RBC Capital Markets upgraded shares of Equity Commonwealth (NYSE:EQC) from an underperform rating to a sector perform rating in a research report report published on Friday. RBC Capital Markets currently has $32.00 price target on the real estate investment trust’s stock, up from their prior price target of $28.00.
A number of other research analysts have also commented on the company. Bank of America Corp. upgraded Equity Commonwealth from a neutral rating to a buy rating in a report on Monday, August 15th. Zacks Investment Research lowered Equity Commonwealth from a hold rating to a sell rating in a report on Wednesday, September 7th. Royal Bank Of Canada upgraded Equity Commonwealth from an underperform rating to a sector perform rating and upped their price target for the stock from $28.00 to $32.00 in a report on Friday, September 30th. Finally, Citigroup Inc. upped their price target 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, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of $32.25.
Shares of Equity Commonwealth (NYSE:EQC) opened at 29.42 on Friday. The firm has a 50-day moving average price of $30.68 and a 200-day moving average price of $29.24. Equity Commonwealth has a 1-year low of $25.23 and a 1-year high of $31.91. The company has a market capitalization of $3.69 billion, a PE ratio of 21.96 and a beta of 0.33.
Equity Commonwealth (NYSE:EQC) last issued its quarterly earnings results on Thursday, July 28th. The real estate investment trust reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.12. Equity Commonwealth had a return on equity of 6.92% and a net margin of 35.80%. The company earned $145.37 million during the quarter, compared to analyst estimates of $136.57 million. During the same period in the previous year, the company earned $0.52 earnings per share. The company’s quarterly revenue was down 28.6% compared to the same quarter last year. Equities analysts anticipate that Equity Commonwealth will post $1.18 earnings per share for the current year.
Several hedge funds have recently added to or reduced their stakes in the stock. Cove Street Capital LLC boosted its stake in Equity Commonwealth by 39.7% in the second quarter. Cove Street Capital LLC now owns 577,221 shares of the real estate investment trust’s stock worth $16,815,000 after buying an additional 163,935 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its stake in Equity Commonwealth by 8.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 930,204 shares of the real estate investment trust’s stock worth $27,097,000 after buying an additional 69,803 shares in the last quarter. Stifel Financial Corp boosted its stake in Equity Commonwealth by 4.1% in the second quarter. Stifel Financial Corp now owns 18,350 shares of the real estate investment trust’s stock worth $536,000 after buying an additional 719 shares in the last quarter. Legal & General Group Plc boosted its stake in Equity Commonwealth by 12.4% in the second quarter. Legal & General Group Plc now owns 337,119 shares of the real estate investment trust’s stock worth $9,818,000 after buying an additional 37,119 shares in the last quarter. Finally, Highbridge Capital Management LLC purchased a new stake in Equity Commonwealth during the second quarter worth about $758,000. 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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