Equity Residential (NYSE:EQR) – SunTrust Banks boosted their FY2019 earnings per share estimates for shares of Equity Residential in a report released on Thursday, August 22nd, according to Zacks Investment Research. SunTrust Banks analyst M. Lewis now anticipates that the real estate investment trust will earn $3.43 per share for the year, up from their previous estimate of $3.39. SunTrust Banks currently has a “Hold” rating and a $80.00 target price on the stock. SunTrust Banks also issued estimates for Equity Residential’s Q4 2019 earnings at $0.88 EPS, Q1 2020 earnings at $0.87 EPS, Q2 2020 earnings at $0.92 EPS, Q3 2020 earnings at $0.90 EPS, Q4 2020 earnings at $0.91 EPS, FY2020 earnings at $3.59 EPS, FY2021 earnings at $3.71 EPS, FY2022 earnings at $3.78 EPS and FY2023 earnings at $3.86 EPS.
Equity Residential (NYSE:EQR) last issued its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $0.83 EPS for the quarter, missing the consensus estimate of $0.85 by ($0.02). Equity Residential had a net margin of 28.27% and a return on equity of 7.21%. The company had revenue of $669.37 million for the quarter, compared to analyst estimates of $667.59 million. During the same period last year, the company posted $0.81 earnings per share. The business’s revenue for the quarter was up 4.7% on a year-over-year basis.
Several other brokerages have also recently commented on EQR. Morgan Stanley increased their price target on Equity Residential from $79.00 to $90.00 and gave the company an “equal weight” rating in a research report on Friday, September 6th. Zacks Investment Research raised Equity Residential from a “hold” rating to a “buy” rating and set a $86.00 price target for the company in a research report on Monday, August 12th. Finally, Argus raised their price objective on Equity Residential to $84.00 and gave the company a “buy” rating in a research report on Thursday, May 23rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $77.97.
NYSE EQR traded down $0.81 during trading hours on Friday, hitting $84.55. 1,442,390 shares of the company traded hands, compared to its average volume of 1,360,464. The business’s 50-day moving average is $82.23 and its 200-day moving average is $77.71. Equity Residential has a twelve month low of $62.40 and a twelve month high of $87.09. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.45 and a current ratio of 1.45. The stock has a market capitalization of $31.66 billion, a price-to-earnings ratio of 26.02, a P/E/G ratio of 4.14 and a beta of 0.49.
Several hedge funds and other institutional investors have recently made changes to their positions in EQR. Cohen & Steers Inc. increased its stake in shares of Equity Residential by 74.6% during the second quarter. Cohen & Steers Inc. now owns 6,812,818 shares of the real estate investment trust’s stock worth $517,229,000 after purchasing an additional 2,911,036 shares during the period. Nuveen Asset Management LLC increased its stake in Equity Residential by 179.5% during the 2nd quarter. Nuveen Asset Management LLC now owns 3,746,745 shares of the real estate investment trust’s stock worth $284,454,000 after acquiring an additional 2,406,121 shares during the period. FMR LLC increased its stake in Equity Residential by 15.8% during the 1st quarter. FMR LLC now owns 10,042,326 shares of the real estate investment trust’s stock worth $756,387,000 after acquiring an additional 1,373,126 shares during the period. Centersquare Investment Management LLC increased its stake in Equity Residential by 39.4% during the 1st quarter. Centersquare Investment Management LLC now owns 3,885,671 shares of the real estate investment trust’s stock worth $292,669,000 after acquiring an additional 1,097,577 shares during the period. Finally, BlackRock Inc. increased its stake in Equity Residential by 2.3% during the 1st quarter. BlackRock Inc. now owns 42,189,362 shares of the real estate investment trust’s stock worth $3,177,704,000 after acquiring an additional 942,825 shares during the period. Institutional investors own 88.47% of the company’s stock.
In other news, EVP Scott Fenster sold 2,477 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $79.36, for a total transaction of $196,574.72. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director David J. Neithercut sold 50,000 shares of the stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $80.24, for a total value of $4,012,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 194,327 shares of company stock valued at $15,811,300. Insiders own 3.75% of the company’s stock.
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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