Castle Ridge Investment Management LP purchased a new stake in Equity Residential (NYSE:EQR) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 69,102 shares of the real estate investment trust’s stock, valued at approximately $4,549,000. Equity Residential comprises approximately 1.7% of Castle Ridge Investment Management LP’s investment portfolio, making the stock its 23rd largest holding.
Other institutional investors and hedge funds have also modified their holdings of the company. Aperio Group LLC increased its stake in shares of Equity Residential by 17.8% in the 2nd quarter. Aperio Group LLC now owns 164,732 shares of the real estate investment trust’s stock valued at $10,844,000 after purchasing an additional 24,926 shares during the last quarter. Colony Group LLC increased its stake in shares of Equity Residential by 45.0% in the 1st quarter. Colony Group LLC now owns 21,417 shares of the real estate investment trust’s stock valued at $1,333,000 after purchasing an additional 6,646 shares during the last quarter. Virginia Retirement Systems ET AL increased its stake in shares of Equity Residential by 7.9% in the 2nd quarter. Virginia Retirement Systems ET AL now owns 343,887 shares of the real estate investment trust’s stock valued at $22,638,000 after purchasing an additional 25,300 shares during the last quarter. Land & Buildings Investment Management LLC bought a new position in shares of Equity Residential in the 1st quarter valued at $15,692,000. Finally, California Public Employees Retirement System increased its stake in shares of Equity Residential by 5.4% in the 1st quarter. California Public Employees Retirement System now owns 893,256 shares of the real estate investment trust’s stock valued at $55,578,000 after purchasing an additional 45,900 shares during the last quarter. Institutional investors own 91.04% of the company’s stock.
Equity Residential (NYSE:EQR) last released its earnings results on Tuesday, July 25th. The real estate investment trust reported $0.77 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.77. The business had revenue of $612.48 million for the quarter, compared to analysts’ expectations of $609.37 million. Equity Residential had a return on equity of 7.92% and a net margin of 33.99%. The firm’s revenue was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.76 earnings per share.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Monday, September 25th will be paid a dividend of $0.5038 per share. The ex-dividend date is Friday, September 22nd. This represents a $2.02 dividend on an annualized basis and a dividend yield of 3.06%. Equity Residential’s dividend payout ratio (DPR) is currently 90.58%.
Several equities analysts have recently issued reports on the company. BidaskClub upgraded Equity Residential from a “hold” rating to a “buy” rating in a research note on Tuesday, June 20th. Jefferies Group LLC reiterated a “hold” rating and issued a $65.00 price target on shares of Equity Residential in a research note on Sunday, September 10th. Barclays PLC lifted their price target on Equity Residential from $65.00 to $66.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 1st. TheStreet raised Equity Residential from a “c+” rating to a “b” rating in a report on Monday, July 31st. Finally, Bank of America Corporation raised Equity Residential from a “neutral” rating to a “buy” rating and set a $75.00 price objective on the stock in a report on Friday, June 16th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $68.21.
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In other news, CEO David J. Neithercut sold 75,000 shares of the firm’s stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $68.10, for a total transaction of $5,107,500.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Michael L. Manelis sold 433 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $67.03, for a total value of $29,023.99. The disclosure for this sale can be found here. Insiders have sold 173,622 shares of company stock worth $11,816,599 over the last ninety days. Insiders own 3.79% of the company’s stock.
Equity Residential Company Profile
Equity Residential is a real estate investment trust. The Company’s primary business is the acquisition, development and management of multifamily residential properties. Its segments include Boston, New York, Washington DC, Southern California, San Francisco, Seattle and Other Markets. Southern California includes Los Angeles, San Diego and Orange County.
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