Highbridge Capital Management LLC Acquires 29,000 Shares of Equity Residential (EQR)
Highbridge Capital Management LLC boosted its holdings in Equity Residential (NYSE:EQR) by 37.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 107,000 shares of the real estate investment trust’s stock after buying an additional 29,000 shares during the period. Highbridge Capital Management LLC’s holdings in Equity Residential were worth $7,055,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also added to or reduced their stakes in 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. Amica Retiree Medical Trust purchased a new position in Equity Residential in the 3rd quarter valued at approximately $135,000. Zions Bancorporation grew its stake in Equity Residential by 3,348.4% in the 3rd quarter. Zions Bancorporation now owns 2,138 shares of the real estate investment trust’s stock valued at $141,000 after buying an additional 2,076 shares in the last quarter. Finally, 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. Institutional investors and hedge funds own 94.13% of the company’s stock.
In other news, Chairman Samuel Zell sold 91,651 shares of Equity Residential stock in a transaction on Monday, October 30th. The shares were sold at an average price of $67.17, for a total transaction of $6,156,197.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David J. Neithercut sold 100,000 shares of Equity Residential stock in a transaction on Wednesday, November 8th. The stock was sold at an average price of $70.17, for a total transaction of $7,017,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 402,380 shares of company stock valued at $27,663,622 over the last ninety days. 3.79% of the stock is currently owned by insiders.
Equity Residential (EQR) traded up $0.11 during midday trading on Tuesday, hitting $65.92. 1,083,100 shares of the stock were exchanged, compared to its average volume of 1,688,577. Equity Residential has a 52 week low of $59.49 and a 52 week high of $70.46. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.24 and a quick ratio of 0.24. The company has a market cap of $24,184.17, a P/E ratio of 21.23, a P/E/G ratio of 3.34 and a beta of 0.36.
EQR has been the subject of a number of recent research reports. Stifel Nicolaus initiated 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. Robert W. Baird reiterated a “hold” rating and issued a $70.00 price objective on shares of Equity Residential in a research note on Friday, November 10th. TheStreet downgraded shares of Equity Residential from a “b” rating to a “c+” rating in a report on Tuesday, October 24th. SunTrust Banks set a $71.00 price target on shares of Equity Residential and gave the company a “buy” rating in a report on Tuesday, October 24th. Finally, BMO Capital Markets reissued a “hold” rating and issued a $68.00 price target on shares of Equity Residential in a report on Wednesday, September 6th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $69.47.
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Equity Residential 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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