Doheny Asset Management CA Acquires New Position in Equity Residential (NYSE:EQR)

Doheny Asset Management CA bought a new position in shares of Equity Residential (NYSE:EQR) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 3,000 shares of the real estate investment trust’s stock, valued at approximately $208,000.

A number of other hedge funds also recently added to or reduced their stakes in EQR. Price T Rowe Associates Inc. MD grew its stake in shares of Equity Residential by 1.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 20,267,675 shares of the real estate investment trust’s stock worth $1,279,095,000 after acquiring an additional 381,236 shares in the last quarter. APG Asset Management US Inc. grew its stake in Equity Residential by 0.6% during the 4th quarter. APG Asset Management US Inc. now owns 11,598,251 shares of the real estate investment trust’s stock worth $709,349,000 after purchasing an additional 71,716 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Equity Residential by 482.3% during the 2nd quarter. Principal Financial Group Inc. now owns 7,153,749 shares of the real estate investment trust’s stock worth $496,040,000 after purchasing an additional 5,925,177 shares during the period. Centersquare Investment Management LLC raised its position in Equity Residential by 5.9% in the 4th quarter. Centersquare Investment Management LLC now owns 5,527,431 shares of the real estate investment trust’s stock valued at $338,058,000 after purchasing an additional 309,796 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its position in Equity Residential by 1.2% in the 2nd quarter. Canada Pension Plan Investment Board now owns 5,001,360 shares of the real estate investment trust’s stock valued at $346,794,000 after purchasing an additional 60,000 shares in the last quarter. 92.68% of the stock is currently owned by institutional investors and hedge funds.

Equity Residential Trading Down 0.5 %

Shares of EQR stock opened at $73.97 on Friday. Equity Residential has a twelve month low of $52.57 and a twelve month high of $78.83. The company has a current ratio of 0.21, a quick ratio of 0.21 and a debt-to-equity ratio of 0.64. The business’s 50 day moving average is $73.31 and its two-hundred day moving average is $68.09. The company has a market capitalization of $28.08 billion, a P/E ratio of 30.69, a price-to-earnings-growth ratio of 5.60 and a beta of 0.89.

Equity Residential (NYSE:EQR) last announced 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). Equity Residential had a net margin of 32.83% and a return on equity of 8.53%. The firm had revenue of $734.20 million during the quarter, compared to analyst estimates of $735.26 million. During the same period in the prior year, the firm posted $0.94 earnings per share. The business’s quarterly revenue was up 2.4% compared to the same quarter last year. Equities analysts forecast that Equity Residential will post 3.89 EPS for the current year.

Equity Residential Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, September 24th will be given a $0.675 dividend. The ex-dividend date of this dividend is Tuesday, September 24th. This represents a $2.70 dividend on an annualized basis and a yield of 3.65%. Equity Residential’s payout ratio is currently 112.03%.

Analysts Set New Price Targets

Several research analysts have commented on the stock. BNP Paribas started coverage on shares of Equity Residential in a report on Wednesday, September 11th. They set an “outperform” rating and a $83.00 price target for the company. 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. The Goldman Sachs Group began coverage on Equity Residential in a research note on Wednesday, September 4th. They set a “neutral” rating and a $81.00 target price for the company. Deutsche Bank Aktiengesellschaft upgraded shares of Equity Residential from a “hold” rating to a “buy” rating and increased their price target for the company from $62.00 to $83.00 in a research note on Tuesday, September 10th. Finally, Truist Financial boosted their price objective on shares of Equity Residential from $73.00 to $77.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Thirteen equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Equity Residential currently has an average rating of “Hold” and an average target price of $75.97.

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.