Scotiabank Downgrades Equity Residential (NYSE:EQR) to Sector Underperform

Equity Residential (NYSE:EQR) was downgraded by research analysts at Scotiabank from a “sector outperform” rating to a “sector underperform” rating in a report released on Monday, Marketbeat.com reports. They currently have a $55.00 target price on the real estate investment trust’s stock, down from their previous target price of $68.00. Scotiabank’s price objective would indicate a potential downside of 6.49% from the stock’s previous close. The analysts noted that the move was a valuation call.

Several other research analysts have also issued reports on EQR. SunTrust Banks decreased their price target on shares of Equity Residential from $82.00 to $69.00 and set a “hold” rating on the stock in a research report on Thursday, April 2nd. Evercore ISI upgraded shares of Equity Residential from an “underperform” rating to an “in-line” rating and set a $68.00 price target on the stock in a research report on Monday, May 11th. Citigroup decreased their price target on shares of Equity Residential from $87.00 to $62.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 7th. Robert W. Baird raised shares of Equity Residential from an “underperform” rating to a “neutral” rating and set a $73.00 price objective for the company in a research note on Tuesday, March 17th. Finally, Bank of America lowered shares of Equity Residential from a “buy” rating to a “neutral” rating in a research note on Monday, May 18th. Four research analysts have rated the stock with a sell rating, fourteen have given a hold rating and one has issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $72.73.

NYSE EQR opened at $58.82 on Monday. Equity Residential has a 12 month low of $49.62 and a 12 month high of $89.55. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.36 and a quick ratio of 0.36. The firm has a market capitalization of $21.21 billion, a PE ratio of 18.73, a P/E/G ratio of 3.78 and a beta of 0.63. The company’s 50 day simple moving average is $60.54 and its 200 day simple moving average is $71.12.

Equity Residential (NYSE:EQR) last posted its quarterly earnings results on Tuesday, May 5th. The real estate investment trust reported $0.83 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.87 by ($0.04). The business had revenue of $682.31 million during the quarter, compared to analyst estimates of $686.02 million. Equity Residential had a return on equity of 11.20% and a net margin of 43.16%. The company’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.82 EPS. Sell-side analysts anticipate that Equity Residential will post 3.35 earnings per share for the current fiscal year.

Several large investors have recently modified their holdings of the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of Equity Residential by 0.6% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 22,479 shares of the real estate investment trust’s stock valued at $1,819,000 after buying an additional 141 shares during the period. Mason Street Advisors LLC boosted its stake in shares of Equity Residential by 0.3% during the 4th quarter. Mason Street Advisors LLC now owns 49,805 shares of the real estate investment trust’s stock valued at $4,030,000 after buying an additional 141 shares during the period. CSat Investment Advisory L.P. boosted its stake in shares of Equity Residential by 22.4% during the 4th quarter. CSat Investment Advisory L.P. now owns 863 shares of the real estate investment trust’s stock valued at $70,000 after buying an additional 158 shares during the period. Sumitomo Life Insurance Co. raised its holdings in shares of Equity Residential by 1.0% during the 1st quarter. Sumitomo Life Insurance Co. now owns 17,579 shares of the real estate investment trust’s stock valued at $1,085,000 after purchasing an additional 170 shares in the last quarter. Finally, First Manhattan Co. raised its holdings in shares of Equity Residential by 4.2% during the 1st quarter. First Manhattan Co. now owns 4,715 shares of the real estate investment trust’s stock valued at $290,000 after purchasing an additional 191 shares in the last quarter. 88.30% of the stock is owned by institutional investors.

Equity Residential Company 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.

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