Weekly Investment Analysts’ Ratings Updates for Equity Residential (EQR)

A number of research firms have changed their ratings and price targets for Equity Residential (NYSE: EQR):

  • 11/28/2018 – Equity Residential was upgraded by analysts at TheStreet from a “c+” rating to a “b-” rating.
  • 11/27/2018 – Equity Residential was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. According to Zacks, “Shares of Equity Residential outperformed its industry in six months’ time. The company is poised for growth amid economic recovery and job market growth, favorable demographics, lifestyle transformation, and creation of households. Its third-quarter 2018 results highlight improved same-store net operating income (NOI) and lease-up NOI. Elevated demand and focus on customer service aided occupancy level and renewal rates. Further, the company is expected to benefit from its efforts to reposition the company’s portfolio in high barrier-to-entry/core markets. However, new apartment supply across its markets is likely to continue to put pressure on new lease rates, occupancy, retention and result in high concessions as well. Furthermore, rate hike remains another concern.”
  • 11/26/2018 – Equity Residential was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $77.00 price target on the stock. According to Zacks, “Shares of Equity Residential outperformed its industry in six months’ time. Moreover, the trend in estimate revisions of 2018 funds from operations (FFO) per share indicates a favorable outlook for the company. The company’s third-quarter 2018 results highlight improved same-store net operating income (NOI) and lease-up NOI. Elevated demand and focus on customer service aided high occupancy level, low turnover and strong renewal rates. Therefore, the company expects 2018 same-store revenue growth at the high end of its forecasts. Equity Residential is poised for growth amid economic recovery and job market growth, favorable demographics, lifestyle transformation, and creation of households. Further, it is expected to benefit from its efforts to reposition the company’s portfolio in high barrier-to-entry/core markets. Nevertheless, elevated supply in a number of its markets may strain rental rates and result in high concessions.”
  • 11/21/2018 – Equity Residential was upgraded by analysts at ValuEngine from a “hold” rating to a “buy” rating.
  • 11/20/2018 – Equity Residential was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. According to Zacks, “Shares of Equity Residential outperformed its industry in three months’ time. Moreover, the trend in estimate revisions of current-quarter funds from operations (FFO) per share indicates a favorable outlook for the company. The company’s third-quarter 2018 results highlight improved same-store net operating income (NOI) and lease-up NOI, partly offset by higher total interest expenses. Elevated demand and focus on customer service aided high occupancy level, low turnover and strong renewal rates. Therefore, the company expects 2018 same-store revenue growth at the high end of its forecasts. Equity Residential is poised for growth amid economic recovery and job-market growth, favorable demographics, lifestyle transformation, and creation of households. Nevertheless, elevated supply in a number of its markets may strain rental rates and result in high concessions.”
  • 11/19/2018 – Equity Residential was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $78.00 price target on the stock. According to Zacks, “Shares of Equity Residential outperformed its industry in six months time. Moreover, the trend in estimate revisions of current-quarter funds from operations (FFO) per share indicates a favorable outlook for the company. The company’s third-quarter 2018 results highlight improved same-store net operating income (NOI) and lease-up NOI, partly offset by higher total interest expenses. Elevated demand and focus on customer service aided high occupancy level, low turnover and strong renewal rates. Therefore, the company expects 2018 same-store revenue growth at the high end of its forecasts. Equity Residential is poised for growth amid economic recovery and job-market growth, favorable demographics, lifestyle transformation, and creation of households. Nevertheless, elevated supply in a number of its markets may strain rental rates and result in high concessions.”
  • 11/14/2018 – Equity Residential was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. According to Zacks, “Shares of Equity Residential outperformed its industry in a month’s time. The company’s third-quarter 2018 results reflected improved same-store net operating income (NOI) and lease-up NOI, partly offset by higher total interest expenses. Elevated demand and focus on customer service aided high occupancy level, low turnover and strong renewal rates. Therefore, the company expects 2018 same-store revenue growth at the high end of its forecasts. Equity Residential is poised for growth amid economic recovery and job-market growth, favorable demographics, lifestyle transformation, and creation of households. Nevertheless, elevated supply in a number of its markets may strain rental rates and result in high concessions. Furthermore, rate hike remains another concern.”
  • 11/12/2018 – Equity Residential was given a new $71.00 price target on by analysts at Scotiabank. They now have a “buy” rating on the stock.
  • 11/1/2018 – Equity Residential was given a new $70.00 price target on by analysts at Wells Fargo & Co. They now have a “hold” rating on the stock.
  • 10/30/2018 – Equity Residential had its price target raised by analysts at Argus from $70.00 to $71.00. They now have a “buy” rating on the stock.
  • 10/26/2018 – Equity Residential was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $74.00 price target on the stock. According to Zacks, “Equity Residential reported third-quarter 2018 normalized funds from operations (FFO) per share of 83 cents, in line with the Zacks Consensus Estimate and 3.7% higher than the year-ago quarter. Results reflected improved same-store net operating income (NOI) and lease-up NOI, partly offset by higher total interest expenses. Elevated demand and focus on customer service aided high occupancy level, low turnover and strong renewal rates. Therefore, the company expects 2018 same-store revenue growth at the high end of its forecasts. Equity Residential is poised for growth amid economic recovery and job-market growth, favorable demographics, lifestyle transformation, and creation of households. Moreover, shares of Equity Residential outperformed its industry in three months’ time. Nevertheless, elevated supply in a number of its markets may strain rental rates and result in high concessions. Furthermore, rate hike remains another concern.”
  • 10/24/2018 – Equity Residential had its price target raised by analysts at BMO Capital Markets from $68.00 to $69.00. They now have a “market perform” rating on the stock.
  • 10/16/2018 – Equity Residential is now covered by analysts at Scotiabank. They set an “outperform” rating on the stock.

