Edgestream Partners L.P. Lowers Stock Position in Equity Residential $EQR

Edgestream Partners L.P. lessened its position in shares of Equity Residential (NYSE:EQR) by 9.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 115,094 shares of the real estate investment trust’s stock after selling 11,669 shares during the quarter. Edgestream Partners L.P.’s holdings in Equity Residential were worth $6,808,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in EQR. Empowered Funds LLC boosted its stake in shares of Equity Residential by 3.1% during the 1st quarter. Empowered Funds LLC now owns 7,489 shares of the real estate investment trust’s stock worth $536,000 after acquiring an additional 226 shares in the last quarter. Cresset Asset Management LLC increased its stake in shares of Equity Residential by 13.9% in the 2nd quarter. Cresset Asset Management LLC now owns 4,836 shares of the real estate investment trust’s stock valued at $330,000 after purchasing an additional 590 shares in the last quarter. Jump Financial LLC raised its holdings in Equity Residential by 96.1% in the 2nd quarter. Jump Financial LLC now owns 11,300 shares of the real estate investment trust’s stock worth $763,000 after purchasing an additional 5,537 shares during the period. Federated Hermes Inc. acquired a new position in Equity Residential in the 2nd quarter worth about $100,000. Finally, Cerity Partners LLC boosted its position in Equity Residential by 170.7% during the second quarter. Cerity Partners LLC now owns 20,646 shares of the real estate investment trust’s stock worth $1,393,000 after purchasing an additional 13,018 shares in the last quarter. Hedge funds and other institutional investors own 92.68% of the company’s stock.

Equity Residential Price Performance

Shares of EQR opened at $67.18 on Friday. The company has a market cap of $25.19 billion, a P/E ratio of 29.21, a PEG ratio of 5.48 and a beta of 0.74. The company has a quick ratio of 0.18, a current ratio of 0.19 and a debt-to-equity ratio of 0.77. Equity Residential has a fifty-two week low of $57.57 and a fifty-two week high of $71.50. The firm’s 50 day moving average price is $67.48 and its 200 day moving average price is $64.13.

Equity Residential (NYSE:EQR) last released its earnings results on Tuesday, April 28th. The real estate investment trust reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.09). The firm had revenue of $779.85 million for the quarter, compared to analysts’ expectations of $781.79 million. Equity Residential had a return on equity of 8.06% and a net margin of 27.97%.The firm’s quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.95 earnings per share. On average, research analysts forecast that Equity Residential will post 4.08 earnings per share for the current fiscal year.

Equity Residential Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Monday, June 29th were issued a $0.7025 dividend. This represents a $2.81 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend was Monday, June 29th. Equity Residential’s payout ratio is presently 122.17%.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Barclays reissued an “equal weight” rating and issued a $76.00 price objective on shares of Equity Residential in a report on Tuesday, July 14th. Wells Fargo & Company increased their target price on Equity Residential from $62.00 to $64.00 and gave the company an “equal weight” rating in a research report on Thursday, April 23rd. Scotiabank lifted their price target on shares of Equity Residential from $67.00 to $70.00 and gave the company a “sector perform” rating in a research note on Thursday, July 9th. Nordea Equity Research upgraded shares of Equity Residential to a “buy” rating in a research report on Wednesday, May 27th. Finally, JPMorgan Chase & Co. boosted their price target on Equity Residential from $71.00 to $72.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and fourteen have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $71.40.

Equity Residential Profile

Equity Residential (NYSE: EQR) is a publicly traded real estate investment trust that acquires, develops, owns and operates rental apartment properties. Headquartered in Chicago, the company focuses on delivering professionally managed, market-rate apartment homes and related services to renters. Its operations cover a range of property types, including high-rise and mid-rise assets, with amenities and on-site management designed to support resident retention and occupancy.

The company’s core activities include property acquisitions, development and redevelopment, leasing, and day-to-day property management.