Pennsylvania Trust Co purchased a new position in Equity Residential (NYSE:EQR) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 59,174 shares of the real estate investment trust’s stock, valued at approximately $2,954,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Altshuler Shaham Ltd acquired a new position in shares of Equity Residential in the 4th quarter worth approximately $25,000. Rational Advisors LLC acquired a new position in shares of Equity Residential in the 4th quarter worth approximately $31,000. Braun Bostich & Associates Inc. lifted its position in shares of Equity Residential by 38.0% in the 4th quarter. Braun Bostich & Associates Inc. now owns 516 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 142 shares during the period. Liberty Wealth Management LLC acquired a new position in shares of Equity Residential in the 4th quarter worth approximately $38,000. Finally, Enlightenment Research LLC acquired a new position in shares of Equity Residential in the 4th quarter worth approximately $40,000. Hedge funds and other institutional investors own 92.44% of the company’s stock.
In other Equity Residential news, Director David J. Neithercut sold 36,353 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $76.33, for a total transaction of $2,774,824.49. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Alan W. George sold 23,993 shares of the business’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $74.76, for a total transaction of $1,793,716.68. Following the sale, the insider now owns 70,575 shares of the company’s stock, valued at approximately $5,276,187. The disclosure for this sale can be found here. Insiders have sold a total of 199,997 shares of company stock valued at $15,013,752 in the last 90 days. 3.75% of the stock is currently owned by company insiders.
Equity Residential (NYSE:EQR) last announced its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $0.28 EPS for the quarter, missing the Zacks’ consensus estimate of $0.81 by ($0.53). The business had revenue of $662.30 million for the quarter, compared to the consensus estimate of $655.00 million. Equity Residential had a net margin of 21.10% and a return on equity of 5.31%. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.77 EPS. Sell-side analysts expect that Equity Residential will post 3.39 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Monday, March 25th were paid a dividend of $0.5675 per share. This represents a $2.27 dividend on an annualized basis and a yield of 2.99%. The ex-dividend date of this dividend was Friday, March 22nd. This is a positive change from Equity Residential’s previous quarterly dividend of $0.54. Equity Residential’s payout ratio is 69.85%.
A number of brokerages have recently issued reports on EQR. Zacks Investment Research downgraded shares of Equity Residential from a “hold” rating to a “sell” rating in a research report on Monday, March 25th. BMO Capital Markets reiterated a “hold” rating and set a $78.00 target price on shares of Equity Residential in a research report on Monday, March 25th. Evercore ISI downgraded shares of Equity Residential from an “in-line” rating to an “underperform” rating in a research report on Monday, April 1st. Barclays reiterated a “hold” rating and set a $65.00 target price on shares of Equity Residential in a research report on Wednesday, January 23rd. Finally, Argus boosted their target price on shares of Equity Residential to $80.00 and gave the company a “buy” rating in a research report on Thursday, February 14th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the company. Equity Residential currently has an average rating of “Hold” and a consensus price target of $72.48.
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Equity Residential Profile
Equity Residential is an S&P 500 company focused on the acquisition, development and management of rental apartment properties located in urban and high-density suburban markets where today's renters want to live, work and play. Equity Residential owns or has investments in 307 properties consisting of 79,482 apartment units, primarily located in Boston, New York, Washington, DC, Seattle, San Francisco, Southern California and Denver.
Further Reading: Dollar Cost Averaging
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