AlphaCrest Capital Management LLC lowered its stake in shares of Equity Residential (NYSE:EQR – Get Rating) by 71.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,549 shares of the real estate investment trust’s stock after selling 21,260 shares during the quarter. AlphaCrest Capital Management LLC’s holdings in Equity Residential were worth $617,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of EQR. Bank of America Corp DE increased its stake in shares of Equity Residential by 18.8% during the 1st quarter. Bank of America Corp DE now owns 13,792,116 shares of the real estate investment trust’s stock valued at $1,240,187,000 after acquiring an additional 2,181,925 shares during the last quarter. Blackstone Inc. increased its stake in shares of Equity Residential by 323.0% during the 1st quarter. Blackstone Inc. now owns 2,825,468 shares of the real estate investment trust’s stock valued at $254,066,000 after acquiring an additional 2,157,468 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Equity Residential by 369.7% during the 2nd quarter. Principal Financial Group Inc. now owns 2,025,015 shares of the real estate investment trust’s stock valued at $146,246,000 after acquiring an additional 1,593,884 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Equity Residential by 2.5% during the 1st quarter. Vanguard Group Inc. now owns 57,697,368 shares of the real estate investment trust’s stock valued at $5,188,147,000 after acquiring an additional 1,408,032 shares during the last quarter. Finally, Invesco Ltd. increased its stake in shares of Equity Residential by 34.9% during the 1st quarter. Invesco Ltd. now owns 3,647,722 shares of the real estate investment trust’s stock valued at $328,002,000 after acquiring an additional 943,870 shares during the last quarter. Institutional investors and hedge funds own 83.92% of the company’s stock.
Wall Street Analyst Weigh In
EQR has been the subject of a number of research analyst reports. StockNews.com initiated coverage on shares of Equity Residential in a research report on Wednesday, October 12th. They set a “hold” rating for the company. Stifel Nicolaus dropped their target price on shares of Equity Residential from $84.00 to $75.00 in a research report on Friday, October 7th. The Goldman Sachs Group dropped their target price on shares of Equity Residential from $86.00 to $74.00 and set a “neutral” rating for the company in a research report on Tuesday, October 18th. Piper Sandler dropped their target price on shares of Equity Residential from $70.00 to $62.00 and set an “underweight” rating for the company in a research report on Friday, October 7th. Finally, Morgan Stanley dropped their target price on shares of Equity Residential from $83.00 to $75.00 and set an “equal weight” rating for the company in a research report on Friday, October 21st. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $76.94.
Equity Residential Stock Performance
Equity Residential stock opened at $64.86 on Thursday. The stock has a market cap of $24.51 billion, a P/E ratio of 21.34, a price-to-earnings-growth ratio of 2.69 and a beta of 0.77. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 0.67. The stock has a 50 day moving average of $63.79 and a 200-day moving average of $70.65. Equity Residential has a 52 week low of $59.32 and a 52 week high of $94.32.
Equity Residential Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, October 14th. Stockholders of record on Monday, September 26th were paid a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a dividend yield of 3.85%. The ex-dividend date was Friday, September 23rd. Equity Residential’s dividend payout ratio (DPR) is currently 82.24%.
About Equity Residential
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Equity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, is focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract high quality long-term renters. Equity Residential owns or has investments in 305 properties consisting of 78,568 apartment units, located in Boston, New York, Washington, DC, Seattle, San Francisco, Southern California and Denver.
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