Land & Buildings Investment Management LLC Sells 2,032,277 Shares of Equity Commonwealth (NYSE:EQC)

Land & Buildings Investment Management LLC trimmed its position in shares of Equity Commonwealth (NYSE:EQC) by 64.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,144,989 shares of the real estate investment trust’s stock after selling 2,032,277 shares during the quarter. Equity Commonwealth accounts for approximately 5.2% of Land & Buildings Investment Management LLC’s portfolio, making the stock its 11th largest holding. Land & Buildings Investment Management LLC owned about 1.07% of Equity Commonwealth worth $22,213,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Equity Commonwealth during the fourth quarter valued at approximately $16,834,000. Burgundy Asset Management Ltd. grew its stake in Equity Commonwealth by 27.5% in the 1st quarter. Burgundy Asset Management Ltd. now owns 3,658,928 shares of the real estate investment trust’s stock valued at $69,081,000 after purchasing an additional 789,496 shares during the period. Whitebox Advisors LLC purchased a new stake in shares of Equity Commonwealth during the 1st quarter valued at $12,597,000. Boston Partners raised its stake in shares of Equity Commonwealth by 299.1% during the 1st quarter. Boston Partners now owns 725,020 shares of the real estate investment trust’s stock worth $13,686,000 after purchasing an additional 543,344 shares during the period. Finally, Jupiter Asset Management Ltd. boosted its holdings in shares of Equity Commonwealth by 208.2% in the 1st quarter. Jupiter Asset Management Ltd. now owns 786,433 shares of the real estate investment trust’s stock worth $14,848,000 after buying an additional 531,224 shares during the last quarter. Institutional investors own 96.00% of the company’s stock.

Equity Commonwealth Stock Performance

EQC opened at $19.78 on Tuesday. The firm has a market cap of $2.12 billion, a P/E ratio of 25.04 and a beta of 0.28. Equity Commonwealth has a fifty-two week low of $17.93 and a fifty-two week high of $21.00. The firm has a 50-day moving average of $20.09 and a 200 day moving average of $19.41.

Equity Commonwealth declared that its Board of Directors has approved a share repurchase plan on Tuesday, June 18th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the real estate investment trust to reacquire up to 6.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its shares are undervalued.

Equity Commonwealth Company Profile

Equity Commonwealth (NYSE: EQC) is a Chicago based, internally managed and self-advised real estate investment trust (REIT) with commercial office properties in the United States. EQC's portfolio is comprised of four properties totaling 1.5 million square feet.