Westpac Banking Corp cut its position in Equity Residential (NYSE:EQR) by 37.1% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 252,213 shares of the real estate investment trust’s stock after selling 149,052 shares during the quarter. Westpac Banking Corp’s holdings in Equity Residential were worth $19,148,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Cullen Frost Bankers Inc. purchased a new position in Equity Residential in the first quarter worth about $30,000. NEXT Financial Group Inc bought a new stake in shares of Equity Residential in the second quarter worth approximately $34,000. Trustcore Financial Services LLC bought a new stake in shares of Equity Residential in the second quarter worth approximately $40,000. Parallel Advisors LLC grew its stake in shares of Equity Residential by 162.9% in the first quarter. Parallel Advisors LLC now owns 828 shares of the real estate investment trust’s stock worth $62,000 after acquiring an additional 513 shares during the period. Finally, Steward Partners Investment Advisory LLC bought a new stake in shares of Equity Residential in the second quarter worth approximately $64,000. 87.98% of the stock is owned by institutional investors and hedge funds.

Shares of EQR stock traded down $0.22 during trading hours on Tuesday, reaching $81.00. The company had a trading volume of 94,780 shares, compared to its average volume of 1,400,521. The business has a fifty day moving average of $78.52. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.88. The firm has a market capitalization of $30.14 billion, a price-to-earnings ratio of 24.93, a PEG ratio of 4.00 and a beta of 0.51. Equity Residential has a one year low of $62.40 and a one year high of $81.88.

Equity Residential (NYSE:EQR) last announced its earnings results on Tuesday, July 30th. The real estate investment trust reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.85 by ($0.02). The business had revenue of $669.37 million for the quarter, compared to the consensus estimate of $667.59 million. Equity Residential had a net margin of 28.27% and a return on equity of 7.21%. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.81 earnings per share. As a group, research analysts anticipate that Equity Residential will post 3.44 earnings per share for the current fiscal year.

EQR has been the subject of a number of research analyst reports. Argus lifted their price target on shares of Equity Residential to $84.00 and gave the stock a “buy” rating in a research note on Thursday, May 23rd. Zacks Investment Research upgraded shares of Equity Residential from a “hold” rating to a “buy” rating and set a $86.00 price target for the company in a research note on Monday. Finally, Morgan Stanley lifted their price target on shares of Equity Residential from $70.00 to $79.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 27th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $74.40.

In related news, CEO Mark J. Parrell sold 59,385 shares of the business’s stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $76.60, for a total transaction of $4,548,891.00. Following the completion of the sale, the chief executive officer now directly owns 79,782 shares in the company, valued at $6,111,301.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Michael L. Manelis sold 1,449 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $77.00, for a total transaction of $111,573.00. The disclosure for this sale can be found here. Insiders have sold 224,906 shares of company stock valued at $17,697,674 over the last 90 days. 2.40% of the stock is currently owned by company insiders.

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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Institutional Ownership by Quarter for Equity Residential (NYSE:EQR)

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