Wolverine Asset Management LLC purchased a new stake in shares of Equity Residential (NYSE:EQR) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 6,646 shares of the real estate investment trust’s stock, valued at approximately $423,000.
Other large investors also recently modified their holdings of the company. Landaas & Co. WI ADV bought a new position in shares of Equity Residential during the second quarter valued at $101,000. Optimum Investment Advisors bought a new position in shares of Equity Residential during the first quarter valued at $173,000. Cornerstone Wealth Management LLC bought a new stake in Equity Residential in the 2nd quarter worth about $187,000. Girard Partners LTD. bought a new stake in Equity Residential in the 2nd quarter worth about $203,000. Finally, Marco Investment Management LLC bought a new stake in Equity Residential in the 2nd quarter worth about $205,000. Hedge funds and other institutional investors own 87.30% of the company’s stock.
In other news, CAO Ian Kaufman sold 5,075 shares of Equity Residential stock in a transaction dated Monday, September 10th. The stock was sold at an average price of $67.75, for a total transaction of $343,831.25. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Gerald A. Spector sold 13,024 shares of Equity Residential stock in a transaction dated Wednesday, September 5th. The shares were sold at an average price of $67.50, for a total value of $879,120.00. Following the transaction, the insider now directly owns 294,287 shares in the company, valued at $19,864,372.50. The disclosure for this sale can be found here. Insiders sold 48,769 shares of company stock worth $3,308,451 over the last three months. Insiders own 3.75% of the company’s stock.
Equity Residential (NYSE:EQR) last announced its earnings results on Tuesday, July 24th. The real estate investment trust reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.01. The business had revenue of $639.62 million for the quarter, compared to analysts’ expectations of $637.34 million. Equity Residential had a return on equity of 5.63% and a net margin of 23.27%. The business’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same period last year, the firm posted $0.77 earnings per share. As a group, equities analysts anticipate that Equity Residential will post 3.24 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 12th. Shareholders of record on Monday, September 24th will be given a $0.54 dividend. The ex-dividend date of this dividend is Friday, September 21st. This represents a $2.16 annualized dividend and a yield of 3.31%. Equity Residential’s payout ratio is 69.01%.
EQR has been the subject of several research analyst reports. Mizuho reiterated a “buy” rating and issued a $76.00 price objective on shares of Equity Residential in a report on Monday, August 6th. Morgan Stanley reduced their price objective on Equity Residential from $66.50 to $63.00 and set an “equal weight” rating for the company in a report on Thursday, June 14th. Deutsche Bank lifted their price objective on Equity Residential from $66.00 to $67.00 and gave the stock a “hold” rating in a report on Wednesday, September 5th. Robert W. Baird reiterated a “hold” rating and issued a $66.00 price objective on shares of Equity Residential in a report on Thursday, August 16th. Finally, SunTrust Banks downgraded Equity Residential from a “buy” rating to a “hold” rating and set a $71.00 price objective for the company. in a report on Tuesday, August 14th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and four have given a buy rating to the company. Equity Residential currently has a consensus rating of “Hold” and a consensus price target of $67.57.
Equity Residential Profile
Equity Residential is an S&P 500 company focused on the acquisition, development and management of rental apartment properties in urban and high-density suburban coastal gateway markets where today's renters want to live, work and play. Equity Residential owns or has investments in 304 properties consisting of 78,645 apartment units, primarily located in Boston, New York, Washington, DC, Seattle, San Francisco and Southern California.
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