Evercore ISI Raises Equity Residential (NYSE:EQR) Price Target to $76.00

Equity Residential (NYSE:EQR) had its target price boosted by research analysts at Evercore ISI from $75.00 to $76.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has an “in-line” rating on the real estate investment trust’s stock. Evercore ISI’s price objective would indicate a potential downside of 2.75% from the company’s current price.

Other analysts have also issued reports about the stock. BNP Paribas began coverage on shares of Equity Residential in a research report on Wednesday, September 11th. They set an “outperform” rating and a $83.00 price target for the company. Scotiabank increased their price target on Equity Residential from $73.00 to $77.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Mizuho increased their price objective on shares of Equity Residential from $61.00 to $64.00 and gave the company a “neutral” rating in a research report on Thursday, May 30th. UBS Group raised their target price on Equity Residential from $75.00 to $82.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Finally, Truist Financial raised their price objective on Equity Residential from $73.00 to $77.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Twelve investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $75.38.

Equity Residential Trading Up 0.1 %

EQR traded up $0.07 on Monday, reaching $78.15. 233,614 shares of the company traded hands, compared to its average volume of 1,899,347. Equity Residential has a one year low of $52.57 and a one year high of $78.84. The firm has a fifty day simple moving average of $71.78 and a two-hundred day simple moving average of $67.15. The company has a market cap of $29.66 billion, a P/E ratio of 32.37, a price-to-earnings-growth ratio of 4.27 and a beta of 0.89. The company has a quick ratio of 0.21, a current ratio of 0.21 and a debt-to-equity ratio of 0.64.

Equity Residential (NYSE:EQR) last posted its quarterly earnings results on Monday, July 29th. The real estate investment trust reported $0.47 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.49). Equity Residential had a net margin of 32.83% and a return on equity of 8.53%. The business had revenue of $734.20 million during the quarter, compared to the consensus estimate of $735.26 million. During the same quarter in the prior year, the firm posted $0.94 EPS. The company’s revenue for the quarter was up 2.4% compared to the same quarter last year. As a group, equities research analysts expect that Equity Residential will post 3.89 earnings per share for the current year.

Insider Buying and Selling at Equity Residential

In related news, CFO Robert Garechana sold 6,357 shares of the company’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $69.08, for a total transaction of $439,141.56. Following the completion of the sale, the chief financial officer now owns 14,576 shares of the company’s stock, valued at approximately $1,006,910.08. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Equity Residential

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EQR. BNP Paribas Financial Markets grew its stake in Equity Residential by 36.6% during the 1st quarter. BNP Paribas Financial Markets now owns 569,829 shares of the real estate investment trust’s stock worth $35,962,000 after purchasing an additional 152,736 shares in the last quarter. Royal London Asset Management Ltd. lifted its position in shares of Equity Residential by 13.7% during the 4th quarter. Royal London Asset Management Ltd. now owns 165,650 shares of the real estate investment trust’s stock worth $10,131,000 after purchasing an additional 20,010 shares during the last quarter. QRG Capital Management Inc. increased its holdings in Equity Residential by 200.9% in the first quarter. QRG Capital Management Inc. now owns 77,019 shares of the real estate investment trust’s stock valued at $4,861,000 after buying an additional 51,423 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Equity Residential by 1.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 20,267,675 shares of the real estate investment trust’s stock valued at $1,279,095,000 after buying an additional 381,236 shares in the last quarter. Finally, U.S. Capital Wealth Advisors LLC acquired a new position in shares of Equity Residential during the 2nd quarter worth about $3,893,000. Hedge funds and other institutional investors own 92.68% of the company’s stock.

Equity Residential Company Profile

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.