Wells Fargo & Company Issues Pessimistic Forecast for Equity Residential (NYSE:EQR) Stock Price

Equity Residential (NYSE:EQR) had its target price cut by research analysts at Wells Fargo & Company from $77.00 to $75.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 10.29% from the company’s previous close.

Other equities analysts also recently issued reports about the company. Barclays lowered their price target on Equity Residential from $83.00 to $79.00 and set an “overweight” rating for the company in a report on Friday. StockNews.com raised shares of Equity Residential from a “sell” rating to a “hold” rating in a research report on Monday, January 13th. Royal Bank of Canada cut their price target on shares of Equity Residential from $83.00 to $79.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Mizuho dropped their price objective on Equity Residential from $78.00 to $74.00 and set a “neutral” rating on the stock in a report on Monday, January 6th. Finally, Stifel Nicolaus upgraded Equity Residential from a “hold” rating to a “buy” rating and lifted their target price for the stock from $77.75 to $81.50 in a research report on Wednesday, November 13th. Eleven research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $78.36.

Equity Residential Stock Down 0.3 %

Equity Residential stock traded down $0.19 during midday trading on Friday, reaching $68.01. The company’s stock had a trading volume of 137,326 shares, compared to its average volume of 1,505,174. The company has a market cap of $25.80 billion, a P/E ratio of 27.87, a P/E/G ratio of 5.36 and a beta of 0.93. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.76. The business has a 50-day simple moving average of $72.20 and a 200-day simple moving average of $72.62. Equity Residential has a fifty-two week low of $57.33 and a fifty-two week high of $78.83.

Hedge Funds Weigh In On Equity Residential

A number of large investors have recently made changes to their positions in the stock. State Street Corp boosted its stake in shares of Equity Residential by 1.4% during the 3rd quarter. State Street Corp now owns 23,922,127 shares of the real estate investment trust’s stock worth $1,796,976,000 after acquiring an additional 321,002 shares in the last quarter. Geode Capital Management LLC raised its holdings in Equity Residential by 1.4% during the third quarter. Geode Capital Management LLC now owns 9,353,944 shares of the real estate investment trust’s stock worth $694,441,000 after purchasing an additional 132,638 shares during the last quarter. FMR LLC boosted its position in Equity Residential by 29.0% during the third quarter. FMR LLC now owns 7,746,494 shares of the real estate investment trust’s stock worth $576,804,000 after purchasing an additional 1,741,840 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Equity Residential by 8.3% in the third quarter. Principal Financial Group Inc. now owns 7,745,615 shares of the real estate investment trust’s stock valued at $576,737,000 after purchasing an additional 591,866 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Equity Residential by 806.4% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,259,145 shares of the real estate investment trust’s stock valued at $317,136,000 after buying an additional 3,789,234 shares in the last quarter. Hedge funds and other institutional investors 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.