Equity Residential (NYSE:EQR) Given New $82.00 Price Target at Scotiabank

Equity Residential (NYSE:EQR) had its target price increased by research analysts at Scotiabank from $79.00 to $82.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s target price points to a potential upside of 17.78% from the stock’s current price.

Several other research firms have also recently issued reports on EQR. Evercore ISI increased their target price on Equity Residential from $74.00 to $76.00 and gave the stock an “in-line” rating in a research report on Monday, February 10th. Royal Bank of Canada increased their target price on Equity Residential from $75.00 to $76.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. StockNews.com upgraded Equity Residential from a “sell” rating to a “hold” rating in a research report on Saturday, February 8th. Truist Financial increased their target price on Equity Residential from $76.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. Finally, Stifel Nicolaus dropped their price objective on shares of Equity Residential from $82.25 to $80.00 and set a “buy” rating for the company in a report on Wednesday, April 30th. Ten investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, Equity Residential presently has an average rating of “Hold” and an average price target of $79.12.

Equity Residential Price Performance

NYSE EQR opened at $69.62 on Monday. Equity Residential has a 12 month low of $59.41 and a 12 month high of $78.84. The stock has a market cap of $26.45 billion, a price-to-earnings ratio of 25.60, a PEG ratio of 3.99 and a beta of 0.89. The company’s 50 day moving average is $68.90 and its two-hundred day moving average is $70.92. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.72.

Equity Residential (NYSE:EQR) last released its earnings results on Tuesday, April 29th. The real estate investment trust reported $0.95 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.02. The company had revenue of $760.81 million for the quarter, compared to analysts’ expectations of $769.43 million. Equity Residential had a net margin of 34.76% and a return on equity of 9.27%. The firm’s revenue was up 4.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.93 EPS. As a group, research analysts anticipate that Equity Residential will post 3.98 earnings per share for the current year.

Hedge Funds Weigh In On Equity Residential

Large investors have recently modified their holdings of the stock. Wilmington Savings Fund Society FSB purchased a new position in shares of Equity Residential during the third quarter valued at approximately $29,000. Czech National Bank boosted its position in shares of Equity Residential by 6.5% during the fourth quarter. Czech National Bank now owns 74,027 shares of the real estate investment trust’s stock valued at $5,312,000 after buying an additional 4,526 shares during the period. AdvisorNet Financial Inc boosted its position in shares of Equity Residential by 25.3% during the fourth quarter. AdvisorNet Financial Inc now owns 722 shares of the real estate investment trust’s stock valued at $52,000 after buying an additional 146 shares during the period. Park Avenue Securities LLC boosted its position in shares of Equity Residential by 87.2% during the fourth quarter. Park Avenue Securities LLC now owns 8,706 shares of the real estate investment trust’s stock valued at $625,000 after buying an additional 4,056 shares during the period. Finally, Contravisory Investment Management Inc. boosted its position in shares of Equity Residential by 0.7% during the fourth quarter. Contravisory Investment Management Inc. now owns 103,872 shares of the real estate investment trust’s stock valued at $7,454,000 after buying an additional 698 shares during the period. Institutional investors own 92.68% of the company’s stock.

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.