Stifel Nicolaus Cuts Equity Residential (EQR) Price Target to $68.00

Equity Residential (NYSE:EQR) had its price target decreased by Stifel Nicolaus from $71.00 to $68.00 in a research report released on Friday morning. Stifel Nicolaus currently has a hold rating on the real estate investment trust’s stock.

Other equities research analysts also recently issued research reports about the company. BidaskClub raised Equity Residential from a hold rating to a buy rating in a research report on Thursday, August 17th. UBS AG cut Equity Residential from a buy rating to a neutral rating and set a $68.00 target price for the company. in a research note on Thursday, July 6th. Jefferies Group LLC restated a hold rating and set a $65.00 target price on shares of Equity Residential in a research note on Sunday, September 10th. Royal Bank Of Canada restated a hold rating on shares of Equity Residential in a research note on Monday, July 31st. Finally, Zacks Investment Research upgraded Equity Residential from a hold rating to a buy rating and set a $74.00 target price for the company in a research note on Tuesday, July 18th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $68.36.

Shares of Equity Residential (EQR) traded down 0.44% during mid-day trading on Friday, hitting $67.35. The company’s stock had a trading volume of 531,662 shares. The company has a 50-day moving average of $66.71 and a 200 day moving average of $66.36. The company has a market cap of $24.74 billion, a price-to-earnings ratio of 30.13 and a beta of 0.37. Equity Residential has a 1-year low of $58.28 and a 1-year high of $68.83.

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The company also recently announced a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Monday, September 25th were paid a $0.5038 dividend. The ex-dividend date was Friday, September 22nd. This represents a $2.02 annualized dividend and a dividend yield of 2.98%. Equity Residential’s dividend payout ratio is presently 99.02%.

In related news, insider David S. Santee sold 10,967 shares of the firm’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $67.93, for a total value of $744,988.31. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Mark S. Shapiro sold 2,853 shares of the firm’s stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $67.30, for a total transaction of $192,006.90. Following the completion of the transaction, the director now directly owns 2,573 shares in the company, valued at approximately $173,162.90. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 173,622 shares of company stock valued at $11,816,599. 3.79% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in EQR. BlackRock Inc. lifted its position in shares of Equity Residential by 2.3% during the 2nd quarter. BlackRock Inc. now owns 34,594,954 shares of the real estate investment trust’s stock worth $2,277,386,000 after buying an additional 794,065 shares in the last quarter. APG Asset Management US Inc. lifted its position in shares of Equity Residential by 1.8% during the 2nd quarter. APG Asset Management US Inc. now owns 15,060,400 shares of the real estate investment trust’s stock worth $991,426,000 after buying an additional 269,599 shares in the last quarter. PGGM Investments lifted its position in shares of Equity Residential by 1.7% during the 3rd quarter. PGGM Investments now owns 7,272,978 shares of the real estate investment trust’s stock worth $479,507,000 after buying an additional 121,040 shares in the last quarter. FMR LLC lifted its position in shares of Equity Residential by 16.4% during the 2nd quarter. FMR LLC now owns 6,697,809 shares of the real estate investment trust’s stock worth $440,917,000 after buying an additional 945,524 shares in the last quarter. Finally, Northern Trust Corp lifted its position in shares of Equity Residential by 0.7% during the 2nd quarter. Northern Trust Corp now owns 6,191,537 shares of the real estate investment trust’s stock worth $407,588,000 after buying an additional 42,971 shares in the last quarter. 90.94% of the stock is currently owned by institutional investors and hedge funds.

About Equity Residential

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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