Equity Commonwealth (EQC) Upgraded to “Hold” at Zacks Investment Research
Zacks Investment Research upgraded shares of Equity Commonwealth (NYSE:EQC) from a strong sell rating to a hold rating in a research note issued to investors on Wednesday.
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. “
Several other research analysts have also recently weighed in on the company. Stifel Nicolaus reiterated a hold rating and set a $33.00 price objective on shares of Equity Commonwealth in a research report on Thursday, September 21st. BidaskClub cut 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 up 0.72% during trading on Wednesday, reaching $30.82. 306,421 shares of the company were exchanged. The company has a 50 day moving average price of $30.50 and a 200-day moving average price of $31.26. The stock has a market capitalization of $3.82 billion, a price-to-earnings ratio of 35.67 and a beta of 0.14. Equity Commonwealth has a one year low of $28.04 and a one year high of $32.51.
Equity Commonwealth (NYSE:EQC) last posted its quarterly earnings results on Monday, July 24th. The real estate investment trust reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.05). Equity Commonwealth had a net margin of 28.50% and a return on equity of 3.69%. The business had revenue of $91.60 million during the quarter, compared to the consensus estimate of $98.55 million. During the same quarter last year, the company posted $0.42 EPS. The firm’s revenue was down 37.0% on a year-over-year basis. Equities analysts predict that Equity Commonwealth will post $0.19 EPS for the current year.
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Institutional investors and hedge funds have recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale acquired a new stake in shares of Equity Commonwealth during the 2nd quarter worth $304,000. Prudential Financial Inc. grew its holdings in shares of Equity Commonwealth by 402.1% during the 1st quarter. Prudential Financial Inc. now owns 39,209 shares of the real estate investment trust’s stock worth $1,224,000 after purchasing an additional 31,400 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Equity Commonwealth by 1.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,703,322 shares of the real estate investment trust’s stock worth $53,178,000 after purchasing an additional 27,136 shares in the last quarter. Manning & Napier Advisors LLC grew its holdings in shares of Equity Commonwealth by 44.1% during the 2nd quarter. Manning & Napier Advisors LLC now owns 201,165 shares of the real estate investment trust’s stock worth $6,355,000 after purchasing an additional 61,535 shares in the last quarter. Finally, Micawber Capital LLC acquired a new stake in shares of Equity Commonwealth during the 2nd quarter worth $1,037,000. 94.08% of the stock is currently owned by 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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