Great Lakes Advisors LLC Invests $1.91 Million in Equity Residential $EQR

Great Lakes Advisors LLC bought a new stake in shares of Equity Residential (NYSE:EQR) in the 2nd quarter, Holdings Channel reports. The institutional investor bought 28,093 shares of the real estate investment trust’s stock, valued at approximately $1,908,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Norges Bank bought a new position in shares of Equity Residential during the 4th quarter valued at about $2,201,674,000. State Street Corp lifted its position in shares of Equity Residential by 2.8% in the third quarter. State Street Corp now owns 24,922,935 shares of the real estate investment trust’s stock worth $1,630,103,000 after buying an additional 688,854 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Equity Residential by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 10,258,275 shares of the real estate investment trust’s stock worth $644,412,000 after buying an additional 114,604 shares in the last quarter. First Eagle Investment Management LLC boosted its stake in Equity Residential by 0.5% during the fourth quarter. First Eagle Investment Management LLC now owns 9,242,013 shares of the real estate investment trust’s stock valued at $582,617,000 after buying an additional 44,127 shares during the last quarter. Finally, Cohen & Steers Inc. grew its holdings in Equity Residential by 227.7% during the 4th quarter. Cohen & Steers Inc. now owns 7,405,502 shares of the real estate investment trust’s stock valued at $466,869,000 after buying an additional 5,145,442 shares in the last quarter. 92.68% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on EQR. Royal Bank Of Canada cut Equity Residential from an “outperform” rating to a “sector perform” rating and upped their price objective for the stock from $69.00 to $70.00 in a report on Monday, June 8th. Evercore boosted their price target on shares of Equity Residential from $70.00 to $71.00 in a research report on Monday, June 8th. Scotiabank upped their price target on shares of Equity Residential from $67.00 to $70.00 and gave the company a “sector perform” rating in a research note on Thursday, July 9th. Wall Street Zen lowered shares of Equity Residential from a “hold” rating to a “sell” rating in a research report on Saturday, May 2nd. Finally, Mizuho upped their target price on shares of Equity Residential from $66.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, June 10th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and fourteen have assigned a Hold rating to the company. According to data from MarketBeat.com, Equity Residential currently has a consensus rating of “Hold” and an average price target of $71.40.

Equity Residential Stock Up 0.0%

Shares of EQR opened at $63.68 on Friday. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 0.77. The business has a fifty day moving average of $67.09 and a 200 day moving average of $64.57. The company has a market cap of $23.88 billion, a PE ratio of 27.69, a P/E/G ratio of 5.53 and a beta of 0.73. Equity Residential has a 52-week low of $57.57 and a 52-week high of $71.50.

Equity Residential (NYSE:EQR) last announced its earnings results on Wednesday, July 22nd. The real estate investment trust reported $1.02 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.01. The business had revenue of $785.05 million for the quarter, compared to the consensus estimate of $787.28 million. Equity Residential had a net margin of 27.97% and a return on equity of 8.06%. The business’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.99 earnings per share. On average, sell-side analysts expect that Equity Residential will post 4.08 EPS for the current year.

Equity Residential Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Monday, June 29th were paid a $0.7025 dividend. The ex-dividend date of this dividend was Monday, June 29th. This represents a $2.81 annualized dividend and a yield of 4.4%. Equity Residential’s dividend payout ratio (DPR) is presently 122.17%.

Equity Residential Profile

Equity Residential (NYSE: EQR) is a publicly traded real estate investment trust that acquires, develops, owns and operates rental apartment properties. Headquartered in Chicago, the company focuses on delivering professionally managed, market-rate apartment homes and related services to renters. Its operations cover a range of property types, including high-rise and mid-rise assets, with amenities and on-site management designed to support resident retention and occupancy.

The company’s core activities include property acquisitions, development and redevelopment, leasing, and day-to-day property management.