Creative Planning trimmed its position in Equity Residential (NYSE:EQR) by 16.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,078 shares of the real estate investment trust’s stock after selling 1,408 shares during the period. Creative Planning’s holdings in Equity Residential were worth $416,000 at the end of the most recent quarter.
Other institutional investors have also recently modified their holdings of the company. First Horizon Advisors Inc. increased its position in Equity Residential by 111.1% in the 1st quarter. First Horizon Advisors Inc. now owns 477 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 251 shares in the last quarter. WASHINGTON TRUST Co bought a new stake in Equity Residential in the 1st quarter valued at about $42,000. Ellevest Inc. increased its position in Equity Residential by 68.1% in the 1st quarter. Ellevest Inc. now owns 765 shares of the real estate investment trust’s stock valued at $47,000 after buying an additional 310 shares in the last quarter. Financial Management Professionals Inc. bought a new stake in Equity Residential in the 2nd quarter valued at about $47,000. Finally, Carroll Financial Associates Inc. bought a new stake in Equity Residential in the 2nd quarter valued at about $51,000. 88.26% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE EQR opened at $53.63 on Friday. Equity Residential has a twelve month low of $49.62 and a twelve month high of $89.55. The stock’s 50 day moving average price is $58.41 and its 200-day moving average price is $67.54. The company has a market capitalization of $19.96 billion, a PE ratio of 17.82, a PEG ratio of 3.98 and a beta of 0.62. The company has a quick ratio of 0.36, a current ratio of 1.06 and a debt-to-equity ratio of 0.78.
Equity Residential (NYSE:EQR) last posted its quarterly earnings data on Tuesday, July 28th. The real estate investment trust reported $0.70 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.13). Equity Residential had a net margin of 41.64% and a return on equity of 10.62%. The firm had revenue of $653.53 million during the quarter, compared to analysts’ expectations of $661.89 million. During the same quarter in the previous year, the company posted $0.86 EPS. Equity Residential’s revenue for the quarter was down 2.4% on a year-over-year basis. As a group, research analysts expect that Equity Residential will post 3.34 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Monday, June 22nd were paid a $0.6025 dividend. The ex-dividend date of this dividend was Friday, June 19th. This represents a $2.41 annualized dividend and a yield of 4.49%. Equity Residential’s payout ratio is 69.05%.
A number of brokerages recently commented on EQR. TheStreet lowered Equity Residential from a “b-” rating to a “c+” rating in a research report on Wednesday, July 8th. Evercore ISI upgraded Equity Residential from an “underperform” rating to an “in-line” rating and set a $68.00 price target for the company in a research note on Monday, May 11th. Bank of America downgraded Equity Residential from a “buy” rating to a “neutral” rating in a research note on Monday, May 18th. Argus cut their price target on Equity Residential from $90.00 to $70.00 and set a “buy” rating for the company in a research note on Tuesday, July 7th. Finally, Piper Sandler cut their price target on Equity Residential from $56.00 to $50.00 and set an “underweight” rating for the company in a research note on Monday, July 27th. Four analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $72.19.
About Equity Residential
Equity Residential is an S&P 500 company focused on the acquisition, development and management of rental apartment properties located in urban and high-density suburban markets where today's renters want to live, work and play. Equity Residential owns or has investments in 307 properties consisting of 79,482 apartment units, primarily located in Boston, New York, Washington, DC, Seattle, San Francisco, Southern California and Denver.
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