Edgestream Partners L.P. Takes Position in Equity Residential (NYSE:EQR)

Edgestream Partners L.P. purchased a new position in shares of Equity Residential (NYSE:EQR) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 27,988 shares of the real estate investment trust’s stock, valued at approximately $1,941,000.

Other large investors have also recently added to or reduced their stakes in the company. Fidelis Capital Partners LLC acquired a new position in Equity Residential during the 1st quarter worth approximately $27,000. Voisard Asset Management Group Inc. acquired a new position in Equity Residential during the fourth quarter worth $33,000. Massmutual Trust Co. FSB ADV raised its position in Equity Residential by 41.9% in the second quarter. Massmutual Trust Co. FSB ADV now owns 525 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 155 shares in the last quarter. HHM Wealth Advisors LLC raised its position in Equity Residential by 146.6% in the second quarter. HHM Wealth Advisors LLC now owns 550 shares of the real estate investment trust’s stock worth $38,000 after acquiring an additional 327 shares in the last quarter. Finally, Richardson Financial Services Inc. acquired a new stake in Equity Residential in the first quarter valued at $41,000. 92.68% of the stock is owned by hedge funds and other institutional investors.

Equity Residential Trading Down 0.0 %

Shares of Equity Residential stock opened at $77.06 on Friday. Equity Residential has a fifty-two week low of $52.57 and a fifty-two week high of $78.83. The business’s fifty day moving average is $72.53 and its two-hundred day moving average is $67.52. The company has a quick ratio of 0.21, a current ratio of 0.21 and a debt-to-equity ratio of 0.64. The firm has a market cap of $29.25 billion, a PE ratio of 31.98, a P/E/G ratio of 4.27 and a beta of 0.89.

Equity Residential (NYSE:EQR) last posted its quarterly earnings results on Monday, July 29th. The real estate investment trust reported $0.47 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.49). The business 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 firm’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.94 EPS. Analysts anticipate that Equity Residential will post 3.89 earnings per share for the current year.

Equity Residential Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, September 24th will be given a dividend of $0.675 per share. This represents a $2.70 dividend on an annualized basis and a yield of 3.50%. The ex-dividend date of this dividend is Tuesday, September 24th. Equity Residential’s dividend payout ratio (DPR) is presently 112.03%.

Insider Activity

In related news, CFO Robert Garechana sold 6,357 shares of the firm’s 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 transaction, the chief financial officer now owns 14,576 shares in the company, valued at $1,006,910.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Royal Bank of Canada increased their price target on shares of Equity Residential from $74.00 to $75.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Wells Fargo & Company cut shares of Equity Residential from an “overweight” rating to an “equal weight” rating and increased their target price for the company from $69.00 to $77.00 in a report on Monday, August 26th. BNP Paribas began coverage on Equity Residential in a research note on Wednesday, September 11th. They set an “outperform” rating and a $83.00 price target on the stock. Evercore ISI upped their price target on Equity Residential from $75.00 to $76.00 and gave the stock an “in-line” rating in a report on Monday. Finally, Truist Financial lifted their price objective on Equity Residential from $73.00 to $77.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Twelve analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $75.62.

Equity Residential 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.