Equity Residential (NYSE:EQR) PT Raised to $70.00 at Evercore ISI

Equity Residential (NYSE:EQR) had its target price boosted by analysts at Evercore ISI from $67.00 to $70.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the real estate investment trust’s stock. Evercore ISI’s price objective suggests a potential upside of 7.46% from the stock’s current price.

EQR has been the subject of a number of other research reports. The Goldman Sachs Group reaffirmed a “buy” rating and set a $70.00 target price on shares of Equity Residential in a report on Thursday, February 22nd. Royal Bank of Canada boosted their price target on shares of Equity Residential from $65.00 to $66.00 and gave the company an “outperform” rating in a research report on Thursday, February 1st. BMO Capital Markets raised shares of Equity Residential from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $68.00 to $70.00 in a research report on Monday, April 22nd. Barclays lowered their price target on shares of Equity Residential from $69.00 to $67.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 20th. Finally, Truist Financial lowered their price target on shares of Equity Residential from $71.00 to $67.00 and set a “buy” rating on the stock in a research report on Tuesday, April 9th. Ten equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $66.04.

Equity Residential Price Performance

Equity Residential stock opened at $65.14 on Thursday. Equity Residential has a 52-week low of $52.57 and a 52-week high of $69.45. The firm has a market capitalization of $24.68 billion, a price-to-earnings ratio of 27.03, a PEG ratio of 3.76 and a beta of 0.84. The company has a fifty day simple moving average of $61.99 and a 200-day simple moving average of $59.84. The company has a quick ratio of 0.30, a current ratio of 0.23 and a debt-to-equity ratio of 0.64.

Equity Residential (NYSE:EQR) last released its earnings results on Tuesday, April 23rd. The real estate investment trust reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.02. Equity Residential had a net margin of 31.70% and a return on equity of 8.18%. The business had revenue of $730.80 million during the quarter, compared to analyst estimates of $728.09 million. During the same quarter in the prior year, the firm earned $0.87 earnings per share. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. On average, equities analysts anticipate that Equity Residential will post 3.85 EPS for the current fiscal year.

Insiders Place Their Bets

In other Equity Residential news, CAO Ian Kaufman sold 716 shares of the business’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $57.80, for a total transaction of $41,384.80. Following the sale, the chief accounting officer now directly owns 23,949 shares in the company, valued at $1,384,252.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Equity Residential news, CAO Ian Kaufman sold 716 shares of the business’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $57.80, for a total transaction of $41,384.80. Following the sale, the chief accounting officer now directly owns 23,949 shares in the company, valued at $1,384,252.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Robert Garechana sold 876 shares of the business’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $57.80, for a total transaction of $50,632.80. Following the sale, the chief financial officer now owns 20,933 shares in the company, valued at $1,209,927.40. The disclosure for this sale can be found here. Insiders have sold 3,280 shares of company stock worth $192,335 over the last three months. Company insiders own 1.00% of the company’s stock.

Institutional Trading of Equity Residential

A number of large investors have recently made changes to their positions in the company. Prestige Wealth Management Group LLC increased its stake in shares of Equity Residential by 69,333.3% during the first quarter. Prestige Wealth Management Group LLC now owns 4,166 shares of the real estate investment trust’s stock worth $266,000 after buying an additional 4,160 shares during the period. Mesirow Financial Investment Management Inc. purchased a new stake in shares of Equity Residential during the first quarter worth approximately $350,000. Checchi Capital Advisers LLC purchased a new stake in shares of Equity Residential during the first quarter worth approximately $213,000. Carmel Capital Partners LLC increased its stake in shares of Equity Residential by 11.8% during the first quarter. Carmel Capital Partners LLC now owns 5,886 shares of the real estate investment trust’s stock worth $371,000 after buying an additional 619 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Equity Residential by 1.7% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 212,734 shares of the real estate investment trust’s stock worth $13,426,000 after buying an additional 3,623 shares during the period. 92.68% of the stock is currently owned by hedge funds and other institutional investors.

About Equity Residential

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 affluent long-term renters. Equity Residential owns or has investments in 305 properties consisting of 80,683 apartment units, with an established presence in Boston, New York, Washington, DC, Seattle, San Francisco and Southern California, and an expanding presence in Denver, Atlanta, Dallas/Ft.