Wedbush Raises Equity Residential (NYSE:EQR) Price Target to $75.00

Equity Residential (NYSE:EQR) had its price objective raised by Wedbush from $68.00 to $75.00 in a research note issued on Monday, Benzinga reports. The firm currently has a “neutral” rating on the real estate investment trust’s stock. Wedbush’s price objective would suggest a potential upside of 7.47% from the company’s previous close.

Other analysts also recently issued research reports about the company. JPMorgan Chase & Co. raised their price objective on Equity Residential from $66.00 to $68.00 and gave the stock a “neutral” rating in a research note on Monday, June 17th. Wells Fargo & Company increased their target price on Equity Residential from $66.00 to $69.00 and gave the stock an “overweight” rating in a report on Friday, May 31st. Piper Sandler boosted their price target on Equity Residential from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Truist Financial increased their price objective on Equity Residential from $67.00 to $73.00 and gave the stock a “buy” rating in a report on Monday, June 24th. Finally, Scotiabank lifted their target price on Equity Residential from $65.00 to $72.00 and gave the company a “sector perform” rating in a research report on Tuesday, May 14th. Eleven analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $70.84.

Equity Residential Trading Down 0.6 %

NYSE:EQR traded down $0.43 during mid-day trading on Monday, hitting $69.79. The company had a trading volume of 2,120,659 shares, compared to its average volume of 1,971,293. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.23 and a current ratio of 0.21. Equity Residential has a fifty-two week low of $52.57 and a fifty-two week high of $72.32. The firm has a market cap of $26.49 billion, a P/E ratio of 29.08, a P/E/G ratio of 4.06 and a beta of 0.87. The business’s fifty day moving average is $67.81 and its two-hundred day moving average is $64.25.

Equity Residential (NYSE:EQR) last released its quarterly earnings data on Monday, July 29th. The real estate investment trust reported $0.47 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.49). Equity Residential had a return on equity of 8.53% and a net margin of 32.83%. The firm had revenue of $734.20 million for the quarter, compared to the consensus estimate of $735.26 million. During the same period in the previous year, the business earned $0.94 EPS. The firm’s revenue was up 2.4% compared to the same quarter last year. As a group, research analysts expect that Equity Residential will post 3.88 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Robert Garechana sold 6,357 shares of the stock in a transaction on Monday, June 24th. The shares were sold at an average price of $69.08, for a total transaction of $439,141.56. Following the transaction, the chief financial officer now owns 14,576 shares of the company’s stock, valued at approximately $1,006,910.08. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 1.00% of the company’s stock.

Institutional Trading of Equity Residential

Several large investors have recently bought and sold shares of EQR. Fidelis Capital Partners LLC bought a new position in Equity Residential in the 1st quarter valued at approximately $27,000. Allworth Financial LP raised its stake in Equity Residential by 120.8% during the fourth quarter. Allworth Financial LP now owns 488 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 267 shares in the last quarter. Voisard Asset Management Group Inc. bought a new stake in Equity Residential in the fourth quarter worth $33,000. Massmutual Trust Co. FSB ADV boosted its holdings in 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 acquiring an additional 155 shares during the period. Finally, Richardson Financial Services Inc. bought a new position in Equity Residential in the first quarter worth approximately $41,000. 92.68% of the stock is owned by institutional investors.

About Equity Residential

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.