Corebridge Financial Inc. Sells 3,889 Shares of Equity Residential (NYSE:EQR)

Corebridge Financial Inc. decreased its position in Equity Residential (NYSE:EQR) by 4.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 81,095 shares of the real estate investment trust’s stock after selling 3,889 shares during the quarter. Corebridge Financial Inc.’s holdings in Equity Residential were worth $5,819,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. LPL Financial LLC raised its position in Equity Residential by 5.9% in the 4th quarter. LPL Financial LLC now owns 60,899 shares of the real estate investment trust’s stock valued at $4,370,000 after buying an additional 3,392 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Equity Residential in the fourth quarter valued at approximately $17,897,000. Mizuho Securities USA LLC lifted its position in shares of Equity Residential by 46.3% in the fourth quarter. Mizuho Securities USA LLC now owns 32,359 shares of the real estate investment trust’s stock worth $2,322,000 after purchasing an additional 10,235 shares in the last quarter. Summit Global Investments acquired a new position in Equity Residential during the fourth quarter worth $714,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in Equity Residential by 39.3% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 195,479 shares of the real estate investment trust’s stock worth $14,028,000 after purchasing an additional 55,129 shares during the last quarter. 92.68% of the stock is currently owned by institutional investors.

Equity Residential Price Performance

Shares of NYSE EQR opened at $71.38 on Friday. The business’s 50 day moving average is $70.95 and its 200-day moving average is $72.49. The firm has a market cap of $27.10 billion, a P/E ratio of 26.24, a price-to-earnings-growth ratio of 3.99 and a beta of 0.91. Equity Residential has a 1-year low of $59.48 and a 1-year high of $78.84. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.72.

Equity Residential Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 17th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.6925 per share. The ex-dividend date is Monday, March 31st. This represents a $2.77 dividend on an annualized basis and a dividend yield of 3.88%. This is an increase from Equity Residential’s previous quarterly dividend of $0.68. Equity Residential’s dividend payout ratio (DPR) is currently 101.84%.

Insider Activity

In other Equity Residential news, COO Michael L. Manelis sold 9,487 shares of the business’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $72.07, for a total value of $683,728.09. Following the completion of the sale, the chief operating officer now owns 26,781 shares of the company’s stock, valued at $1,930,106.67. The trade was a 26.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Scott Fenster sold 5,340 shares of the firm’s stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $72.06, for a total transaction of $384,800.40. Following the transaction, the executive vice president now directly owns 35,507 shares in the company, valued at $2,558,634.42. This represents a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,763 shares of company stock valued at $1,424,217. 1.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on EQR. StockNews.com raised shares of Equity Residential from a “sell” rating to a “hold” rating in a research report on Saturday, February 8th. Evercore ISI upped their target price on Equity Residential from $74.00 to $76.00 and gave the stock an “in-line” rating in a report on Monday, February 10th. Wells Fargo & Company decreased their price target on Equity Residential from $77.00 to $75.00 and set an “equal weight” rating for the company in a research note on Friday, January 24th. Stifel Nicolaus set a $82.25 price objective on Equity Residential in a research note on Tuesday, February 4th. Finally, Mizuho decreased their target price on shares of Equity Residential from $78.00 to $74.00 and set a “neutral” rating for the company in a research note on Monday, January 6th. Ten equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Equity Residential currently has a consensus rating of “Hold” and an average target price of $78.51.

About Equity Residential

Equity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, is focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract affluent long-term renters. Equity Residential owns or has investments in 305 properties consisting of 80,683 apartment units, with an established presence in Boston, New York, Washington, DC, Seattle, San Francisco and Southern California, and an expanding presence in Denver, Atlanta, Dallas/Ft.