Zacks Investment Research upgraded shares of Equity Commonwealth (NYSE:EQC) from a sell rating to a hold rating in a report released on Tuesday morning.
According to Zacks, “Equity Commonwealth is an internally managed and self-advised real estate investment trust. It primarily owns office buildings located throughout the United States. The majority of its portfolio consists of office buildings located in central business districts, or CBDs, of major metropolitan markets. Equity Commonwealth, formerly known as CommonWealth REIT, is based in Chicago. “
Separately, Stifel Nicolaus reiterated a hold rating and set a $33.00 price objective on shares of Equity Commonwealth in a research note on Thursday, September 21st.
Equity Commonwealth (NYSE:EQC) last released its quarterly earnings data on Tuesday, October 24th. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.24 by ($0.05). Equity Commonwealth had a net margin of 17.04% and a return on equity of 2.00%. The business had revenue of $77.80 million for the quarter, compared to the consensus estimate of $92.13 million. During the same quarter in the prior year, the business posted $0.23 earnings per share. Equity Commonwealth’s revenue for the quarter was down 32.1% on a year-over-year basis. analysts predict that Equity Commonwealth will post 0.9 EPS for the current year.
Large investors have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company lifted its position in Equity Commonwealth by 7.7% during the second quarter. The Manufacturers Life Insurance Company now owns 3,853 shares of the real estate investment trust’s stock valued at $122,000 after acquiring an additional 275 shares during the last quarter. Archford Capital Strategies LLC lifted its position in Equity Commonwealth by 38,920.0% during the second quarter. Archford Capital Strategies LLC now owns 5,853 shares of the real estate investment trust’s stock valued at $418,000 after acquiring an additional 5,838 shares during the last quarter. Blair William & Co. IL purchased a new stake in Equity Commonwealth during the second quarter valued at approximately $202,000. Cubist Systematic Strategies LLC purchased a new stake in Equity Commonwealth during the third quarter valued at approximately $213,000. Finally, Fox Run Management L.L.C. purchased a new stake in Equity Commonwealth during the third quarter valued at approximately $240,000. 95.29% of the stock is owned by institutional investors.
About Equity Commonwealth
Equity Commonwealth is an internally managed and self-advised real estate investment trust. The Company is engaged in the ownership and operation primarily of office buildings across the United States. The Company conducts its activities primarily through EQC Operating Trust (the Operating Trust). As of August 14, 2017, the Company’s portfolio included 20 properties and 11 million square feet.
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