Scotiabank Cuts Equity Residential (NYSE:EQR) Price Target to $66.00

Equity Residential (NYSE:EQR) had its price objective cut by Scotiabank from $73.00 to $66.00 in a report released on Tuesday morning,Benzinga reports. They currently have a sector perform rating on the real estate investment trust’s stock.

EQR has been the subject of several other reports. BNP Paribas Exane lowered shares of Equity Residential from an “outperform” rating to a “neutral” rating in a report on Monday, September 29th. Jefferies Financial Group decreased their price objective on Equity Residential from $70.00 to $68.00 and set a “hold” rating on the stock in a report on Monday, October 13th. JPMorgan Chase & Co. dropped their price target on Equity Residential from $76.00 to $75.00 in a research report on Tuesday, September 16th. Morgan Stanley cut their target price on Equity Residential from $76.50 to $75.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 13th. Finally, Cantor Fitzgerald began coverage on Equity Residential in a research report on Wednesday, October 1st. They issued an “overweight” rating and a $70.00 price objective on the stock. Seven research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, Equity Residential presently has an average rating of “Hold” and an average price target of $72.45.

Equity Residential Price Performance

EQR opened at $58.73 on Tuesday. Equity Residential has a 12-month low of $58.38 and a 12-month high of $78.32. The company has a market cap of $22.34 billion, a price-to-earnings ratio of 19.38, a price-to-earnings-growth ratio of 2.99 and a beta of 0.88. The stock has a fifty day simple moving average of $63.42 and a two-hundred day simple moving average of $66.09. The company has a current ratio of 0.45, a quick ratio of 0.17 and a debt-to-equity ratio of 0.75.

Equity Residential (NYSE:EQR) last issued its quarterly earnings results on Tuesday, October 28th. The real estate investment trust reported $1.02 earnings per share for the quarter, meeting the consensus estimate of $1.02. The firm had revenue of $782.41 million during the quarter, compared to the consensus estimate of $779.68 million. Equity Residential had a return on equity of 10.30% and a net margin of 37.58%.During the same period last year, the company earned $0.98 earnings per share. Equity Residential has set its Q4 2025 guidance at 1.020-1.060 EPS. FY 2025 guidance at 3.980-4.020 EPS. Research analysts predict that Equity Residential will post 3.98 earnings per share for the current fiscal year.

Equity Residential Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Thursday, September 25th were paid a $0.6925 dividend. The ex-dividend date was Thursday, September 25th. This represents a $2.77 dividend on an annualized basis and a yield of 4.7%. Equity Residential’s dividend payout ratio (DPR) is 91.42%.

Institutional Investors Weigh In On Equity Residential

Institutional investors and hedge funds have recently modified their holdings of the company. Norges Bank purchased a new position in Equity Residential during the 2nd quarter worth approximately $2,351,689,000. Nuveen LLC purchased a new position in shares of Equity Residential during the first quarter worth $165,442,000. Prudential Financial Inc. lifted its position in Equity Residential by 725.6% during the second quarter. Prudential Financial Inc. now owns 1,908,429 shares of the real estate investment trust’s stock valued at $128,800,000 after purchasing an additional 1,677,278 shares during the period. Invesco Ltd. boosted its holdings in Equity Residential by 20.9% in the second quarter. Invesco Ltd. now owns 8,019,026 shares of the real estate investment trust’s stock valued at $541,204,000 after purchasing an additional 1,384,580 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in Equity Residential by 5.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 20,711,588 shares of the real estate investment trust’s stock worth $1,482,537,000 after purchasing an additional 1,101,027 shares during the period. Institutional investors and hedge funds own 92.68% of the company’s stock.

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.