Verition Fund Management LLC reduced its position in shares of Equity Residential (NYSE:EQR) by 80.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,662 shares of the real estate investment trust’s stock after selling 30,672 shares during the period. Verition Fund Management LLC’s holdings in Equity Residential were worth $472,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of the stock. Amundi Pioneer Asset Management Inc. raised its position in shares of Equity Residential by 19.1% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 586,035 shares of the real estate investment trust’s stock valued at $36,111,000 after acquiring an additional 93,867 shares in the last quarter. Point72 Asia Hong Kong Ltd increased its position in Equity Residential by 5,248.4% in the first quarter. Point72 Asia Hong Kong Ltd now owns 4,974 shares of the real estate investment trust’s stock worth $306,000 after buying an additional 4,881 shares during the period. Point72 Asset Management L.P. acquired a new stake in Equity Residential in the first quarter worth $3,426,000. Guggenheim Capital LLC increased its position in Equity Residential by 2.8% in the first quarter. Guggenheim Capital LLC now owns 689,200 shares of the real estate investment trust’s stock worth $42,468,000 after buying an additional 18,990 shares during the period. Finally, LPL Financial LLC increased its position in Equity Residential by 74.6% in the first quarter. LPL Financial LLC now owns 18,562 shares of the real estate investment trust’s stock worth $1,144,000 after buying an additional 7,928 shares during the period. 92.64% of the stock is currently owned by institutional investors and hedge funds.
In related news, insider Barry Altshuler sold 5,182 shares of the firm’s stock in a transaction dated Friday, April 27th. The stock was sold at an average price of $61.15, for a total transaction of $316,879.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO David J. Neithercut sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, June 12th. The shares were sold at an average price of $64.50, for a total value of $1,612,500.00. The disclosure for this sale can be found here. Insiders have sold 32,110 shares of company stock valued at $2,048,048 in the last ninety days. Company insiders own 3.75% of the company’s stock.
Several equities research analysts have weighed in on EQR shares. BMO Capital Markets set a $61.00 target price on Equity Residential and gave the stock a “hold” rating in a research report on Friday, March 2nd. Robert W. Baird set a $62.00 target price on Equity Residential and gave the stock a “hold” rating in a research report on Friday, March 2nd. Sandler O’Neill reaffirmed a “hold” rating and issued a $65.00 target price on shares of Equity Residential in a research report on Tuesday, March 20th. UBS Group raised Equity Residential from a “neutral” rating to a “buy” rating and set a $69.00 target price on the stock in a research report on Monday, March 19th. Finally, Bank of America increased their target price on Equity Residential from $74.00 to $76.00 and gave the stock a “buy” rating in a research report on Friday, June 8th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $66.38.
Equity Residential opened at $63.66 on Tuesday, Marketbeat Ratings reports. Equity Residential has a 1 year low of $54.97 and a 1 year high of $70.46. The firm has a market capitalization of $23.24 billion, a PE ratio of 19.91, a price-to-earnings-growth ratio of 3.25 and a beta of 0.35. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 0.83.
Equity Residential (NYSE:EQR) last released its quarterly earnings results on Tuesday, April 24th. The real estate investment trust reported $0.57 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.78 by ($0.21). Equity Residential had a return on equity of 6.41% and a net margin of 26.83%. The business had revenue of $633.02 million during the quarter, compared to the consensus estimate of $626.81 million. During the same period in the previous year, the company posted $0.76 EPS. The company’s revenue for the quarter was up 4.8% compared to the same quarter last year. sell-side analysts predict that Equity Residential will post 3.23 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 13th. Investors of record on Monday, June 25th will be paid a dividend of $0.54 per share. The ex-dividend date is Friday, June 22nd. This represents a $2.16 annualized dividend and a yield of 3.39%. Equity Residential’s dividend payout ratio is currently 69.01%.
Equity Residential Company Profile
Equity Residential is an S&P 500 company focused on the acquisition, development and management of rental apartment properties in urban and high-density suburban coastal gateway markets where today's renters want to live, work and play. Equity Residential owns or has investments in 303 properties consisting of 78,399 apartment units, primarily located in Boston, New York, Washington, DC, Seattle, San Francisco and Southern California.
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