Equity Residential (EQR) Downgraded by Zacks Investment Research to Sell
Equity Residential (NYSE:EQR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday.
According to Zacks, “Shares of Equity Residential have underperformed its industry, year to date. The stock has seen the Zacks Consensus Estimate for third-quarter and current-year funds from operations (FFO) per share remaining unchanged in a month’s time. Notably, there is elevated supply in a number of its markets. This is likely to put pressure on rental rates and adversely affect revenue growth this year. Further, there is high concession activity amid higher supply, which remains a concern. Also, the company’s 2016 huge disposition activity is anticipated to affect its net operating income. Nevertheless, the company’s efforts to reposition portfolio in high barrier-to-entry/core markets is encouraging. Also, the company might benefit from favorable demographics, lifestyle transformation and creation of new households.”
Other equities research analysts have also recently issued research reports about the stock. BidaskClub upgraded shares of Equity Residential from a “hold” rating to a “buy” rating in a research note on Thursday, August 17th. UBS AG lowered shares of Equity Residential from a “buy” rating to a “neutral” rating and set a $68.00 price objective for the company. in a report on Thursday, July 6th. Royal Bank Of Canada reaffirmed a “hold” rating on shares of Equity Residential in a report on Monday, July 31st. Jefferies Group LLC reaffirmed a “hold” rating and set a $67.00 price objective on shares of Equity Residential in a report on Monday, July 17th. Finally, Deutsche Bank AG increased their price objective on shares of Equity Residential from $67.00 to $69.00 and gave the company a “hold” rating in a report on Friday, August 18th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company’s stock. Equity Residential currently has a consensus rating of “Hold” and a consensus price target of $68.15.
Shares of Equity Residential (NYSE EQR) traded down 0.855% during trading on Tuesday, reaching $66.695. 446,611 shares of the company traded hands. The company has a market capitalization of $24.50 billion, a P/E ratio of 29.841 and a beta of 0.37. The company’s 50-day moving average price is $66.83 and its 200-day moving average price is $66.12. Equity Residential has a 52 week low of $58.28 and a 52 week high of $68.83.
Equity Residential (NYSE:EQR) last released its earnings results on Tuesday, July 25th. The real estate investment trust reported $0.77 EPS for the quarter, hitting analysts’ consensus estimates of $0.77. Equity Residential had a net margin of 33.99% and a return on equity of 7.92%. The company had revenue of $612.48 million for the quarter, compared to analysts’ expectations of $609.37 million. During the same quarter last year, the business earned $0.76 EPS. The firm’s revenue was up 2.9% compared to the same quarter last year. Equities research analysts forecast that Equity Residential will post $1.48 EPS for the current fiscal year.
In related news, EVP Bruce C. Strohm sold 10,000 shares of the firm’s stock in a transaction on Friday, September 8th. The shares were sold at an average price of $68.50, for a total value of $685,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO David J. Neithercut sold 75,000 shares of the firm’s stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $68.10, for a total transaction of $5,107,500.00. 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. 3.79% of the stock is currently owned by insiders.
Several hedge funds have recently bought and sold shares of the stock. Dynamic Technology Lab Private Ltd grew its holdings in shares of Equity Residential by 1.8% in the second quarter. Dynamic Technology Lab Private Ltd now owns 3,558 shares of the real estate investment trust’s stock valued at $235,000 after purchasing an additional 64 shares in the last quarter. D.A. Davidson & CO. lifted its position in Equity Residential by 4.1% in the second quarter. D.A. Davidson & CO. now owns 1,873 shares of the real estate investment trust’s stock worth $123,000 after buying an additional 73 shares during the last quarter. Suntrust Banks Inc. lifted its position in Equity Residential by 0.6% in the second quarter. Suntrust Banks Inc. now owns 17,043 shares of the real estate investment trust’s stock worth $1,121,000 after buying an additional 108 shares during the last quarter. Oppenheimer & Co. Inc. lifted its position in Equity Residential by 0.4% in the first quarter. Oppenheimer & Co. Inc. now owns 27,252 shares of the real estate investment trust’s stock worth $1,695,000 after buying an additional 120 shares during the last quarter. Finally, CIBC Asset Management Inc lifted its position in Equity Residential by 0.4% in the second quarter. CIBC Asset Management Inc now owns 39,453 shares of the real estate investment trust’s stock worth $2,597,000 after buying an additional 168 shares during the last quarter. 91.05% of the stock is owned by hedge funds and other institutional investors.
Equity Residential Company Profile
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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