Equity Commonwealth (NYSE:EQC) was upgraded by stock analysts at Royal Bank Of Canada from an “underperform” rating to a “sector perform” rating in a research note issued on Friday. The firm currently has a $32.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $28.00. Royal Bank Of Canada’s price target indicates a potential upside of 5.09% from the company’s previous close.
A number of other research analysts have also issued reports on EQC. Zacks Investment Research raised Equity Commonwealth from a “hold” rating to a “buy” rating and set a $33.00 target price on the stock in a report on Tuesday, July 5th. Bank of America Corp. raised Equity Commonwealth from a “neutral” rating to a “buy” rating in a report on Monday, August 15th. Finally, Citigroup Inc. lifted their target price on Equity Commonwealth from $28.00 to $31.00 and gave the stock a “neutral” rating in a report on Thursday, September 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. Equity Commonwealth has an average rating of “Hold” and an average target price of $32.33.
Equity Commonwealth (NYSE:EQC) opened at 30.45 on Friday. Equity Commonwealth has a 1-year low of $25.23 and a 1-year high of $31.91. The firm has a market cap of $3.82 billion, a P/E ratio of 22.72 and a beta of 0.40. The stock’s 50 day moving average is $30.68 and its 200-day moving average is $29.17.
Equity Commonwealth (NYSE:EQC) last released its earnings results on Thursday, July 28th. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.12. The firm had revenue of $145.37 million for the quarter, compared to analyst estimates of $136.57 million. Equity Commonwealth had a return on equity of 6.92% and a net margin of 35.80%. Equity Commonwealth’s revenue was down 28.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.52 earnings per share. Analysts forecast that Equity Commonwealth will post $1.14 EPS for the current year.
Several institutional investors have recently added to or reduced their stakes in the stock. Aperio Group LLC raised its position in Equity Commonwealth by 21.8% in the first quarter. Aperio Group LLC now owns 31,408 shares of the real estate investment trust’s stock worth $886,000 after buying an additional 5,626 shares during the period. Nisa Investment Advisors L.L.C. raised its stake in shares of Equity Commonwealth by 63.0% in the first quarter. Nisa Investment Advisors L.L.C. now owns 16,300 shares of the real estate investment trust’s stock worth $460,000 after buying an additional 6,300 shares during the last quarter. Virginia Retirement System acquired a new stake in shares of Equity Commonwealth during the first quarter worth approximately $2,472,000. Prudential Financial Inc. raised its stake in shares of Equity Commonwealth by 50.1% in the first quarter. Prudential Financial Inc. now owns 710,309 shares of the real estate investment trust’s stock worth $20,045,000 after buying an additional 237,200 shares during the last quarter. Finally, BlackRock Inc. raised its stake in shares of Equity Commonwealth by 48.2% in the first quarter. BlackRock Inc. now owns 284,225 shares of the real estate investment trust’s stock worth $8,020,000 after buying an additional 92,459 shares during the last quarter. Institutional investors and hedge funds own 92.54% of the company’s stock.
Equity Commonwealth Company Profile
Equity Commonwealth is an internally managed and self-advised real estate investment trust (REIT). The Company is engaged in the ownership and operation of office buildings throughout the United States. It operates in central business district properties and suburban properties segment. The Company’s portfolio includes approximately 60 properties (over 130 buildings) with a combined of approximately 24 million square feet.
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