Equity Residential (NYSE:EQR – Get Rating)'s share price was up 1.4% during trading on Friday . The stock traded as high as $69.83 and last traded at $69.82. Approximately 12,690 shares changed hands during mid-day trading, a decline of 99% from the average daily volume of 1,282,363 shares. The stock had previously closed at $68.84.
Wall Street Analyst Weigh In
Several equities analysts have recently commented on EQR shares. Mizuho lowered their price objective on Equity Residential from $79.00 to $77.00 and set a "buy" rating on the stock in a research report on Monday, September 19th. Evercore ISI lowered their price objective on Equity Residential from $85.00 to $81.00 and set an "outperform" rating on the stock in a research report on Monday, September 19th. Piper Sandler downgraded Equity Residential from a "neutral" rating to an "underweight" rating and decreased their target price for the stock from $78.00 to $70.00 in a research report on Wednesday, July 20th. Credit Suisse Group assumed coverage on Equity Residential in a research report on Wednesday, June 22nd. They issued an "outperform" rating and a $80.00 target price on the stock. Finally, Morgan Stanley boosted their target price on Equity Residential from $75.00 to $83.00 and gave the stock an "equal weight" rating in a research report on Thursday, August 11th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $84.53.
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Equity Residential Stock Performance
The company has a debt-to-equity ratio of 0.72, a current ratio of 0.24 and a quick ratio of 0.24. The business has a 50-day simple moving average of $75.16 and a 200-day simple moving average of $78.42. The firm has a market capitalization of $25.72 billion, a PE ratio of 20.54, a P/E/G ratio of 2.93 and a beta of 0.82.
Equity Residential Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Monday, September 26th will be paid a dividend of $0.625 per share. The ex-dividend date is Friday, September 23rd. This represents a $2.50 dividend on an annualized basis and a dividend yield of 3.66%. Equity Residential's dividend payout ratio is 75.08%.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of EQR. Norges Bank bought a new position in shares of Equity Residential during the fourth quarter valued at approximately $2,729,361,000. Bank of America Corp DE grew its stake in shares of Equity Residential by 18.8% during the first quarter. Bank of America Corp DE now owns 13,792,116 shares of the real estate investment trust's stock valued at $1,240,187,000 after buying an additional 2,181,925 shares during the last quarter. Blackstone Inc. grew its stake in shares of Equity Residential by 323.0% during the first quarter. Blackstone Inc. now owns 2,825,468 shares of the real estate investment trust's stock valued at $254,066,000 after buying an additional 2,157,468 shares during the last quarter. State Street Corp grew its stake in shares of Equity Residential by 7.6% during the fourth quarter. State Street Corp now owns 23,284,521 shares of the real estate investment trust's stock valued at $2,121,056,000 after buying an additional 1,650,178 shares during the last quarter. Finally, Principal Financial Group Inc. grew its stake in shares of Equity Residential by 369.7% during the second quarter. Principal Financial Group Inc. now owns 2,025,015 shares of the real estate investment trust's stock valued at $146,246,000 after buying an additional 1,593,884 shares during the last quarter. Institutional investors own 83.92% of the company's stock.
About Equity Residential
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Equity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, is focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract high quality long-term renters. Equity Residential owns or has investments in 305 properties consisting of 78,568 apartment units, located in Boston, New York, Washington, DC, Seattle, San Francisco, Southern California and Denver.
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