Zimmer Partners LP Purchases Shares of 28,800 Equity Residential (NYSE:EQR)

Zimmer Partners LP purchased a new stake in Equity Residential (NYSE:EQR) in the 3rd quarter, HoldingsChannel reports. The fund purchased 28,800 shares of the real estate investment trust’s stock, valued at approximately $2,144,000.

A number of other hedge funds also recently made changes to their positions in the stock. Maryland Capital Advisors Inc. bought a new position in shares of Equity Residential in the 3rd quarter worth about $25,000. Assetmark Inc. increased its stake in Equity Residential by 2,529.4% in the third quarter. Assetmark Inc. now owns 447 shares of the real estate investment trust’s stock valued at $33,000 after purchasing an additional 430 shares in the last quarter. Brooklyn Investment Group acquired a new position in shares of Equity Residential during the third quarter valued at about $33,000. UMB Bank n.a. boosted its position in shares of Equity Residential by 69.6% during the 3rd quarter. UMB Bank n.a. now owns 475 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 195 shares in the last quarter. Finally, HHM Wealth Advisors LLC increased its position in Equity Residential by 146.6% in the 2nd quarter. HHM Wealth Advisors LLC now owns 550 shares of the real estate investment trust’s stock valued at $38,000 after buying an additional 327 shares in the last quarter. 92.68% of the stock is currently owned by institutional investors.

Equity Residential Stock Performance

Shares of EQR opened at $73.75 on Friday. Equity Residential has a 1 year low of $57.33 and a 1 year high of $78.83. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.13 and a quick ratio of 0.13. The stock’s fifty day moving average price is $73.98 and its two-hundred day moving average price is $71.67. The firm has a market cap of $27.98 billion, a PE ratio of 30.23, a PEG ratio of 5.99 and a beta of 0.92.

Equity Residential Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Tuesday, September 24th were paid a $0.675 dividend. This represents a $2.70 dividend on an annualized basis and a yield of 3.66%. The ex-dividend date of this dividend was Tuesday, September 24th. Equity Residential’s dividend payout ratio is currently 110.66%.

Analysts Set New Price Targets

Several research analysts have issued reports on EQR shares. Royal Bank of Canada cut their price target on Equity Residential from $83.00 to $79.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. The Goldman Sachs Group assumed coverage on shares of Equity Residential in a research note on Wednesday, September 4th. They set a “neutral” rating and a $81.00 price target for the company. Evercore ISI lifted their price objective on shares of Equity Residential from $75.00 to $76.00 and gave the company an “in-line” rating in a report on Monday, September 16th. Truist Financial lifted their price target on Equity Residential from $73.00 to $77.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Finally, Bank of America lowered Equity Residential from a “buy” rating to a “neutral” rating and raised their target price for the company from $78.00 to $82.00 in a report on Tuesday, September 24th. Eleven analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $77.25.

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.