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

Equity Residential (NYSE:EQR) had its price objective cut by Scotiabank from $81.00 to $78.00 in a report released on Thursday morning,Benzinga reports. They currently have a sector perform rating on the real estate investment trust’s stock.

EQR has been the topic of a number of other research reports. The Goldman Sachs Group began coverage on Equity Residential in a research report on Wednesday, September 4th. They set a “neutral” rating and a $81.00 target price on the stock. JPMorgan Chase & Co. boosted their price objective on Equity Residential from $68.00 to $80.00 and gave the company a “neutral” rating in a research note on Monday, September 16th. Evercore ISI increased their price objective on 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 target price on shares of Equity Residential from $73.00 to $77.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Equity Residential from a “hold” rating to a “buy” rating and increased their price target for the stock from $62.00 to $83.00 in a research note on Tuesday, September 10th. Eleven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $77.25.

Equity Residential Price Performance

Shares of NYSE:EQR opened at $73.59 on Thursday. Equity Residential has a 12 month low of $54.53 and a 12 month high of $78.83. The firm has a market capitalization of $27.92 billion, a P/E ratio of 30.16, a P/E/G ratio of 5.98 and a beta of 0.90. 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 company’s fifty day moving average price is $74.32 and its 200 day moving average price is $70.80.

Equity Residential Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors 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 3.67%. The ex-dividend date of this dividend was Tuesday, September 24th. Equity Residential’s dividend payout ratio is presently 110.66%.

Institutional Investors Weigh In On Equity Residential

Hedge funds and other institutional investors have recently bought and sold shares of the business. Principal Financial Group Inc. lifted its stake in shares of Equity Residential by 482.3% in the second quarter. Principal Financial Group Inc. now owns 7,153,749 shares of the real estate investment trust’s stock valued at $496,040,000 after purchasing an additional 5,925,177 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings 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 purchasing an additional 3,789,234 shares in the last quarter. Los Angeles Capital Management LLC lifted its stake in Equity Residential by 1,459.8% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,949,473 shares of the real estate investment trust’s stock valued at $145,158,000 after buying an additional 1,824,494 shares in the last quarter. FMR LLC boosted its stake in shares of 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 valued at $576,804,000 after acquiring an additional 1,741,840 shares during the last quarter. Finally, National Bank of Canada FI boosted its stake in shares of Equity Residential by 679.0% during the 2nd quarter. National Bank of Canada FI now owns 594,774 shares of the real estate investment trust’s stock worth $40,528,000 after purchasing an additional 518,424 shares during the last quarter. Institutional investors and hedge funds own 92.68% of the company’s stock.

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.