Equity Residential (NYSE:EQR) Stock Holdings Cut by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lowered its holdings in Equity Residential (NYSE:EQR) by 2.8% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 16,205 shares of the real estate investment trust’s stock after selling 470 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Equity Residential were worth $1,124,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC acquired a new stake in shares of Equity Residential during the fourth quarter worth $1,577,000. Charles Schwab Investment Management Inc. boosted its position in shares of Equity Residential by 2.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,837,945 shares of the real estate investment trust’s stock valued at $234,729,000 after purchasing an additional 97,212 shares during the period. AR Asset Management Inc. increased its stake in Equity Residential by 405.9% in the 4th quarter. AR Asset Management Inc. now owns 43,000 shares of the real estate investment trust’s stock worth $2,630,000 after purchasing an additional 34,500 shares in the last quarter. Principal Securities Inc. acquired a new stake in Equity Residential during the 4th quarter worth about $49,000. Finally, AGF Management Ltd. acquired a new stake in Equity Residential during the 4th quarter worth about $3,066,000. Institutional investors and hedge funds own 92.68% of the company’s stock.

Insider Buying and Selling

In other Equity Residential news, CFO Robert Garechana sold 6,357 shares of the company’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $69.08, for a total transaction of $439,141.56. Following the completion of the sale, the chief financial officer now directly owns 14,576 shares in the company, valued at $1,006,910.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.00% of the company’s stock.

Equity Residential Price Performance

Shares of EQR opened at $75.49 on Thursday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.21 and a current ratio of 0.21. The firm has a market cap of $28.65 billion, a PE ratio of 31.32, a PEG ratio of 4.17 and a beta of 0.87. The firm’s 50 day moving average price is $70.63 and its 200 day moving average price is $66.30. Equity Residential has a twelve month low of $52.57 and a twelve month high of $76.75.

Equity Residential (NYSE:EQR) last released its quarterly earnings data on Monday, July 29th. The real estate investment trust reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.49). The business had revenue of $734.20 million during the quarter, compared to analyst estimates of $735.26 million. Equity Residential had a net margin of 32.83% and a return on equity of 8.53%. The firm’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.94 EPS. As a group, research analysts expect that Equity Residential will post 3.89 EPS for the current fiscal year.

Equity Residential Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Monday, July 1st were paid a $0.675 dividend. The ex-dividend date was Monday, July 1st. This represents a $2.70 dividend on an annualized basis and a yield of 3.58%. Equity Residential’s payout ratio is presently 112.03%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on EQR shares. Piper Sandler lifted their target price on shares of Equity Residential from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Scotiabank lifted their price objective on shares of Equity Residential from $73.00 to $77.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. UBS Group increased their target price on Equity Residential from $75.00 to $82.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Evercore ISI raised their target price on Equity Residential from $70.00 to $74.00 and gave the stock an “in-line” rating in a research report on Wednesday, August 28th. Finally, Wells Fargo & Company lowered Equity Residential from an “overweight” rating to an “equal weight” rating and upped their price target for the company from $69.00 to $77.00 in a research report on Monday, August 26th. Thirteen research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $72.84.

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.