Equity Residential (NYSE:EQR) Given New $73.00 Price Target at Truist Financial

Equity Residential (NYSE:EQR) had its price target hoisted by Truist Financial from $67.00 to $73.00 in a research report report published on Monday morning, Benzinga reports. Truist Financial currently has a buy rating on the real estate investment trust’s stock.

Other research analysts have also recently issued research reports about the company. Evercore ISI cut Equity Residential from an outperform rating to an in-line rating and set a $70.00 target price on the stock. in a research report on Monday, May 13th. Raymond James upgraded Equity Residential from an underperform rating to a market perform rating in a research report on Monday, March 18th. JPMorgan Chase & Co. lifted their target price on Equity Residential from $66.00 to $68.00 and gave the company a neutral rating in a research report on Monday, June 17th. Morgan Stanley lifted their target price on Equity Residential from $68.00 to $70.00 and gave the company an equal weight rating in a research report on Tuesday, May 14th. Finally, Piper Sandler boosted their price target on Equity Residential from $62.00 to $70.00 and gave the stock a neutral rating in a report on Monday, April 29th. Twelve research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Equity Residential currently has a consensus rating of Hold and an average target price of $68.47.

Equity Residential Stock Up 1.3 %

EQR opened at $69.19 on Monday. Equity Residential has a fifty-two week low of $52.57 and a fifty-two week high of $69.57. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.23 and a current ratio of 0.23. The company has a market capitalization of $26.26 billion, a P/E ratio of 28.71, a P/E/G ratio of 3.89 and a beta of 0.85. The stock has a fifty day moving average of $65.52 and a 200-day moving average of $62.62.

Equity Residential (NYSE:EQR) last issued its quarterly earnings results on Tuesday, April 23rd. The real estate investment trust reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.02. Equity Residential had a return on equity of 8.18% and a net margin of 31.70%. The company had revenue of $730.80 million for the quarter, compared to analysts’ expectations of $728.09 million. During the same quarter last year, the business earned $0.87 earnings per share. Equity Residential’s revenue was up 3.6% on a year-over-year basis. On average, equities analysts expect that Equity Residential will post 3.88 EPS for the current year.

Equity Residential Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Monday, July 1st will be paid a $0.675 dividend. This represents a $2.70 annualized dividend and a yield of 3.90%. The ex-dividend date is Monday, July 1st. Equity Residential’s dividend payout ratio (DPR) is presently 112.03%.

Insider Buying and Selling at Equity Residential

In other Equity Residential news, EVP Alexander Brackenridge sold 4,027 shares of the business’s stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $65.01, for a total value of $261,795.27. Following the transaction, the executive vice president now directly owns 69,901 shares of the company’s stock, valued at $4,544,264.01. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, EVP Alexander Brackenridge sold 4,027 shares of the company’s stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $65.01, for a total transaction of $261,795.27. Following the transaction, the executive vice president now directly owns 69,901 shares of the company’s stock, valued at $4,544,264.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mary Kay Haben sold 3,241 shares of the company’s stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $65.48, for a total value of $212,220.68. Following the transaction, the director now directly owns 9,720 shares in the company, valued at $636,465.60. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Equity Residential

A number of institutional investors have recently modified their holdings of the company. Janney Montgomery Scott LLC grew its holdings in Equity Residential by 11.5% during the third quarter. Janney Montgomery Scott LLC now owns 5,320 shares of the real estate investment trust’s stock worth $312,000 after buying an additional 548 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in Equity Residential by 39.3% during the third quarter. Envestnet Asset Management Inc. now owns 234,022 shares of the real estate investment trust’s stock worth $13,739,000 after buying an additional 65,982 shares in the last quarter. Acadian Asset Management LLC bought a new stake in Equity Residential during the third quarter worth $83,000. Stifel Financial Corp grew its holdings in Equity Residential by 4.2% during the third quarter. Stifel Financial Corp now owns 50,084 shares of the real estate investment trust’s stock worth $2,941,000 after buying an additional 2,001 shares in the last quarter. Finally, Natixis Advisors L.P. grew its holdings in Equity Residential by 3.6% during the third quarter. Natixis Advisors L.P. now owns 70,828 shares of the real estate investment trust’s stock worth $4,158,000 after buying an additional 2,435 shares in the last quarter. 92.68% of the stock is owned by institutional investors and hedge funds.

Equity Residential Company Profile

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.