Equity Residential (NYSE:EQR) Shares Sold by Point72 Asset Management L.P.

Point72 Asset Management L.P. trimmed its stake in shares of Equity Residential (NYSE:EQR) by 66.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 98,057 shares of the real estate investment trust’s stock after selling 197,753 shares during the period. Point72 Asset Management L.P.’s holdings in Equity Residential were worth $6,799,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Principal Financial Group Inc. lifted its stake in Equity Residential by 482.3% during the second quarter. Principal Financial Group Inc. now owns 7,153,749 shares of the real estate investment trust’s stock valued at $496,040,000 after buying an additional 5,925,177 shares in the last quarter. National Bank of Canada FI lifted its position in shares of Equity Residential by 679.0% in the 2nd quarter. National Bank of Canada FI now owns 594,774 shares of the real estate investment trust’s stock valued at $40,528,000 after acquiring an additional 518,424 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Equity Residential by 39.6% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,676,445 shares of the real estate investment trust’s stock worth $116,245,000 after purchasing an additional 475,124 shares during the period. Sei Investments Co. grew its position in Equity Residential by 77.5% during the 1st quarter. Sei Investments Co. now owns 1,061,862 shares of the real estate investment trust’s stock worth $67,014,000 after purchasing an additional 463,664 shares in the last quarter. Finally, SG Americas Securities LLC raised its stake in Equity Residential by 793.8% during the 1st quarter. SG Americas Securities LLC now owns 444,791 shares of the real estate investment trust’s stock valued at $28,071,000 after purchasing an additional 395,029 shares during the period. Institutional investors and hedge funds own 92.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on EQR. Wedbush raised their target price on Equity Residential from $68.00 to $75.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Evercore ISI boosted their price objective on shares of Equity Residential from $75.00 to $76.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Truist Financial increased their target price 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. Scotiabank boosted their price target on shares of Equity Residential from $77.00 to $81.00 and gave the company a “sector perform” rating in a report on Monday, September 16th. Finally, UBS Group increased their price objective on Equity Residential from $75.00 to $82.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. 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.com, the company presently has an average rating of “Hold” and a consensus price target of $75.97.

Equity Residential Stock Performance

NYSE:EQR opened at $73.88 on Wednesday. The firm has a market capitalization of $28.04 billion, a PE ratio of 30.66, a PEG ratio of 5.60 and a beta of 0.89. Equity Residential has a 1 year low of $52.57 and a 1 year 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 firm’s fifty day simple moving average is $73.43 and its 200 day simple moving average is $68.28.

Equity Residential (NYSE:EQR) last issued its quarterly earnings results 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 business 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 business posted $0.94 earnings per share. The company’s revenue for the quarter was up 2.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Equity Residential will post 3.89 EPS for the current year.

Equity Residential Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, September 24th will be issued a dividend of $0.675 per share. The ex-dividend date is Tuesday, September 24th. This represents a $2.70 dividend on an annualized basis and a dividend yield of 3.65%. Equity Residential’s dividend payout ratio (DPR) is presently 112.03%.

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.