Equity Residential (NYSE:EQR) Upgraded to Outperform at Evercore ISI

Evercore ISI upgraded shares of Equity Residential (NYSE:EQR) from an in-line rating to an outperform rating in a research note published on Monday, Analyst Ratings Network reports. Evercore ISI currently has $89.00 price target on the real estate investment trust’s stock, up from their prior price target of $85.00.

Several other research analysts have also recently issued reports on EQR. Morgan Stanley raised their target price on Equity Residential from $85.00 to $91.00 and gave the stock an equal weight rating in a research report on Thursday, August 5th. Wells Fargo & Company lifted their price objective on Equity Residential from $77.00 to $84.00 and gave the company an equal weight rating in a research report on Thursday, August 26th. Wolfe Research assumed coverage on Equity Residential in a research report on Monday, June 14th. They set a peer perform rating and a $83.00 price objective on the stock. TheStreet raised Equity Residential from a c rating to a b- rating in a research report on Tuesday, July 27th. Finally, BMO Capital Markets raised Equity Residential from a market perform rating to an outperform rating and lifted their price objective for the company from $72.00 to $89.00 in a research report on Tuesday, June 1st. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $80.73.

Shares of NYSE:EQR opened at $80.62 on Monday. The stock has a market capitalization of $30.19 billion, a price-to-earnings ratio of 42.21, a PEG ratio of 7.53 and a beta of 0.78. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.22 and a current ratio of 0.22. The stock’s 50-day simple moving average is $83.25 and its two-hundred day simple moving average is $78.05. Equity Residential has a 52-week low of $45.42 and a 52-week high of $86.04.

Equity Residential (NYSE:EQR) last announced its earnings results on Tuesday, July 27th. The real estate investment trust reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.14. The business had revenue of $598.06 million for the quarter, compared to analysts’ expectations of $597.49 million. Equity Residential had a return on equity of 6.75% and a net margin of 29.53%. The business’s revenue for the quarter was down 8.5% on a year-over-year basis. During the same period last year, the firm posted $0.70 earnings per share. As a group, equities analysts forecast that Equity Residential will post 2.9 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 8th. Shareholders of record on Monday, September 27th will be paid a $0.6025 dividend. This represents a $2.41 dividend on an annualized basis and a yield of 2.99%. The ex-dividend date is Friday, September 24th. Equity Residential’s payout ratio is 73.93%.

In other Equity Residential news, Director David J. Neithercut sold 1,721 shares of Equity Residential stock in a transaction that occurred on Thursday, July 29th. The stock was sold at an average price of $85.00, for a total value of $146,285.00. Following the sale, the director now owns 3,392 shares of the company’s stock, valued at approximately $288,320. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 2.50% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE increased its position in shares of Equity Residential by 31.1% during the 2nd quarter. Bank of America Corp DE now owns 10,631,140 shares of the real estate investment trust’s stock valued at $818,599,000 after purchasing an additional 2,519,818 shares during the last quarter. Parametric Portfolio Associates LLC increased its position in shares of Equity Residential by 17.7% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 1,018,680 shares of the real estate investment trust’s stock valued at $78,438,000 after purchasing an additional 153,285 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in Equity Residential during the 2nd quarter valued at $535,000. Marshall Wace LLP purchased a new position in Equity Residential during the 2nd quarter valued at $13,305,000. Finally, Marshall Wace North America L.P. purchased a new position in Equity Residential during the 2nd quarter valued at $24,499,000. 83.43% of the stock is currently owned by hedge funds and other institutional investors.

About Equity Residential

Equity Residential operates as a real estate investment trust. It engages in the acquisition, development, and management of rental apartment properties, which includes the generation of rental and other related income through the leasing of apartment units to residents. The company was founded by Robert H.

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Analyst Recommendations for Equity Residential (NYSE:EQR)

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