Equity Residential (NYSE:EQR) Given New $78.00 Price Target at Scotiabank

Equity Residential (NYSE:EQR) had its price target lowered by Scotiabank from $81.00 to $78.00 in a research note released on Thursday,Benzinga reports. The brokerage currently has a sector perform rating on the real estate investment trust’s stock.

Several other research firms also recently weighed in on EQR. Wells Fargo & Company downgraded shares of Equity Residential from an “overweight” rating to an “equal weight” rating and increased their price target for the stock from $69.00 to $77.00 in a research report on Monday, August 26th. UBS Group lifted their price target on shares of Equity Residential from $75.00 to $82.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Piper Sandler upped their price target on shares of Equity Residential from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Stifel Nicolaus raised shares of Equity Residential from a “hold” rating to a “buy” rating and upped their price target for the stock from $77.75 to $81.50 in a research report on Wednesday. Finally, Truist Financial upped their price target 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. Eleven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $77.25.

Equity Residential Stock Up 0.8 %

EQR traded up $0.57 during midday trading on Thursday, reaching $73.64. The company’s stock had a trading volume of 691,815 shares, compared to its average volume of 1,846,839. The firm has a market capitalization of $27.94 billion, a price-to-earnings ratio of 29.99, a PEG ratio of 6.07 and a beta of 0.90. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.76. Equity Residential has a 1 year low of $54.53 and a 1 year high of $78.83. The stock’s 50-day moving average is $74.34 and its 200-day moving average is $70.65.

Equity Residential Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Tuesday, September 24th were issued a dividend of $0.675 per share. The ex-dividend date was Tuesday, September 24th. This represents a $2.70 annualized dividend and a dividend yield of 3.67%. Equity Residential’s payout ratio is currently 110.66%.

Institutional Trading of Equity Residential

Several large investors have recently bought and sold shares of the company. State Street Corp lifted its stake in Equity Residential by 1.4% in the third quarter. State Street Corp now owns 23,922,127 shares of the real estate investment trust’s stock valued at $1,796,976,000 after buying an additional 321,002 shares during the last quarter. Quantinno Capital Management LP lifted its holdings in shares of Equity Residential by 27.5% during the 3rd quarter. Quantinno Capital Management LP now owns 23,528 shares of the real estate investment trust’s stock valued at $1,752,000 after buying an additional 5,077 shares during the last quarter. IHT Wealth Management LLC lifted its holdings in Equity Residential by 44.4% in the 3rd quarter. IHT Wealth Management LLC now owns 6,973 shares of the real estate investment trust’s stock worth $518,000 after purchasing an additional 2,144 shares during the last quarter. Investment Management Corp of Ontario lifted its holdings in Equity Residential by 158.6% in the 3rd quarter. Investment Management Corp of Ontario now owns 19,989 shares of the real estate investment trust’s stock worth $1,488,000 after purchasing an additional 12,259 shares during the last quarter. Finally, Heitman Real Estate Securities LLC increased its position in Equity Residential by 2,193.2% in the 3rd quarter. Heitman Real Estate Securities LLC now owns 416,647 shares of the real estate investment trust’s stock worth $31,024,000 after buying an additional 398,478 shares during the period. Institutional investors and hedge funds own 92.68% of the company’s stock.

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.