On Wednesday, BTIG Research reportedly downgraded Equity Residential (NYSE: EQR) from a “buy” rating to a “neutral” rating, reflecting the firm’s shift in sentiment toward the stock. The Fly was the source from which I obtained this information.
In recent years, EQR has been successful in attracting the attention of a variety of different research analysts. StockNews.com debuted its coverage of Residential Equity shares with the publication of a research report on October 12. This publication marked the start of StockNews.com’s coverage of Residential Equity shares. They advised their clients to “hold” the stock moving forward. Equity Residential has gone from having an “outperform” recommendation from Credit Suisse Group to a “neutral” recommendation, and the company now has a price target of $58.00 for the stock. On Monday, a report of some research results was made available to the general public. Evercore ISI stated in a research note published on October 13 that they had decreased their price target for Residential Equity shares to $75.00. Argus upgraded shares of Equity Residential from a “hold” rating to a “buy” rating and set a price objective of $72.00 for the firm in a research report published on Thursday, November 17. Argus also set a price objective of $72.00 for the firm’s stock. This decision was made in direct response to the most recent earnings report provided by the company. Finally, Jefferies Financial Group lowered their price objective for Residential Equity shares from $72.00 to $64.00 and assigned the stock a “hold” rating in a research note published on Wednesday, October 19. The note was part of a larger report that was released that day. Five research analysts advise clients to buy shares of the company; nine analysts counsel clients to hold onto their existing holdings; and two equity research professionals counsel clients to sell shares of the company. Bloomberg reports that the company is currently rated as having a consensus “Hold” recommendation and that the average price target for the stock is $71.56.
The NYSE EQR started the trading day on Wednesday for $58.75. The moving averages for the previous 50 days at the company are $61.34, and the moving averages for the previous 200 days are $67.93. A market capitalization of $22.20 billion, a price-to-earnings ratio of 19.33, a price-to-earnings-to-growth ratio of 2.40, and a beta coefficient of 0.78 are all associated with the company. The lowest point for the company over the past 52 weeks is 57.38 dollars, and the highest point over the past 52 weeks is 94.32 dollars. All three ratios are equivalent when set to a value of 0.20: the quick, current, and debt-to-equity ratios.
The announcement that director David J. Neithercut had sold 40,000 shares of the company’s stock was one of the other pieces of news published on Thursday, December 8. The total amount obtained from the sale of the shares was $2,510,000.00, and the average price prospective purchasers were willing to pay for them was $62.75. Following the successful sale conclusion, the director now possesses direct authority over the 3,392 shares of the company’s stock, which have a combined value of $3,392. The total amount obtained from the sale of the shares was $2,510,000.00, and the average price prospective purchasers were willing to pay for them was $62.75. The director now has direct authority over the shares of the company, which together are worth $3,392 as a result of the successful completion of the sale. The transaction was made public through a filing that was made with the SEC, which can be located on the website of the SEC. Individuals employed by the company hold 2.30 percent of the company’s shares.
In recent weeks, various institutional investors have taken over EQR’s role as an investor, including hedge funds and other types. Equity Residential saw an increase of 18.8% in the value of its holdings in Bank of America Corporation during the first three months of 2018. There are currently 13,792,116 shares of the real estate investment trust owned by Bank of America Corp. These shares have a value of $1,240,187,000. This is a direct consequence of the company’s purchase of 2,181,925 additional shares during the most recent fiscal quarter. The percentage of equity that Principal Financial Group Inc. held in Equity Residential saw a 369.7% increase during the second quarter due to the company’s investment. Following the purchase of 1,593,884 additional shares during the most recent fiscal quarter, Principal Financial Group Inc. now owns a total of 2,025,015 shares of the real estate investment trust, valued at a total of $146,246,000. Long Pond Capital LP increased the size of its residential equity portfolio by adding a new position during the year’s second quarter, bringing the total amount of its investments to $73,962,000. In the first three months of this year, Invesco Ltd. saw a 34.9% increase in the proportion of its equity holdings allocated to residential real estate. Invesco Ltd. now has 3,647,722 shares of the real estate investment trust due to purchasing an additional 943,870 shares during the most recent quarter. The value of these shares brings the company’s overall holdings to a total of $328,002,000. And finally, during the second quarter of the year, Echo Street Capital Management LLC saw a growth of 264.6% in the residential equity holdings that it has in its portfolio. As a result of the purchase of 769,773 of the company’s shares during the most recent quarter, Echo Street Capital Management LLC now owns a total of 1,060,679 shares of the real estate investment trust, which have a value of $76,602,000. This brings the total number of shares owned by the company to 1,060,679. The majority of the company’s shares, or 82.62%, are held in institutional investors’ portfolios.
Equity Residential is committed to developing communities that benefit the residents’ economic growth and supporting that growth. The purchase, construction, and management of residential properties in thriving cities and their surrounding areas that are attractive to upscale long-term renters are the primary focuses of the S&P 500 company’s core business activities. These real estate holdings are found within and close to various cities. In Boston, New York, Washington, DC, Seattle, San Francisco, Southern California, and Denver, Equity Residential owns or has a stake in a total of 78,568 apartment units distributed across 305 different properties. These places are found in the United States of America.