Equity Residential (EQR) Position Lifted by Voya Investment Management LLC
Voya Investment Management LLC increased its stake in shares of Equity Residential (NYSE:EQR) by 35.3% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 169,263 shares of the real estate investment trust’s stock after purchasing an additional 44,207 shares during the quarter. Voya Investment Management LLC’s holdings in Equity Residential were worth $10,780,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Landaas & Co. WI ADV bought a new position in shares of Equity Residential during the 2nd quarter valued at approximately $101,000. Girard Partners LTD. purchased a new position in Equity Residential during the 2nd quarter valued at $203,000. Marco Investment Management LLC purchased a new position in Equity Residential during the 2nd quarter valued at $205,000. HL Financial Services LLC boosted its holdings in Equity Residential by 156.6% during the 2nd quarter. HL Financial Services LLC now owns 3,265 shares of the real estate investment trust’s stock valued at $208,000 after acquiring an additional 9,030 shares during the period. Finally, Fulton Bank N.A. purchased a new position in Equity Residential during the 2nd quarter valued at $221,000. 87.30% of the stock is currently owned by hedge funds and other institutional investors.
Shares of EQR stock traded down $0.20 during mid-day trading on Friday, hitting $62.67. The stock had a trading volume of 1,734,835 shares, compared to its average volume of 2,085,726. Equity Residential has a 12-month low of $54.97 and a 12-month high of $70.46. The stock has a market capitalization of $24.40 billion, a price-to-earnings ratio of 20.02, a P/E/G ratio of 3.43 and a beta of 0.37. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.84.
The company also recently announced a quarterly dividend, which was paid on Friday, October 12th. Shareholders of record on Monday, September 24th were issued a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 3.45%. The ex-dividend date of this dividend was Friday, September 21st. Equity Residential’s dividend payout ratio is 69.01%.
A number of equities analysts recently issued reports on the company. ValuEngine upgraded Equity Residential from a “sell” rating to a “hold” rating in a report on Friday, July 6th. Stifel Nicolaus boosted their price objective on Equity Residential from $60.00 to $68.00 and gave the company a “hold” rating in a report on Thursday, July 26th. SunTrust Banks cut Equity Residential from a “buy” rating to a “hold” rating and set a $71.00 price objective for the company. in a report on Tuesday, August 14th. Deutsche Bank boosted their price objective on Equity Residential from $66.00 to $67.00 and gave the company a “hold” rating in a report on Wednesday, September 5th. Finally, Robert W. Baird restated a “hold” rating and set a $66.00 price objective on shares of Equity Residential in a report on Thursday, August 16th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and four have issued a buy rating to the stock. Equity Residential presently has an average rating of “Hold” and an average price target of $67.57.
In other Equity Residential news, Vice Chairman Gerald A. Spector sold 13,024 shares of the company’s stock in a transaction on Wednesday, September 5th. The stock was sold at an average price of $67.50, for a total value of $879,120.00. Following the completion of the sale, the insider now directly owns 294,287 shares in the company, valued at approximately $19,864,372.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Michael L. Manelis sold 670 shares of the company’s stock in a transaction on Tuesday, September 11th. The stock was 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 valued at $3,308,451 over the last quarter. Company insiders own 3.75% of the company’s stock.
Equity Residential 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 304 properties consisting of 78,645 apartment units, primarily located in Boston, New York, Washington, DC, Seattle, San Francisco and Southern California.
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