New York State Teachers Retirement System Sells 267 Shares of Equity Residential (NYSE:EQR)
New York State Teachers Retirement System decreased its holdings in shares of Equity Residential (NYSE:EQR) by 0.1% in the second quarter, HoldingsChannel reports. The fund owned 468,753 shares of the real estate investment trust’s stock after selling 267 shares during the quarter. New York State Teachers Retirement System’s holdings in Equity Residential were worth $35,588,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also modified their holdings of EQR. Advisor Group Inc. lifted its stake in Equity Residential by 6.2% in the 4th quarter. Advisor Group Inc. now owns 3,069 shares of the real estate investment trust’s stock worth $202,000 after purchasing an additional 179 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Equity Residential by 9.0% during the 4th quarter. Geode Capital Management LLC now owns 6,088,423 shares of the real estate investment trust’s stock valued at $401,342,000 after buying an additional 501,797 shares in the last quarter. Municipal Employees Retirement System of Michigan purchased a new stake in shares of Equity Residential during the 4th quarter valued at about $644,000. Actinver Wealth Management Inc. purchased a new stake in shares of Equity Residential during the 4th quarter valued at about $203,000. Finally, Liberty Wealth Management LLC purchased a new stake in shares of Equity Residential during the 4th quarter valued at about $38,000. 88.17% of the stock is owned by hedge funds and other institutional investors.
EQR has been the topic of several recent research reports. Evercore ISI cut shares of Essex Property Trust from an “outperform” rating to an “in-line” rating in a research report on Monday, April 1st. Argus upped their target price on shares of Xcel Energy to $64.00 and gave the company a “buy” rating in a research report on Thursday, May 23rd. Raymond James upped their target price on shares of Delta Air Lines from $60.00 to $68.00 and gave the company an “outperform” rating in a research report on Thursday, April 11th. Morgan Stanley upped their target price on shares of General Mills from $49.00 to $52.00 and gave the company an “equal weight” rating in a research report on Thursday, June 27th. Finally, Zacks Investment Research cut shares of Hudson Technologies from a “hold” rating to a “sell” rating in a research report on Monday, April 1st. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $73.65.
Equity Residential (NYSE:EQR) last announced its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.53). The business had revenue of $662.30 million during the quarter, compared to analyst estimates of $655.00 million. Equity Residential had a net margin of 21.10% and a return on equity of 5.31%. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.77 EPS. Equities analysts forecast that Equity Residential will post 3.4 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were issued a $0.567 dividend. This represents a $2.27 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date of this dividend was Thursday, June 27th. Equity Residential’s dividend payout ratio (DPR) is currently 69.85%.
In other Equity Residential news, Director David J. Neithercut sold 36,353 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $76.33, for a total transaction of $2,774,824.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mark J. Parrell sold 59,385 shares of the business’s stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $76.60, for a total transaction of $4,548,891.00. Following the transaction, the chief executive officer now owns 79,782 shares of the company’s stock, valued at approximately $6,111,301.20. The disclosure for this sale can be found here. Insiders sold 185,173 shares of company stock valued at $14,222,839 in the last 90 days. Company insiders own 2.40% 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 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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