of $32.51. The firm has a market cap of $3.72 billion, a PE ratio of 34.72 and a beta of 0.14. The stock’s 50-day moving average is $30.48 and its 200 day moving average is $31.18.
Equity Commonwealth (NYSE:EQC) last issued its earnings results on Monday, July 24th. The real estate investment trust reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.05). The firm had revenue of $91.60 million for the quarter, compared to analyst estimates of $98.55 million. Equity Commonwealth had a return on equity of 3.69% and a net margin of 28.50%. The business’s revenue for the quarter was down 37.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.42 EPS. Equities research analysts predict that Equity Commonwealth will post $0.19 earnings per share for the current fiscal year.
Institutional investors and hedge funds have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company lifted its position in Equity Commonwealth by 7.7% in the second quarter. The Manufacturers Life Insurance Company now owns 3,853 shares of the real estate investment trust’s stock valued at $122,000 after acquiring an additional 275 shares during the last quarter. Blair William & Co. IL purchased a new stake in Equity Commonwealth in the second quarter valued at $202,000. SG Americas Securities LLC lifted its position in Equity Commonwealth by 39.8% in the first quarter. SG Americas Securities LLC now owns 7,212 shares of the real estate investment trust’s stock valued at $225,000 after acquiring an additional 2,052 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Equity Commonwealth by 6.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,232 shares of the real estate investment trust’s stock valued at $260,000 after acquiring an additional 463 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale purchased a new stake in Equity Commonwealth in the second quarter valued at $304,000. 94.08% of the stock is owned by hedge funds and other institutional investors.
About Equity Commonwealth
Equity Commonwealth is an internally managed and self-advised real estate investment trust. The Company is engaged in the ownership and operation primarily of office buildings across the United States. The Company conducts its activities primarily through EQC Operating Trust (the Operating Trust). As of August 14, 2017, the Company’s portfolio included 20 properties and 11 million square feet.
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