JPMorgan Chase & Co. Increases Equity Residential (NYSE:EQR) Price Target to $80.00

Equity Residential (NYSE:EQR) had its price target lifted by stock analysts at JPMorgan Chase & Co. from $68.00 to $80.00 in a research note issued on Monday, Benzinga reports. The firm currently has a “neutral” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 3.47% from the stock’s previous close.

A number of other analysts also recently weighed in on EQR. Royal Bank of Canada upped their target price on shares of Equity Residential from $74.00 to $75.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. The Goldman Sachs Group began coverage on shares of Equity Residential in a report on Wednesday, September 4th. They issued a “neutral” rating and a $81.00 price objective on the stock. Truist Financial lifted their target price on shares of Equity Residential from $73.00 to $77.00 and gave the company a “buy” rating in a report on Thursday, August 29th. UBS Group boosted their price target on Equity Residential from $75.00 to $82.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Finally, Piper Sandler raised their price objective on Equity Residential from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Twelve investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Equity Residential currently has an average rating of “Hold” and a consensus target price of $75.62.

Equity Residential Stock Performance

Equity Residential stock opened at $77.32 on Monday. Equity Residential has a fifty-two week low of $52.57 and a fifty-two week high of $78.83. The stock’s 50 day simple moving average is $72.16 and its two-hundred day simple moving average is $67.39. 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 stock has a market cap of $29.35 billion, a price-to-earnings ratio of 32.08, a PEG ratio of 4.27 and a beta of 0.89.

Equity Residential (NYSE:EQR) last released its 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 firm had revenue of $734.20 million during the quarter, compared to analysts’ expectations of $735.26 million. Equity Residential had a net margin of 32.83% and a return on equity of 8.53%. The company’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.94 EPS. As a group, analysts expect that Equity Residential will post 3.89 earnings per share for the current fiscal year.

Insider Buying and Selling at Equity Residential

In other news, CFO Robert Garechana sold 6,357 shares of Equity Residential stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $69.08, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Equity Residential

A number of institutional investors and hedge funds have recently modified their holdings of EQR. Fidelis Capital Partners LLC purchased a new stake in Equity Residential during the first quarter valued at $27,000. Voisard Asset Management Group Inc. bought a new stake in shares of Equity Residential during the 4th quarter valued at about $33,000. Massmutual Trust Co. FSB ADV grew its stake in shares of Equity Residential by 41.9% during 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 purchasing an additional 155 shares during the period. HHM Wealth Advisors LLC increased its position in shares of Equity Residential by 146.6% during the 2nd quarter. HHM Wealth Advisors LLC now owns 550 shares of the real estate investment trust’s stock valued at $38,000 after purchasing an additional 327 shares during the last quarter. Finally, Richardson Financial Services Inc. bought a new position in shares of Equity Residential in the 1st quarter worth approximately $41,000. 92.68% of the stock is currently owned by hedge funds and other institutional investors.

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.