Equity Residential (NYSE:EQR) Price Target Cut to $59.50

Equity Residential (NYSE:EQR) had its target price lowered by analysts at Stifel Nicolaus from $60.00 to $59.50 in a report released on Friday, Benzinga reports. The brokerage presently has a “hold” rating on the real estate investment trust’s stock. Stifel Nicolaus’ price objective indicates a potential upside of 7.59% from the stock’s previous close.

Several other analysts have also recently issued reports on the company. Piper Sandler reduced their price objective on Equity Residential from $71.00 to $57.00 and set a “neutral” rating on the stock in a research note on Friday, November 10th. StockNews.com initiated coverage on Equity Residential in a research note on Thursday, October 5th. They issued a “hold” rating for the company. Truist Financial upped their target price on shares of Equity Residential from $71.00 to $77.00 and gave the stock a “buy” rating in a research note on Monday, August 14th. Wedbush assumed coverage on shares of Equity Residential in a report on Tuesday, October 3rd. They issued a “neutral” rating and a $62.00 target price on the stock. Finally, Wells Fargo & Company upgraded shares of Equity Residential from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $62.00 to $69.00 in a report on Tuesday, September 5th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $66.10.

Equity Residential Trading Down 0.3 %

NYSE:EQR traded down $0.14 on Friday, reaching $55.30. 1,358,111 shares of the company’s stock were exchanged, compared to its average volume of 1,912,298. The firm has a market capitalization of $21.00 billion, a price-to-earnings ratio of 30.66, a price-to-earnings-growth ratio of 3.04 and a beta of 0.86. Equity Residential has a 52-week low of $52.57 and a 52-week high of $69.45. The company has a quick ratio of 0.18, a current ratio of 0.18 and a debt-to-equity ratio of 0.67. The business has a fifty day moving average of $58.23 and a 200-day moving average of $62.37.

Insider Activity

In other news, Chairman David J. Neithercut sold 25,000 shares of Equity Residential stock in a transaction on Friday, November 10th. The shares were sold at an average price of $54.25, for a total value of $1,356,250.00. Following the transaction, the chairman now directly owns 3,392 shares of the company’s stock, valued at approximately $184,016. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.69% of the company’s stock.

Institutional Investors Weigh In On Equity Residential

Several hedge funds have recently made changes to their positions in EQR. Financial Gravity Asset Management Inc. raised its position in Equity Residential by 593.9% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 458 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 392 shares during the last quarter. Allworth Financial LP increased its stake in shares of Equity Residential by 220.0% during the second quarter. Allworth Financial LP now owns 400 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 275 shares during the period. Money Concepts Capital Corp acquired a new stake in Equity Residential in the fourth quarter valued at about $29,000. First Horizon Advisors Inc. lifted its position in Equity Residential by 229.8% in the first quarter. First Horizon Advisors Inc. now owns 554 shares of the real estate investment trust’s stock valued at $33,000 after purchasing an additional 386 shares during the period. Finally, Farther Finance Advisors LLC boosted its holdings in Equity Residential by 207.7% in the 2nd quarter. Farther Finance Advisors LLC now owns 600 shares of the real estate investment trust’s stock valued at $40,000 after purchasing an additional 405 shares in the last quarter. Institutional investors and hedge funds own 84.79% of the company’s stock.

About Equity Residential

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.