Rafferty Asset Management LLC trimmed its position in shares of Equity Residential (NYSE:EQR) by 18.2% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 52,907 shares of the real estate investment trust’s stock after selling 11,793 shares during the quarter. Rafferty Asset Management LLC’s holdings in Equity Residential were worth $3,483,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in EQR. Bessemer Group Inc. grew its position in Equity Residential by 124.6% during the 2nd quarter. Bessemer Group Inc. now owns 1,572 shares of the real estate investment trust’s stock valued at $103,000 after purchasing an additional 872 shares during the last quarter. Girard Partners LTD. purchased a new stake in Equity Residential during the 2nd quarter valued at about $209,000. KCM Investment Advisors LLC purchased a new stake in Equity Residential during the 2nd quarter valued at about $210,000. Dynamic Technology Lab Private Ltd purchased a new stake in Equity Residential during the 1st quarter valued at about $218,000. Finally, Hedeker Wealth LLC purchased a new stake in Equity Residential during the 2nd quarter valued at about $225,000. 91.04% of the stock is currently owned by institutional investors.
Shares of Equity Residential (EQR) traded up 0.01% during mid-day trading on Wednesday, hitting $66.84. 155,219 shares of the stock were exchanged. The stock has a market cap of $24.55 billion, a PE ratio of 29.91 and a beta of 0.36. The stock’s 50 day moving average is $67.53 and its 200-day moving average is $65.65. Equity Residential has a 12 month low of $58.28 and a 12 month high of $68.83.
Equity Residential (NYSE:EQR) last issued its quarterly earnings results on Tuesday, July 25th. The real estate investment trust reported $0.77 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.77. Equity Residential had a return on equity of 7.92% and a net margin of 33.99%. The business had revenue of $612.48 million for the quarter, compared to analyst estimates of $609.37 million. During the same quarter in the previous year, the firm earned $0.76 earnings per share. The company’s revenue was up 2.9% on a year-over-year basis. On average, analysts anticipate that Equity Residential will post $1.48 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Monday, September 25th will be paid a dividend of $0.5038 per share. The ex-dividend date of this dividend is Friday, September 22nd. This represents a $2.02 dividend on an annualized basis and a dividend yield of 3.02%. Equity Residential’s payout ratio is 90.58%.
Several analysts recently commented on EQR shares. Stifel Nicolaus started coverage on shares of Equity Residential in a research report on Friday, September 1st. They set a “hold” rating and a $71.00 price objective on the stock. Barclays PLC increased their price objective on shares of Equity Residential from $65.00 to $66.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 1st. BMO Capital Markets reissued a “hold” rating and set a $66.00 price objective on shares of Equity Residential in a research report on Thursday, May 25th. BidaskClub downgraded shares of Equity Residential from a “buy” rating to a “hold” rating in a research report on Saturday, July 1st. Finally, TheStreet raised shares of Equity Residential from a “c+” rating to a “b” rating in a research report on Monday, July 31st. One analyst has rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $68.21.
In other news, CEO David J. Neithercut sold 75,000 shares of the business’s stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $68.10, for a total transaction of $5,107,500.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Bruce C. Strohm sold 25,000 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $68.00, for a total value of $1,700,000.00. The disclosure for this sale can be found here. Insiders have sold 173,622 shares of company stock worth $11,816,599 in the last 90 days. Insiders own 3.79% of the company’s stock.
About Equity Residential
Equity Residential is a real estate investment trust. The Company’s primary business is the acquisition, development and management of multifamily residential properties. Its segments include Boston, New York, Washington DC, Southern California, San Francisco, Seattle and Other Markets. Southern California includes Los Angeles, San Diego and Orange County.
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