Equity Residential (NYSE:EQR) Stake Raised by Fmr LLC
FMR LLC increased its stake in shares of Equity Residential (NYSE:EQR) by 5.1% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,660,719 shares of the real estate investment trust’s stock after buying an additional 520,610 shares during the quarter. FMR LLC owned about 2.89% of Equity Residential worth $678,982,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. Boston Partners lifted its holdings in shares of Equity Residential by 80.2% in the 2nd quarter. Boston Partners now owns 6,431,486 shares of the real estate investment trust’s stock valued at $409,622,000 after purchasing an additional 2,862,717 shares during the last quarter. BlackRock Inc. raised its stake in Equity Residential by 6.3% during the 2nd quarter. BlackRock Inc. now owns 38,144,554 shares of the real estate investment trust’s stock valued at $2,429,425,000 after acquiring an additional 2,247,512 shares during the last quarter. Resolution Capital Ltd raised its stake in Equity Residential by 52.1% during the 2nd quarter. Resolution Capital Ltd now owns 3,579,025 shares of the real estate investment trust’s stock valued at $227,948,000 after acquiring an additional 1,225,200 shares during the last quarter. Stevens Capital Management LP purchased a new stake in Equity Residential during the 2nd quarter valued at approximately $14,422,000. Finally, Los Angeles Capital Management & Equity Research Inc. raised its stake in Equity Residential by 359.2% during the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 211,505 shares of the real estate investment trust’s stock valued at $13,471,000 after acquiring an additional 165,450 shares during the last quarter. Hedge funds and other institutional investors own 87.39% of the company’s stock.
Shares of EQR stock traded down $0.31 during mid-day trading on Friday, hitting $67.83. 1,389,020 shares of the company’s stock were exchanged, compared to its average volume of 1,318,940. Equity Residential has a fifty-two week low of $54.97 and a fifty-two week high of $70.46. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.84. The stock has a market capitalization of $24.95 billion, a price-to-earnings ratio of 21.11, a price-to-earnings-growth ratio of 3.51 and a beta of 0.37.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 12th. Investors of record on Monday, September 24th will be given a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 3.18%. The ex-dividend date of this dividend is Friday, September 21st. Equity Residential’s dividend payout ratio (DPR) is currently 69.01%.
EQR has been the subject of a number of analyst reports. SunTrust Banks downgraded Equity Residential from a “buy” rating to a “hold” rating and set a $71.00 target price for the company. in a research note on Tuesday, August 14th. Robert W. Baird reissued a “hold” rating and set a $66.00 target price on shares of Equity Residential in a research note on Thursday, August 16th. Morgan Stanley cut their target price on Equity Residential from $66.50 to $63.00 and set an “equal weight” rating for the company in a research note on Thursday, June 14th. Bank of America upped their price target on Equity Residential from $74.00 to $76.00 and gave the stock a “buy” rating in a report on Friday, June 8th. Finally, Mizuho restated a “buy” rating and issued a $76.00 price target on shares of Equity Residential in a report on Monday, August 6th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and four have given a buy rating to the stock. Equity Residential has an average rating of “Hold” and an average target price of $67.57.
In other Equity Residential news, Vice Chairman Gerald A. Spector sold 13,024 shares of the firm’s stock in a transaction dated Wednesday, September 5th. The stock was sold at an average price of $67.50, for a total value of $879,120.00. Following the transaction, the insider now directly owns 294,287 shares of the company’s stock, valued at $19,864,372.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael L. Manelis sold 670 shares of the firm’s stock in a transaction dated Tuesday, September 11th. The shares were sold at an average price of $67.91, for a total value of $45,499.70. The disclosure for this sale can be found here. Insiders sold a total of 48,769 shares of company stock worth $3,308,451 over the last ninety days. Corporate insiders own 3.75% of the company’s stock.
Equity Residential Company Profile
Equity Residential is an S&P 500 company focused on the acquisition, development and management of rental apartment properties in urban and high-density suburban coastal gateway markets where today's renters want to live, work and play. Equity Residential owns or has investments in 303 properties consisting of 78,399 apartment units, primarily located in Boston, New York, Washington, DC, Seattle, San Francisco and Southern California.
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