Equity Residential (NYSE:EQR) Given New $79.00 Price Target at Royal Bank of Canada

Equity Residential (NYSE:EQRFree Report) had its target price cut by Royal Bank of Canada from $83.00 to $79.00 in a report published on Friday, Benzinga reports. They currently have an outperform rating on the real estate investment trust’s stock.

Other analysts have also issued research reports about the company. Scotiabank increased their target price on Equity Residential from $77.00 to $81.00 and gave the company a “sector perform” rating in a report on Monday, September 16th. Evercore ISI increased their target price on shares of Equity Residential from $75.00 to $76.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Piper Sandler increased their target price 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. BNP Paribas started coverage on shares of Equity Residential in a research report on Wednesday, September 11th. They set an “outperform” rating and a $83.00 target price on the stock. Finally, Wells Fargo & Company downgraded Equity Residential from an “overweight” rating to an “equal weight” rating and raised their price target for the company from $69.00 to $77.00 in a research report on Monday, August 26th. Twelve investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Equity Residential has a consensus rating of “Hold” and a consensus target price of $76.19.

Read Our Latest Stock Report on Equity Residential

Equity Residential Stock Down 1.8 %

Shares of NYSE:EQR traded down $1.25 during trading on Friday, hitting $69.12. The company’s stock had a trading volume of 2,350,630 shares, compared to its average volume of 1,864,867. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.21 and a current ratio of 0.21. Equity Residential has a fifty-two week low of $53.28 and a fifty-two week high of $78.83. The stock’s 50-day moving average price is $74.69 and its two-hundred day moving average price is $70.02. The company has a market capitalization of $26.21 billion, a PE ratio of 28.33, a PEG ratio of 6.16 and a beta of 0.89.

Equity Residential Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Tuesday, September 24th were issued a dividend of $0.675 per share. This represents a $2.70 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date of this dividend was Tuesday, September 24th. Equity Residential’s dividend payout ratio is presently 110.66%.

Hedge Funds Weigh In On Equity Residential

Institutional investors and hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets lifted its position in Equity Residential by 36.6% in the 1st quarter. BNP Paribas Financial Markets now owns 569,829 shares of the real estate investment trust’s stock valued at $35,962,000 after acquiring an additional 152,736 shares in the last quarter. QRG Capital Management Inc. grew its stake in Equity Residential by 200.9% in the first quarter. QRG Capital Management Inc. now owns 77,019 shares of the real estate investment trust’s stock valued at $4,861,000 after purchasing an additional 51,423 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Equity Residential by 1.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 20,267,675 shares of the real estate investment trust’s stock valued at $1,279,095,000 after purchasing an additional 381,236 shares in the last quarter. U.S. Capital Wealth Advisors LLC bought a new position in Equity Residential in the second quarter valued at approximately $3,893,000. Finally, Entropy Technologies LP bought a new position in Equity Residential in the first quarter valued at approximately $1,672,000. Institutional investors and hedge funds own 92.68% of the company’s stock.

About Equity Residential

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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.

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