Gamco Investors INC. ET AL lifted its position in Equity Residential (NYSE:EQR) by 10.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 21,000 shares of the real estate investment trust’s stock after purchasing an additional 2,000 shares during the quarter. Gamco Investors INC. ET AL’s holdings in Equity Residential were worth $1,811,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in EQR. NEXT Financial Group Inc acquired a new stake in Equity Residential during the 2nd quarter worth approximately $34,000. Advisory Services Network LLC lifted its position in Equity Residential by 14.9% during the 2nd quarter. Advisory Services Network LLC now owns 3,517 shares of the real estate investment trust’s stock worth $267,000 after acquiring an additional 457 shares during the period. Cibc World Markets Corp lifted its position in Equity Residential by 31.4% during the 2nd quarter. Cibc World Markets Corp now owns 64,380 shares of the real estate investment trust’s stock worth $4,888,000 after acquiring an additional 15,393 shares during the period. Altshuler Shaham Ltd acquired a new stake in Equity Residential during the 2nd quarter worth approximately $90,000. Finally, Huntington National Bank lifted its position in Equity Residential by 4.6% during the 2nd quarter. Huntington National Bank now owns 3,700 shares of the real estate investment trust’s stock worth $282,000 after acquiring an additional 163 shares during the period. 88.46% of the stock is owned by hedge funds and other institutional investors.
Shares of EQR stock traded down $0.09 during trading hours on Friday, reaching $83.98. 966,498 shares of the company’s stock were exchanged, compared to its average volume of 1,406,390. The company has a market cap of $31.49 billion, a P/E ratio of 25.84, a price-to-earnings-growth ratio of 4.05 and a beta of 0.44. The company’s 50 day moving average is $87.04 and its two-hundred day moving average is $81.07. Equity Residential has a 1 year low of $63.17 and a 1 year high of $89.55. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.13 and a quick ratio of 0.13.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were paid a $0.5675 dividend. This is an increase from Equity Residential’s previous quarterly dividend of $0.57. This represents a $2.27 annualized dividend and a yield of 2.70%. The ex-dividend date of this dividend was Friday, September 27th. Equity Residential’s dividend payout ratio (DPR) is presently 69.85%.
A number of analysts have weighed in on EQR shares. Goldman Sachs Group started coverage on Equity Residential in a research report on Friday. They set a “sell” rating and a $86.00 price objective for the company. Barclays reaffirmed a “hold” rating and set a $87.00 price objective on shares of Equity Residential in a research report on Sunday, October 13th. ValuEngine cut Equity Residential from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Robert W. Baird cut Equity Residential from a “neutral” rating to an “underperform” rating and increased their price objective for the stock from $78.00 to $81.00 in a research report on Monday, October 14th. Finally, Morgan Stanley increased their price objective on Equity Residential from $79.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Friday, September 6th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company’s stock. Equity Residential currently has an average rating of “Hold” and a consensus price target of $82.16.
In other Equity Residential news, CFO Robert Garechana sold 5,000 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $83.55, for a total transaction of $417,750.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Alan W. George sold 10,000 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $84.60, for a total value of $846,000.00. Following the transaction, the executive vice president now directly owns 31,280 shares of the company’s stock, valued at approximately $2,646,288. The disclosure for this sale can be found here. Insiders sold a total of 104,945 shares of company stock valued at $8,882,681 over the last ninety days. 3.75% of the stock is currently owned by company insiders.
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 307 properties consisting of 79,482 apartment units, primarily located in Boston, New York, Washington, DC, Seattle, San Francisco, Southern California and Denver.
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