Cornerstone Advisors LLC Has $589,000 Stake in Equity Residential (NYSE:EQR)

Cornerstone Advisors LLC reduced its stake in shares of Equity Residential (NYSE:EQR) by 29.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,500 shares of the real estate investment trust’s stock after selling 3,600 shares during the quarter. Cornerstone Advisors LLC’s holdings in Equity Residential were worth $589,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Checchi Capital Advisers LLC increased its stake in Equity Residential by 4.5% in the second quarter. Checchi Capital Advisers LLC now owns 3,522 shares of the real estate investment trust’s stock valued at $244,000 after purchasing an additional 153 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its holdings in shares of Equity Residential by 41.9% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 525 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 155 shares during the period. Mystic Asset Management Inc. raised its stake in Equity Residential by 3.8% during the 1st quarter. Mystic Asset Management Inc. now owns 5,450 shares of the real estate investment trust’s stock worth $344,000 after buying an additional 200 shares during the period. Whittier Trust Co. raised its stake in Equity Residential by 12.4% during the 2nd quarter. Whittier Trust Co. now owns 1,826 shares of the real estate investment trust’s stock worth $127,000 after buying an additional 201 shares during the period. Finally, Chicago Partners Investment Group LLC lifted its holdings in Equity Residential by 1.5% during the fourth quarter. Chicago Partners Investment Group LLC now owns 13,864 shares of the real estate investment trust’s stock worth $815,000 after acquiring an additional 208 shares in the last quarter. 92.68% of the stock is owned by institutional investors.

Equity Residential Stock Performance

Shares of EQR opened at $77.32 on Wednesday. The company has a market cap of $29.35 billion, a PE ratio of 32.08, a price-to-earnings-growth ratio of 4.27 and a beta of 0.89. The firm has a 50-day moving average of $72.16 and a 200-day moving average of $67.39. Equity Residential has a one year low of $52.57 and a one year high of $78.83. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.21 and a quick ratio of 0.21.

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

Equity Residential Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, September 24th will be issued a dividend of $0.675 per share. This represents a $2.70 annualized dividend and a yield of 3.49%. The ex-dividend date of this dividend is Tuesday, September 24th. Equity Residential’s dividend payout ratio is 112.03%.

Wall Street Analysts Forecast Growth

EQR has been the subject of several recent analyst reports. Truist Financial increased their price target on Equity Residential from $73.00 to $77.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. The Goldman Sachs Group started coverage on shares of Equity Residential in a report on Wednesday, September 4th. They set a “neutral” rating and a $81.00 target price on the stock. Royal Bank of Canada lifted their price target on shares of Equity Residential from $74.00 to $75.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. BNP Paribas began coverage on shares of Equity Residential in a research report on Wednesday, September 11th. They set an “outperform” rating and a $83.00 price objective for the company. Finally, Wells Fargo & Company lowered shares of Equity Residential from an “overweight” rating to an “equal weight” rating and raised their price objective for the stock from $69.00 to $77.00 in a report on Monday, August 26th. Twelve investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $75.62.

Insiders Place Their Bets

In other news, CFO Robert Garechana sold 6,357 shares of the stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $69.08, for a total value of $439,141.56. Following the transaction, the chief financial officer now directly owns 14,576 shares of the company’s stock, valued at $1,006,910.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.00% of the company’s stock.

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.