Shares of Equity Residential stock traded down $0.24 during trading on Tuesday, hitting $71.64. 38,270 shares of the company’s stock traded hands, compared to its average volume of 1,539,464. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.13 and a quick ratio of 0.13. Equity Residential has a 1 year low of $54.97 and a 1 year high of $71.89. The stock has a market capitalization of $26.25 billion, a PE ratio of 22.89, a price-to-earnings-growth ratio of 3.62 and a beta of 0.43.

Equity Residential (NYSE:EQR) last released its quarterly earnings data on Tuesday, October 23rd. The real estate investment trust reported $0.60 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.23). Equity Residential had a net margin of 26.01% and a return on equity of 6.37%. The business had revenue of $652.87 million for the quarter, compared to analysts’ expectations of $645.77 million. During the same period last year, the business earned $0.37 earnings per share. The company’s quarterly revenue was up 4.6% on a year-over-year basis. As a group, sell-side analysts expect that Equity Residential will post 3.26 EPS for the current fiscal year.

In other Equity Residential news, CEO David J. Neithercut sold 44,562 shares of the stock in a transaction dated Monday, November 12th. The stock was sold at an average price of $67.79, for a total value of $3,020,857.98. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Vice Chairman Gerald A. Spector sold 13,024 shares of the stock in a transaction dated Wednesday, September 5th. The shares were sold at an average price of $67.50, for a total value of $879,120.00. Following the completion of the transaction, the insider now directly owns 294,287 shares in the company, valued at approximately $19,864,372.50. The disclosure for this sale can be found here. Insiders have sold 233,532 shares of company stock worth $15,853,979 over the last ninety days. 3.75% of the stock is currently owned by insiders.

Hedge funds have recently bought and sold shares of the business. BlackRock Inc. lifted its holdings in Equity Residential by 6.3% in the second quarter. BlackRock Inc. now owns 38,144,554 shares of the real estate investment trust’s stock valued at $2,429,425,000 after acquiring an additional 2,247,512 shares during the period. Russell Investments Group Ltd. raised its stake in shares of Equity Residential by 5.3% in the second quarter. Russell Investments Group Ltd. now owns 1,497,961 shares of the real estate investment trust’s stock worth $95,187,000 after buying an additional 75,700 shares during the period. Virginia Retirement Systems ET AL raised its stake in shares of Equity Residential by 42.1% in the third quarter. Virginia Retirement Systems ET AL now owns 344,087 shares of the real estate investment trust’s stock worth $22,799,000 after buying an additional 102,000 shares during the period. Honeywell International Inc. raised its stake in shares of Equity Residential by 9.5% in the third quarter. Honeywell International Inc. now owns 110,704 shares of the real estate investment trust’s stock worth $7,335,000 after buying an additional 9,575 shares during the period. Finally, First Republic Investment Management Inc. bought a new position in shares of Equity Residential in the second quarter worth about $4,210,000. 87.44% of the stock is currently owned by institutional investors.

Equity Residential is an S&P 500 company focused on the acquisition, development and management of rental apartment properties located in urban and high-density suburban markets where today's renters want to live, work and play. Equity Residential owns or has investments in 306 properties consisting of 79,260 apartment units, primarily located in Boston, New York, Washington, DC, Seattle, San Francisco, Southern California and Denver.

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