State of Tennessee Treasury Department Trims Stock Position in Equity Residential (NYSE:EQR)

State of Tennessee Treasury Department lowered its stake in shares of Equity Residential (NYSE:EQRFree Report) by 0.2% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 638,326 shares of the real estate investment trust’s stock after selling 1,403 shares during the period. State of Tennessee Treasury Department owned about 0.17% of Equity Residential worth $39,040,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Verition Fund Management LLC raised its stake in shares of Equity Residential by 4.1% during the 4th quarter. Verition Fund Management LLC now owns 148,585 shares of the real estate investment trust’s stock valued at $9,087,000 after buying an additional 5,900 shares during the last quarter. Elo Mutual Pension Insurance Co grew its position in shares of Equity Residential by 4.6% during the 4th quarter. Elo Mutual Pension Insurance Co now owns 31,438 shares of the real estate investment trust’s stock valued at $1,923,000 after acquiring an additional 1,380 shares during the period. Westwood Holdings Group Inc. grew its position in shares of Equity Residential by 24.7% during the 4th quarter. Westwood Holdings Group Inc. now owns 101,000 shares of the real estate investment trust’s stock valued at $6,177,000 after acquiring an additional 20,000 shares during the period. Schroder Investment Management Group grew its position in shares of Equity Residential by 41.3% during the 4th quarter. Schroder Investment Management Group now owns 787,881 shares of the real estate investment trust’s stock valued at $48,187,000 after acquiring an additional 230,412 shares during the period. Finally, Pinebridge Investments L.P. grew its position in shares of Equity Residential by 82.8% during the 4th quarter. Pinebridge Investments L.P. now owns 80,778 shares of the real estate investment trust’s stock valued at $4,940,000 after acquiring an additional 36,600 shares during the period. Hedge funds and other institutional investors own 92.68% of the company’s stock.

Analyst Upgrades and Downgrades

EQR has been the topic of a number of analyst reports. Truist Financial dropped their target price on Equity Residential from $71.00 to $67.00 and set a “buy” rating on the stock in a research report on Tuesday, April 9th. Wells Fargo & Company raised their target price on Equity Residential from $66.00 to $69.00 and gave the company an “overweight” rating in a research report on Friday, May 31st. Barclays dropped their target price on 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. UBS Group raised their target price on Equity Residential from $73.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, May 14th. Finally, Mizuho lifted their price objective on Equity Residential from $61.00 to $64.00 and gave the stock a “neutral” rating in a report on Thursday, May 30th. Twelve analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $68.41.

Get Our Latest Report on EQR

Equity Residential Price Performance

Shares of Equity Residential stock traded up $0.92 on Monday, hitting $65.99. 309,235 shares of the company were exchanged, compared to its average volume of 2,036,974. The stock has a market capitalization of $25.05 billion, a price-to-earnings ratio of 27.32, a price-to-earnings-growth ratio of 3.72 and a beta of 0.85. The company has a 50-day moving average price of $64.42 and a 200 day moving average price of $61.88. Equity Residential has a 1-year low of $52.57 and a 1-year high of $69.45. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.64.

Equity Residential (NYSE:EQRGet Free Report) last issued its earnings results on Tuesday, April 23rd. The real estate investment trust reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.02. The business had revenue of $730.80 million for the quarter, compared to analysts’ expectations of $728.09 million. Equity Residential had a return on equity of 8.18% and a net margin of 31.70%. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.87 EPS. As a group, sell-side analysts predict that Equity Residential will post 3.9 earnings per share for the current fiscal year.

Equity Residential Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Monday, March 25th were given a dividend of $0.675 per share. This represents a $2.70 annualized dividend and a dividend yield of 4.09%. The ex-dividend date of this dividend was Friday, March 22nd. This is a positive change from Equity Residential’s previous quarterly dividend of $0.66. Equity Residential’s payout ratio is presently 112.03%.

Insider Activity

In other news, Director Mary Kay Haben sold 3,241 shares of Equity Residential stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $65.48, for a total transaction of $212,220.68. Following the sale, the director now owns 9,720 shares of the company’s stock, valued at approximately $636,465.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Mary Kay Haben sold 3,241 shares of Equity Residential stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $65.48, for a total transaction of $212,220.68. Following the sale, the director now owns 9,720 shares of the company’s stock, valued at approximately $636,465.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Alexander Brackenridge sold 4,027 shares of Equity Residential stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $65.01, for a total transaction of $261,795.27. Following the sale, the executive vice president now directly owns 69,901 shares in the company, valued at approximately $4,544,264.01. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.

About Equity Residential

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Equity Residential (NYSE:EQR)

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