Sumitomo Life Insurance Co. decreased its position in shares of Equity Residential (NYSE:EQR) by 9.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,611 shares of the real estate investment trust’s stock after selling 1,940 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Equity Residential were worth $1,326,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new stake in Equity Residential during the 4th quarter valued at approximately $1,249,322,000. Oregon Public Employees Retirement Fund increased its position in Equity Residential by 6,420.1% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,632,545 shares of the real estate investment trust’s stock valued at $40,000 after purchasing an additional 2,592,169 shares during the period. BlackRock Inc. grew its position in shares of Equity Residential by 5.8% during the 4th quarter. BlackRock Inc. now owns 41,246,537 shares of the real estate investment trust’s stock worth $2,722,686,000 after buying an additional 2,256,566 shares during the period. Barings LLC acquired a new stake in shares of Equity Residential during the 4th quarter worth approximately $74,003,000. Finally, Morgan Stanley grew its position in shares of Equity Residential by 17.4% during the 3rd quarter. Morgan Stanley now owns 6,086,929 shares of the real estate investment trust’s stock worth $403,319,000 after buying an additional 901,037 shares during the period. 92.44% of the stock is owned by institutional investors and hedge funds.
EQR has been the subject of several recent analyst reports. Zacks Investment Research raised shares of Equity Residential from a “sell” rating to a “hold” rating in a research report on Monday, February 25th. Raymond James raised shares of Equity Residential from an “underperform” rating to a “market perform” rating and set a $75.74 price target for the company in a research report on Thursday, April 11th. BMO Capital Markets reissued a “hold” rating and issued a $78.00 price target on shares of Equity Residential in a research report on Monday, March 25th. Mizuho downgraded shares of Equity Residential from a “buy” rating to a “neutral” rating and set a $71.00 price target for the company. in a research report on Wednesday, January 23rd. Finally, Barclays reissued a “hold” rating and issued a $65.00 price target on shares of Equity Residential in a research report on Wednesday, January 23rd. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $72.48.
NYSE:EQR traded up $1.01 during mid-day trading on Friday, reaching $75.83. The stock had a trading volume of 819,815 shares, compared to its average volume of 1,186,782. The company has a market capitalization of $27.72 billion, a price-to-earnings ratio of 23.33, a PEG ratio of 3.73 and a beta of 0.58. Equity Residential has a one year low of $59.29 and a one year high of $77.69. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.13 and a quick ratio of 0.29.
Equity Residential (NYSE:EQR) last announced its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $0.28 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.81 by ($0.53). Equity Residential had a net margin of 21.10% and a return on equity of 5.31%. The company had revenue of $662.30 million during the quarter, compared to the consensus estimate of $655.00 million. During the same quarter in the previous year, the firm posted $0.77 EPS. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Equity Residential will post 3.39 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Monday, March 25th were issued a dividend of $0.5675 per share. This represents a $2.27 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date of this dividend was Friday, March 22nd. This is an increase from Equity Residential’s previous quarterly dividend of $0.54. Equity Residential’s dividend payout ratio is currently 69.85%.
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About Equity Residential
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.
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