Creative Planning Sells 1,408 Shares of Equity Residential (NYSE:EQR)

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Creative Planning lessened its stake in Equity Residential (NYSE:EQR) by 16.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,078 shares of the real estate investment trust’s stock after selling 1,408 shares during the quarter. Creative Planning’s holdings in Equity Residential were worth $416,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Sumitomo Life Insurance Co. increased its holdings in Equity Residential by 1.0% in the first quarter. Sumitomo Life Insurance Co. now owns 17,579 shares of the real estate investment trust’s stock valued at $1,085,000 after purchasing an additional 170 shares during the last quarter. First Manhattan Co. increased its holdings in shares of Equity Residential by 4.2% in the first quarter. First Manhattan Co. now owns 4,715 shares of the real estate investment trust’s stock worth $290,000 after acquiring an additional 191 shares in the last quarter. Danda Trouve Investment Management Inc. increased its holdings in shares of Equity Residential by 2.2% in the first quarter. Danda Trouve Investment Management Inc. now owns 8,842 shares of the real estate investment trust’s stock worth $546,000 after acquiring an additional 193 shares in the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of Equity Residential by 1.4% in the second quarter. Louisiana State Employees Retirement System now owns 15,000 shares of the real estate investment trust’s stock worth $882,000 after acquiring an additional 200 shares in the last quarter. Finally, First Horizon Advisors Inc. increased its holdings in shares of Equity Residential by 111.1% in the first quarter. First Horizon Advisors Inc. now owns 477 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 251 shares in the last quarter. Institutional investors and hedge funds own 88.26% of the company’s stock.

NYSE:EQR opened at $53.63 on Friday. The company has a quick ratio of 0.36, a current ratio of 1.06 and a debt-to-equity ratio of 0.78. The stock’s 50 day moving average price is $58.41 and its two-hundred day moving average price is $67.54. The firm has a market capitalization of $19.96 billion, a price-to-earnings ratio of 17.82, a P/E/G ratio of 3.98 and a beta of 0.62. Equity Residential has a 12-month low of $49.62 and a 12-month high of $89.55.

Equity Residential (NYSE:EQR) last released its quarterly earnings data on Tuesday, July 28th. The real estate investment trust reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.13). The business had revenue of $653.53 million during the quarter, compared to the consensus estimate of $661.89 million. Equity Residential had a net margin of 41.64% and a return on equity of 10.62%. Equity Residential’s quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.86 EPS. Equities research analysts expect that Equity Residential will post 3.34 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Monday, June 22nd were paid a $0.6025 dividend. The ex-dividend date was Friday, June 19th. This represents a $2.41 annualized dividend and a yield of 4.49%. Equity Residential’s dividend payout ratio is 69.05%.

Several equities research analysts have issued reports on EQR shares. Bank of America downgraded Equity Residential from a “buy” rating to a “neutral” rating in a report on Monday, May 18th. Piper Sandler reduced their price objective on Equity Residential from $56.00 to $50.00 and set an “underweight” rating for the company in a research report on Monday, July 27th. TheStreet cut Equity Residential from a “b-” rating to a “c+” rating in a research report on Wednesday, July 8th. Deutsche Bank reduced their price objective on Equity Residential from $76.00 to $68.00 and set a “hold” rating for the company in a research report on Wednesday, May 6th. Finally, Scotiabank cut Equity Residential from a “sector outperform” rating to a “sector underperform” rating and reduced their price objective for the stock from $68.00 to $55.00 in a research report on Monday, June 29th. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $72.19.

Equity Residential Company Profile

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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Institutional Ownership by Quarter for Equity Residential (NYSE:EQR)

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