State of Alaska Department of Revenue boosted its holdings in shares of Equity Residential (NYSE:EQR) by 0.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 178,958 shares of the real estate investment trust’s stock after buying an additional 1,406 shares during the quarter. State of Alaska Department of Revenue’s holdings in Equity Residential were worth $11,811,000 at the end of the most recent quarter.
A number of other institutional investors have also bought and sold shares of EQR. Millennium Management LLC acquired a new position in Equity Residential during the second quarter worth $103,610,000. Morgan Stanley increased its position in Equity Residential by 17.4% during the third quarter. Morgan Stanley now owns 6,086,929 shares of the real estate investment trust’s stock worth $403,319,000 after buying an additional 901,037 shares during the last quarter. BlackRock Inc. increased its position in Equity Residential by 2.2% during the third quarter. BlackRock Inc. now owns 38,989,971 shares of the real estate investment trust’s stock worth $2,583,474,000 after buying an additional 845,417 shares during the last quarter. Cohen & Steers Inc. increased its position in Equity Residential by 17.3% during the third quarter. Cohen & Steers Inc. now owns 3,985,828 shares of the real estate investment trust’s stock worth $264,101,000 after buying an additional 588,330 shares during the last quarter. Finally, Panagora Asset Management Inc. increased its position in Equity Residential by 1,840.5% during the third quarter. Panagora Asset Management Inc. now owns 556,916 shares of the real estate investment trust’s stock worth $36,901,000 after buying an additional 528,216 shares during the last quarter. 87.35% of the stock is currently owned by hedge funds and other institutional investors.
EQR stock opened at $67.41 on Friday. 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 52-week low of $54.97 and a 52-week high of $72.75. The stock has a market cap of $24.43 billion, a price-to-earnings ratio of 21.54, a PEG ratio of 3.20 and a beta of 0.49.
The business also recently announced a quarterly dividend, which will be paid on Friday, January 11th. Investors of record on Wednesday, January 2nd will be paid a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 3.20%. The ex-dividend date is Monday, December 31st. Equity Residential’s payout ratio is presently 69.01%.
In related news, Chairman Samuel Zell sold 121,848 shares of the stock in a transaction dated Friday, December 7th. The shares were sold at an average price of $71.83, for a total value of $8,752,341.84. Following the completion of the sale, the chairman now owns 261,654 shares in the company, valued at $18,794,606.82. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Scott Fenster sold 500 shares of the stock in a transaction dated Friday, December 7th. The shares were sold at an average price of $72.00, for a total transaction of $36,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 355,482 shares of company stock valued at $24,791,835. 3.75% of the stock is owned by corporate insiders.
A number of equities research analysts have issued reports on EQR shares. ValuEngine upgraded shares of Equity Residential from a “hold” rating to a “buy” rating in a report on Wednesday, November 21st. Argus upped their price target on shares of Equity Residential from $70.00 to $71.00 and gave the company a “buy” rating in a report on Tuesday, October 30th. Zacks Investment Research cut shares of Equity Residential from a “buy” rating to a “hold” rating in a report on Wednesday, November 14th. Scotiabank started coverage on shares of Equity Residential in a report on Tuesday, October 16th. They set an “outperform” rating for the company. Finally, TheStreet upgraded shares of Equity Residential from a “c+” rating to a “b-” rating in a report on Wednesday, November 28th. Eleven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $69.41.
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Equity Residential Profile
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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